AZ HB2098

Amends Arizona Revised Statutes Section 33-1241 regarding unit owners' associations in condominiums.

Requires a unit owners' association to be organized no later than the date the first unit in the condominium is initially conveyed.

Specifies that association membership shall consist exclusively of unit owners or, following termination, former unit owners entitled to distribution proceeds under Section 33-1228, or their heirs, successors or assigns.

Permits associations to be organized as profit corporations, nonprofit corporations, or unincorporated associations.