AZ HB2197

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

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

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

Allows associations to be organized as a profit or nonprofit corporation or as an unincorporated association.