SB 457 Summary

• Requires executive board meeting minutes to record how each board member voted on final actions, unless the action was approved by unanimous consent or without objection.

• Allows unit owners to be elected to association positions by a plurality of votes cast rather than requiring majority approval.

• Expands mandatory disclosures to prospective unit buyers to include the most recent fiscal period within five years for which certified public accountant reports were filed and whether the report was a compilation, review, or audit.

• Increases maximum penalties for community association manager registration violations from $500 to $1,000 fine and/or up to one year imprisonment.

• Establishes procedures for terminating master associations with 400+ units upon written consent of 25% of unit owners, requiring formation of a new nonstock corporation with equal voting rights for constituent communities.