HB 1317 - Community Associations Summary

• Creates minimum $2,000 loss assessment coverage requirement for residential condominium unit owner policies, effective July 1, 2010, with deductibles not to exceed $250

• Exempts one or two-story condominiums with exterior egress corridors from manual fire alarm system installation requirements under the Life Safety Code

• Establishes the "Distressed Condominium Relief Act" allowing bulk assignees and bulk buyers to acquire developer rights and unsold inventory while limiting their liability for pre-existing developer obligations and warranties

• Expands developer definition, modifies board eligibility requirements, strengthens director accountability measures including removal for criminal charges involving association funds, and requires newly elected directors to certify compliance with governing documents within 90 days

• Extends financial report deadline from 120 to 180 days after fiscal year end, raises revenue thresholds for financial statement requirements, limits collection costs to $75 unless estoppel certificates are prepared, and prohibits special assessments before developer turnover without majority approval from non-developer owners