HB 73 Summary - Residential Properties

• Elevator Code Updates: Exempts elevators in condominiums and multifamily residential buildings with certificates of occupancy issued before July 1, 2008 from Phase II Firefighters' Service requirements until July 1, 2015 or equipment replacement.

• Condominium Insurance and Reconstruction: Clarifies unit owner responsibilities for reconstruction costs; establishes that property damaged by insurable events shall be repaired/replaced by association as common expense; allows damage costs to be collected as assessments.

• Electronic Records and Copying: Permits members to use portable devices (smartphones, tablets, scanners) to make electronic copies of association records at no cost to the member, without requiring association to provide physical copies.

• Board Elections and Recalls: Establishes 60-day deadline for challenging elections; creates procedures for board member recall by majority voting interest; restricts division from accepting recall petitions within 60 days of election or scheduled reelection.

• Financial Reporting Thresholds: Lowers revenue thresholds requiring compiled/reviewed/audited financial statements; updates association financial reporting requirements and increases unit threshold for simplified reporting to 75 units.