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GA HB854
Bill
Status
Engrossed
3/3/2014
Primary Sponsor
Matt Dollar
Click for details
AI Summary
- Replaces the fixed $200.00 cap on special assessment fees per condominium unit with a variable limit of one-sixth of the annual common expense assessment for the unit per fiscal year, beyond which majority unit owner approval is required
- Applies to condominium instruments recorded on or after July 1, 2014, updating the previous applicability date of July 1, 1990
- Allows unit owners holding a majority of the association vote to disapprove monthly maintenance fee increases that exceed the annual rate of inflation as measured by the Consumer Price Index for All Urban Consumers for the preceding 12-month period
- Amends Code Section 44-3-80 of the Official Code of Georgia Annotated, relating to liability for common expenses and how assessments are made
- Effective date of July 1, 2014
Legislative Description
Condominiums; amount permissible as a special assessment fee; change
Last Action
Senate Read Second Time
3/11/2014
Full Bill Text
No bill text available