SB 729 Summary

• Establishes the Cooperative Housing Corporation Education Trust Fund and the Planned Community Association Education Trust Fund, funded by fees paid by corporations, associations, and developers.

• Requires cooperative housing corporations and planned community associations with more than five units to register with the Department of Commerce and Consumer Affairs on a biennial basis and pay registration and education trust fund fees.

• Mandates that board members of cooperative housing corporations, planned community associations, and condominium associations certify within 90 days of election that they have reviewed the organization's governing documents and applicable state law.

• Requires board members to obtain a board leader course completion certificate from a Real Estate Commission-approved course within one year of election; failure to comply disqualifies them from serving on the board.

• Authorizes the Real Estate Commission to approve and administer board leadership courses and use trust fund moneys to support education, dispute resolution, mediation, and arbitration programs; effective July 1, 2050.