HB3955 Summary

• Modifies the definition of "board meeting" to require that conducting board business means proposing, making, or taking action or voting on matters, not merely discussing them.

• Establishes that mortgagees foreclosing on condominium units are responsible for all assessments accruing from the month after filing the foreclosure action through the judicial sale, unless the purchaser at sale is someone other than the mortgagee.

• Allows unit owners who prevail in civil actions against the board for violations of the Condominium Property Act to recover minimum damages of $1,000 per defendant trebled by the court, plus attorney's fees, if wrongdoing was willful and wanton and owner obtained prior written legal opinion and gave 60-day notice.

• Requires developers to establish an escrow account equal to 20% of aggregate initial unit sale prices to address common element deficiencies, maintained for at least 2 years after the first unit owner board election.

• Provides a standard financial disclosure form that unit owners may use to request information from associations regarding liens, reserves, capital expenditures, special assessments, and pending lawsuits.