HB2932 Summary

• Amends the Condominium Property Act to revise provisions governing common expenses, liens, reserve fund requirements, board management, master associations, and unit resales.

• Establishes that management companies holding reserve funds must maintain separate accounts for each association, though funds may be pooled for investment purposes, with clear accounting records required.

• Modifies board meeting notice requirements and allows participation by telephone or electronic means; permits secret ballot elections for board candidates under certain conditions.

• Clarifies that unit owners cannot assign or avoid their duties and responsibilities; adjusts voting rights for garage and storage units to prevent disproportionate control.

• Allows unit owners to display American flags and military flags on their limited common areas and patios subject to reasonable board regulations on placement and flagpole installation.