HB0237 Summary

• Requires 75% affirmative vote for properties with 4-6 units and 85% for properties with 7+ units to sell condominium property (changed from previous 66 2/3% or higher thresholds)

• Mandates associations disclose that outside counsel will represent association interests during sales and prohibits buyer inducements to unit owners once a unit owner requests no contact about purchasing their property

• Requires reserve studies conducted by qualified independent professionals for all properties with 7+ units, updated every 3 years with visual site inspections

• Establishes ownership caps: no person/entity may own more than 10% of units in 30+ unit properties, 15% in 20-29 unit properties, 20% in 5-19 unit properties, and only 1 unit in properties with fewer than 5 units

• Holds board members personally liable for gross negligence, breach of fiduciary duty, intentional misconduct, improper personal benefit, or knowing violations of law; board must obtain contractor statements validating repair costs before approving major expenditures