HB4090 Summary

• Amends the Common Interest Community Association Act to require associations with 100 or more units to use generally accepted accounting principles for accounting obligations.

• Modifies the Condominium Property Act Section 18 to update references from "Tenant Utility Payment Disclosure Act" to "Residential Property Utility Service Act" regarding master metering of public utilities.

• Renames the "Rental Property Utility Service Act" to the "Residential Property Utility Service Act" and adds Section 1.5 establishing requirements for master metered utility billing by landlords and condominium/common interest community associations.

• Requires landlords and associations seeking payment for master metered utilities to provide tenants and unit owners with written disclosure of the allocation formula, public utility bills upon request, and ensures total payments do not exceed actual utility bills received.

• Prohibits condominium associations from establishing master metering systems, while permitting common interest community associations to establish systems (but not submetering) under the same utility disclosure requirements.