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MI HB5319
Bill
Status
2/12/2014
Primary Sponsor
Michael McCready
Click for details
AI Summary
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Requires an advisory committee of nondeveloper co-owners to be established either 120 days after 1/3 of units are conveyed to nondevelopers or 1 year after the first nondeveloper conveyance, whichever occurs first.
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Establishes staged nondeveloper board representation: at least 1 director at 25% unit ownership, at least 33-1/3% of board at 50% ownership, and full board control at 75% ownership (with developer retaining 1 director seat if they own 10% or more of units).
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Allows nondeveloper co-owners to elect board members proportional to their unit ownership after 54 months if at least 75% of units have not been conveyed, with developer retaining proportional representation.
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Requires board candidates elected by nondeveloper co-owners to certify in writing that they are familiar with the Condominium Act and have read the condominium bylaws.
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Requires a consolidating master deed showing the condominium as-built to be recorded within 1 year after construction completion and a copy provided to the co-owners association.
Legislative Description
Housing; condominium; requirement for board members to certify that they have read the condominium act and bylaws of the association; provide for. Amends sec. 52 of 1978 PA 59 (MCL 559.152).
Housing, condominium
Last Action
Printed Bill Filed 02/13/2014
2/13/2014