Bill Summary: HB 4861

• Establishes an advisory committee of nondeveloper co-owners to begin either 120 days after 1/3 of units are conveyed or 1 year after the first unit conveyance, whichever is first, to facilitate communication and transition of control to the association of co-owners.

• Requires nondeveloper co-owners to elect at least 1 director and 25% of the board within 120 days of owning 25% of units, escalating to 33-1/3% at 50% ownership and full board control at 75% ownership (with developer retaining right to designate 1 director if owning 10% or more).

• Allows nondeveloper co-owners to elect board members proportional to their unit ownership 54 months after the first conveyance if less than 75% of units have been conveyed, with developer retaining rights proportional to their ownership.

• Requires individuals elected to the board by nondeveloper co-owners to be resident co-owners and to certify in writing that they are familiar with the Condominium Act and the master deed and bylaws.

• Requires consolidating master deeds and as-built plans to be recorded within 1 year of construction completion and provided to the association of co-owners.