HF 3393 Summary

• Amends the Minnesota Common Interest Ownership Act (Chapter 515B) to make clarifying, conforming, and technical changes to condominium, cooperative, and planned community regulations.

• Modifies applicability rules for common interest communities created before specific dates, particularly affecting condominiums created under Chapter 515 and planned communities with fewer than 13 units.

• Updates definitions and provisions related to special declarant rights, master associations, assessments, insurance requirements, and disclosure statements for purchasers.

• Adjusts statute of limitations for warranty breaches from 6 months to 12 months for certain obligations and clarifies replacement reserve funding requirements effective January 1, 2012.

• Effective August 1, 2010, with specific provisions applying only to common interest communities created on or after that date.