HF396 Summary

• Amends Minnesota's Common Interest Ownership Act (Chapter 515B) with clarifying, technical, and conforming changes to statutes governing condominiums, cooperatives, and planned communities.

• Creates separate statutory sections for common interest communities created before and after August 1, 2010, establishing different rules for special declarant rights, replacement reserves, assessments, and disclosure requirements based on creation date.

• Modifies provisions regarding common element licenses, master associations, contract termination rights, and CIC plat requirements to clarify procedures and reduce ambiguity in existing law.

• Changes statute of limitations for warranty breach claims from 12 months to 6 months for certain disclosure obligations (515B.4-101 and 515B.4-106) in pre-2010 communities while maintaining 6-year periods for express warranties.

• Effective date is the day following final enactment with specific applicability dates of August 1, 2010, and January 1, 2012, for various amended sections.