MO HB987

Adds 23 new sections to Missouri law (sections 448.500-448.615) creating the Common Interest Owners Bill of Rights Act, applicable to all condominiums and residential common interest communities with 12+ units in Missouri.

Establishes governance requirements including mandatory annual unit owner meetings, open executive board meetings (except closed executive sessions), notice provisions for proposed amendments and rules, and procedures for amending declarations requiring 50-67% unit owner approval.

Grants unit owners inspection and copying rights to association records within 5 business days, requires associations to maintain detailed financial records and meeting minutes, and permits unit owners to remove executive board members and officers without cause by majority vote.

Restricts association foreclosure actions to cases where owners owe at least 3 months of assessments and the executive board votes specifically to foreclose, and requires commercially reasonable foreclosure procedures.

Provides that all contracts and duties under the act must be performed in good faith, allows disputes to be resolved through alternative dispute resolution, and permits courts to award reasonable attorney's fees and costs for violations, with punitive damages available for willful non-compliance.