HB 1047 - Common Interest Owners Bill of Rights Act

• Adds 23 new sections to Chapter 448, RSMo, establishing the Common Interest Owners Bill of Rights Act governing condominiums and residential common interest communities with 12+ units.

• Defines rights and responsibilities of unit owners, associations, and executive boards, including standards for meetings, voting procedures, record-keeping, and financial oversight through annual budget adoption and ratification.

• Requires open executive board meetings with limited executive session exceptions, establishes voting rights by proxy/absentee ballot/electronic means, and limits quorum requirements to 20% of unit owners for association meetings.

• Restricts foreclosure actions to units where owners owe at least 3 months of assessments and executive board votes specifically for that unit, and requires commercially reasonable foreclosure procedures.

• Allows courts to approve declaration amendments when unit owners demonstrate 50%+ support and only 33% or fewer object, with strict notice requirements to all affected parties including mortgagees and government entities.