House Bill 1366 Summary

• Creates the Uniform Common Interest Ownership Act in Mississippi Code Title 89, establishing comprehensive framework for condominiums, cooperatives, and planned communities effective July 1, 2011

• Defines common interest communities and unit owner rights/obligations including maintenance responsibilities, assessment collection, lien enforcement for unpaid fees, and insurance requirements

• Establishes unit owners associations with powers to adopt budgets and rules, manage common elements, collect assessments, and enforce declaration provisions through executive boards

• Requires declarants to provide public offering statements to purchasers disclosing financial information, warranties, liens, and material facts; grants 15-day cancellation rights and protection against failure to deliver required documentation

• Preserves existing Mississippi condominium law (Sections 89-9-1 through 89-9-37) while replacing it with the new uniform act for communities created after July 1, 2011