NJ A2449

Requires the Commissioner of Community Affairs to establish a mandatory training program for executive board members of planned real estate development associations (homeowners' associations, condominiums, and cooperatives)

Board members must complete at least 3 hours of training within 180 days of beginning their term of office

Training must cover good business practices, model record keeping procedures, legal requirements for boards, budget preparation, maintaining reserve accounts, and information on State assistance resources

Commissioner has authority to remove board members who fail to complete the required training

Takes effect on the first day of the fifth month following enactment, with regulations to be adopted by that date