NV SB433

Requires mandatory structural inspections of residential buildings over 3 stories in common-interest communities, with initial inspections within 5 years of certificate of occupancy and subsequent inspections every 3-5 years depending on building age

Authorizes HOA executive boards to make assessments or obtain loans without owner consent to fund corrective repairs to primary load-bearing systems when an engineer certifies the repairs are necessary for structural integrity

Adds bullying and cyber-bullying to prohibited conduct within common-interest communities, making violations a misdemeanor, and allows the Commission to prohibit violators from serving on executive boards for up to 10 years

Eliminates the Real Estate Division's program for rendering decisions on HOA disputes and instead requires disputes to be submitted to mediation or arbitration before civil litigation can proceed

Expands the definition of "constructional defect" to include construction not in accordance with applicable law, sound engineering standards, or workmanlike manner, and allows claimants to recover reasonable attorney's fees in construction defect actions