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OH HB574
Bill
Status
7/3/2012
Primary Sponsor
Ted Celeste
Click for details
AI Summary
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Requires condominium managers for developments with more than 10 units to hold a current and active real estate broker's license issued under Chapter 4735 of the Revised Code.
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Mandates all board of directors meetings be open to unit owners with advance notice (at least 5 days prior), agenda distribution, and material access; allows electronic meetings if all participants can hear and participate.
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Establishes registration requirements for condominium associations with the Division of Real Estate and Professional Licensing, including a $25 annual registration fee, database maintenance, and public registry access.
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Creates the Ohio Condominium Dispute Resolution Board with seven members appointed by the governor to hear complaints, conduct investigations, and resolve disputes regarding violations of condominium law sections 5311.08, 5311.081, 5311.09, and 5311.091.
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Modifies budget adoption procedures to require board submission of proposed budgets to unit owners with 60-day notice before meetings; allows budget rejection only by majority vote of all unit owners, after which the previous budget continues in effect.
Legislative Description
To require certain condominium association managers to hold a real estate broker's license, to make changes to the board meetings, record retention, and budget procedure requirements of the Condominium Law, and to establish the creation of a registry of condominium developments and the Ohio Condominium Dispute Resolution Board.
Condominium Law-revisions
Last Action
To Financial Institutions, Housing & Urban Development
7/3/2012