Organization and operation of housing cooperatives modified; member violations addressed; disclosures and notice required; purchaser permitted to cancel; express and implied warranties established; and clarifying, technical, and conforming changes made.

Summary

The bill revises statutes that govern housing cooperatives to clarify how membership interests are treated for homestead exemption and taxes, define assessments and other key terms, and require new disclosures and warranties. It gives buyers a right to cancel a purchase and sets standards for insurance and upkeep. The changes affect cooperative members, prospective buyers, and the cooperatives themselves.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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