AN ACT RELATING TO PROPERTY -- OVERSIGHT AND REGULATION OF MANAGEMENT COMMITTEES

Summary

The bill requires every condominium management committee (and any hired property management company) to file an annual registration with the Department of Business Regulation, including financial and litigation information. It also sets duties of good faith, prohibits fund mismanagement and certain criminal conduct, and gives unit owners the right to inspect records. The Department can investigate, issue fines, and adopt rules to enforce compliance.

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