HB23-1131
Majority Of Unit Owners Required For Home Owners' Association Budgets
Concerning approval of the budget of a common interest community, and, in connection therewith, requiring a majority of unit owners of a common interest community to be present at a meeting in order for the executive board to approve a proposed budget and authorizing a majority of unit owners present at the meeting to veto a proposed budget that is approved at such a meeting.
Session:
2023 Regular Session
Subject:
Bill Summary
Housing
The bill requires a majority of all unit owners in a common interest community to be present at a meeting of the executive board of the unit owners' association (executive board) in order for the executive board to vote on a proposed budget. If a majority of all unit owners are present at the meeting and the executive board approves the proposed budget, a majority of unit owners present at the meeting may vote to veto the proposed budget.
(Note: This summary applies to this bill as introduced.)