SB 2625

Bill Subjects

Abstract

Requires officers and directors of associations of apartment owners to disclose activities that could reasonably be construed as a conflict of interest and cease the activity or withdraw from office. Prohibits attorneys from representing both the board and managing agent of the association. Prohibits board members from purchasing units at foreclosure sales resulting from the association's lien for unpaid assessments. Prohibits associations from contracting with service providers that have a close connection to a board member or officer of the association. Prohibits any person who contracts to provide services to the association or participates in the association's operation from owning more than fifteen per cent of the units in a project or from purchasing property that is subject to a lien by the association. Prohibits any employee of an association or person who contracts to provide goods or services to an association from soliciting, receiving, or accepting any undisclosed fee, compensation, commission, or gratuity from a third party who provides goods or services or solicits to provide goods or services to the association.