SB 2125

Abstract

Amends the Condominium Property Act. Provides that a vote to sell the property shall take place at one meeting called for such purpose and may be extended by no more than 24 hours. Provides that notice of the meeting shall be provided 72 hours in advance to all unit owners. Provides that upon an affirmative vote to sell the property, the board shall notify all State and local legislators representing the legislative district in which the property lies of the intent to sign a contract for sale of the property at least 90 days before signing the contract for sale. Provides that the bylaws that include matters subject to the affirmative vote of not less than 2/3 of the votes of unit owners at a meeting called for that purpose must include the investigation and initiation of a bulk sale of the property.