HB 4783

Abstract

Amends the Condominium Property Act. Provides that any provision in a condominium instrument is void as against public policy and ineffective if it limits or restricts the rights of the board of managers by: (1) requiring the prior consent of the unit owners in order for the board of managers to take certain actions, including the institution of any action in court or a demand for a trial by jury; or (2) requiring the board of managers to arbitrate or mediate a dispute with any one or more of all of the declarants under the condominium instruments or the developer or any person not then a unit owner prior to the institution of any action by the board of managers or a demand for a trial by jury. Provides that a provision in a declaration which would otherwise be void and ineffective under the provisions of the amendatory Act may be enforced if it is approved by a vote of not less than 75% of the unit owners at any time after the election of the first unit owner board of managers.