Bill > A2449

Introduced Session

This bill would require board members of planned real estate development associations to engage in a course of training. Specifically, the bill would require the Commissioner of Community Affairs to establish a program for the training of association members, who are elected to serve on the executive boards of planned real estate development associations. A planned real estate development is a term defined in the "The Planned Real Estate Development Full Disclosure Act," P.L.1977, c.419 (C.45:22A-21 et seq.) to encompass communities governed by homeowners' associations, condominiums, and cooperative communities. The bill would require at least three hours of training on the part of a board member, which would have to be completed no later than 180 days following the beginning of the member's term of office. The program would provide information and guidance on all of the matters relevant and necessary to most effectively enable a board member to perform the member's duties, and would include good business practices, model record keeping procedures, legal requirements for boards, the making of a budget and maintaining reserve accounts, information on various State entities available to assist the board. The commissioner would have the authority to remove a board member who does not complete the training required. These requirements would apply to the first term of office of an executive board member that commences following the effective date of the bill. The bill directs the commissioner to adopt the regulations necessary to effectuate the requirements of the bill on or before the first day of the fifth month next following enactment. The bill would take effect on the first day of the fifth month next following enactment.

AI Summary

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Annette Quijano (D)*, 

Introduced, Referred to Assembly Housing Committee (on 01/09/2024)

Official Document