Bill > SB1500

This bill amends Arizona law concerning condominiums and planned communities, specifically focusing on assessment increases and transparency. For condominiums, it establishes that an association cannot impose a regular assessment more than three percent greater than the previous year's assessment without approval from at least sixty-seven percent of the unit owners, unless the condominium documents specify a lower limit or higher approval percentage. Before approving any regular assessment increase or a vendor contract increase, the board of directors must provide unit owners with detailed financial justifications, year-over-year expense comparisons, and a breakdown of costs, and vague statements like "potential increase" are not considered sufficient. Similarly, for planned communities, the bill reduces the allowable regular assessment increase from twenty percent to three percent without member approval, and requires at least sixty-seven percent of members' approval for increases beyond that threshold, again with exceptions for lower limits or higher approval percentages in community documents. For planned communities, it also mandates that the board of directors provide members with detailed financial justifications, expense comparisons, and cost breakdowns before approving any regular assessment increase or vendor contract increase, and prohibits vague statements. The bill also adjusts the minimum late fee for assessments and penalties in planned communities to $15 or ten percent of the unpaid amount, whichever is greater.

Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/85099