Bill > SB1603

This bill, known as the "Missouri Declaration and Bylaws Modernization Act," aims to update the rules governing planned communities in Missouri, which are defined as real estate developments with designated lots and an association responsible for their upkeep, excluding cooperatives, timeshares, and condominiums unless explicitly included. The act, effective January 1, 2027, clarifies that it will not invalidate existing governing documents like declarations, bylaws, articles of incorporation, or plats. Key provisions include allowing amendments to declarations and bylaws with a simple majority vote, or by deeming an amendment approved if a minority rejects it within a specified timeframe, and empowering the board of directors to correct technical errors in these documents without a member vote. It also establishes time limits for challenging the validity of amendments and outlines procedures for adopting annual budgets, requiring a proposed budget to be sent to members and ratified unless a majority rejects it at a meeting, with the current budget continuing if rejected. Furthermore, the bill sets a 30-day limit for challenging elections or appointments to the board of directors and allows members to call special meetings to elect a new board if no board exists, suspending quorum requirements and establishing a process for court-appointed receivers if the election is challenged.

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https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=2589603