Bill Text: NH HB1306 | 2024 | Regular Session | Introduced

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Bill Title: Relative to special assessments for capital improvements in condominiums.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2024-09-25 - Executive Session: 10/17/2024 10:00 am Legislative Office Building 302-304 [HB1306 Detail]

Download: New_Hampshire-2024-HB1306-Introduced.html

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HB 1306  - AS INTRODUCED

 

 

2024 SESSION

24-2260

12/10

 

HOUSE BILL 1306

 

AN ACT relative to special assessments for capital improvements in condominiums.

 

SPONSORS: Rep. Notter, Hills. 12

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill prohibits condominium boards from imposing a special assessment for capital improvement above 5 percent of budgeted gross expenses without unit owners association approval.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

24-2260

12/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Four

 

AN ACT relative to special assessments for capital improvements in condominiums.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Condominium Act; Special Assessments for Capital Expenditures.  Amend RSA 356-B:52, I(d) to read as follows:

(d) Copies of any management contract or other contracts, including leases, affecting the use, maintenance, or administration of, or access to, all or any part of the condominium with a projected budget for at least the first year of the condominium's operation (including projected common expense assessments for each unit), a statement of whether any provisions have been made in the budget for capital expenditures or major maintenance reserves, and the relationship, if any, between the declarant and the managing agent or firm; provided that no special assessments for capital expenditure improvements that exceed 5 percent of the budgeted gross expenses shall be allowed without approval of the unit owners association;

2  Effective Date.  This act shall take effect 60 days after its passage.