SB 23 provides for the creation, alteration, and termination of a planned community.
Provides for the contents of a declaration; to provide for the allocation of expenses; to provide for voting interests; provide development rights; to provide for lot boundaries.
Also for rights of secured parties, owners associations, association powers and duties.
Sets out board of directors and officers, declarant control, and for the transfer of rights, bylaws and to provide for meetings of the association; to provide for insurance.
Outlines notice to lot owners, consumer protections and a public offering statement.
Covers warranties, provides purchaser's right to cancel, attorney fees, related matters
Legislative History
On Feb. 26, 2024, bill introduced in Senate; on Apr. 9, 2024, bill passed in Senate.
On Apr. 9, 2024, bill introduced in House; on May 13, 2024, passed with amendments.
On May 14, 2024, Senate concurred amendments; on May 16, 2024, sent to governor.
Effectiveness
Act is effective upon signature of the governor.
May 23, 2024 LOU LEG Governor Approval
On May 23, 2024, LOU LEG Governor approved bill Act No. 158, in effect Jan. 1, 2025.
Document dated May 23, received from LOU LEG May 29, summarized on May 31.
