Effective Date: July 1st, 2018
Key points:
Budget Veto Authority: Unit owners in these pre-CCIOA communities can veto a budget proposed by the executive board if a majority votes against it during a properly noticed meeting. If vetoed, the most recently approved budget remains in effect until a new budget is proposed and not vetoed.
Exemptions: This requirement does not apply to communities whose declarations set a maximum assessment amount or limit the annual budget increase to a specific amount, provided the proposed budget does not exceed these limits.
This legislation aims to ensure that homeowners in older common interest communities have a say in financial decisions affecting their community
