Signed by Governor Doug Ducey

Vote Smart's Synopsis:

Vote to concur with Senate amendment and pass a bill that establishes new regulations for the termination of condominiums.

Highlights:

• Authorizes the termination of condominiums only by 80% of the votes of the association of unit owners, by eminent domain, or by any larger or smaller percentage as specified in the termination declaration (Sec. 2, Pg. 3).

• Specifies that condominiums created on or after the passage and approval of this act will require 95% of unit owner votes to be terminated, with all the other above scenarios also applying (Sec. 2, Pg. 3).

• Requires a termination agreement to be created to validate the termination of condos (Sec. 2, Pg. 2).

• Authorizes the board of directors of the owners association to contract for the sale of property on behalf of the unit owners (Sec. 2, Pgs. 3 & 4).

• Repeals Laws 2021, Chapter 405, Section 51 (Sec. 3, Pg. 5).

Full Bill Text