CHAPTER 96
HB 298 – FINAL VERSION
15Mar2011… 0404h
2011 SESSION
05/01
HOUSE BILL 298
AN ACT requiring condominium management companies to make certain disclosures to the condominium board of directors.
SPONSORS: Rep. Baroody, Hills 13
COMMITTEE: Commerce and Consumer Affairs
This bill requires condominium management companies to make certain disclosures to the condominium board of directors.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
15Mar2011… 0404h
11-0671
05/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT requiring condominium management companies to make certain disclosures to the condominium board of directors.
Be it Enacted by the Senate and House of Representatives in General Court convened:
96:1 New Section; Condominium Act; Disclosure of Fees by Managing Agent. Amend RSA 356-B by inserting after section 40 the following new section:
356-B:40-a Disclosure of Fees by Managing Agent and Contractors.
I. If the unit owners’ association or the board of directors has delegated certain powers and duties to a managing agent, the managing agent shall disclose any referral fees received from contract work performed on behalf of the association to the board of directors prior to the next regularly scheduled board meeting, unless the terms of any referral fees are disclosed in the managing agent’s contract with the unit owners’ association, in which case disclosure of fees actually received shall not be required.
II. The managing agent also shall disclose to the board of directors the amount and purpose of any fees, other than maintenance fees, received from a unit owner, unless the terms of any such fees are disclosed in the managing agent’s contract with the unit owners’ association, in which case disclosure of fees actually received shall not be required.
III. Any contractor licensed by the state of New Hampshire who performs work for a unit owner shall disclose on the bill any referral fee charged by the contractor.
96:2 Effective Date. This act shall take effect January 1, 2012.
Approved: May 27, 2011
Effective Date: January 1, 2012