Revision: Dec. 27, 2018, 9:17 a.m.
HB 160 - AS INTRODUCED
2019 SESSION
19-0104
10/06
HOUSE BILL 160
AN ACT relative to the adoption of budgets and special assessments by condominium associations.
SPONSORS: Rep. Webb, Rock. 6
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill modifies the requirements for the number of unit owners of a condominium association to be present for a vote to reject the budget or their proxies.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
19-0104
10/06
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
AN ACT relative to the adoption of budgets and special assessments by condominium associations.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Condominium Act; Adoption of Budgets and Special Assessments. Amend RSA 356-B:40-c, I to read as follows:
I. The board of directors, at least annually, shall adopt a proposed budget for the unit owners' association for consideration by the unit owners. Not later than 30 days after adoption of a proposed budget, the board of directors shall provide to all the unit owners a summary of the budget, including any reserves, and a statement of the basis on which any reserves are calculated and funded. Simultaneously, the board shall set a date not less than 10 days or more than 60 days after providing the summary for a meeting of the unit owners to consider ratification of the budget. Unless at that meeting [2/3] with at least 1/2 of all unit owners present for the meeting or by proxy, or any larger number specified in the declaration or bylaws, the unit owners or their proxies reject the budget by a majority vote, the budget is ratified[, whether or not a quorum is present]. If a proposed budget is rejected, the budget last ratified by the unit owners continues until the unit owners ratify a subsequent budget.
2 Effective Date. This act shall take effect 60 days after its passage.