COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0643-02
Bill No.: SB 178
Subject: Property, Real and Personal: Condominiums
Type: Original
Date: January 2, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the State Tax Commission, the State Courts Administrator, and the Secretary of State, in responses to similar proposals, indicated that the proposal would not directly affect their agencies.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would:
1) prohibit any nonprofit corporation organized as a unit owners' association or as a property owners' association from requiring their members to be members of a "second corporation" or of assessing members for the costs or benefits provided by any "second corporation";
2) specify that condominium bylaws could be changed by a majority of condominium unit owners with voting rights (under current law the method for amending bylaws is specified in the bylaws); and
3) allow 80% of the owners of units, or any larger percentage specified in the declaration, to prohibit or materially restrict permitted uses or occupancy of a unit or the number or other qualification of persons who could occupy units.
DESCRIPTION
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. It would not affect Total State Revenue.
SOURCES OF INFORMATION
Secretary of State
State Courts Administrator
State Tax Commission
Jeanne Jarrett, CPA
Director
January 2, 2001