Minnesota SF 3200: Affordable housing market value exclusion establishment

Bill Text

1.1 A bill for an act​
1.2 relating to housing; requiring plain-language explanations for condo associations​
1.3 and homeowners associations; appropriating money for the creation of a guide to​
1.4 explain the laws governing common interest communities and homeowners​
1.5 associations; amending Minnesota Statutes 2024, sections 515B.4-102;​
1.6 515B.4-1021; 515B.4-107; proposing coding for new law in Minnesota Statutes,​
1.7 chapter 515B.​
1.8 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.9 Section 1. [515B.3-1035] BOARD OF DIRECTORS; TRAINING.​
1.10 Each member of the board of directors must, upon election or reelection to the board,​
1.11 review the governing documents for the association and review the plain-language​
1.12 explanation on applicable laws and common provisions for governing documents for common​
1.13 interest communities and homeowners associations. Each member of the board is responsible​
1.14 for sharing an electronic or print copy of the plain-language explanation on applicable laws​
1.15 and common provisions for governing documents when a member unit owner requests​
1.16 assistance in understanding their rights or responsibilities under the governing documents​
1.17 or this chapter of law.​
1.18 EFFECTIVE DATE.This section is effective August 1, 2026.​
1.19 Sec. 2. Minnesota Statutes 2024, section 515B.4-102, is amended to read:​
1.20 515B.4-102 DISCLOSURE STATEMENT; GENERAL PROVISIONS; CIC​
1.21 CREATED BEFORE AUGUST 1, 2010.​
1.22 (a) A disclosure statement shall fully and accurately disclose:​
1.23 (1) the name and, if available, the number of the common interest community;​
1​Sec. 2.​
25-04832 as introduced​03/13/25 REVISOR MS/ES​
SENATE​
STATE OF MINNESOTA​
S.F. No. 3200​NINETY-FOURTH SESSION​
(SENATE AUTHORS: PHA)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​1259​04/01/2025​
Referred to Judiciary and Public Safety​

2.1 (2) the name and principal address of the declarant;​
2.2 (3) the number of units which the declarant has the right to include in the common​
2.3 interest community and a statement that the common interest community is either a​
2.4 condominium, cooperative, or planned community;​
2.5 (4) a general description of the common interest community, including, at a minimum,​
2.6 (i) the number of buildings, (ii) the number of dwellings per building, (iii) the type of​
2.7 construction, (iv) whether the common interest community involves new construction or​
2.8 rehabilitation, (v) whether any building was wholly or partially occupied, for any purpose,​
2.9 before it was added to the common interest community and the nature of the occupancy,​
2.10 and (vi) a general description of any roads, trails, or utilities that are located on the common​
2.11 elements and that the association or a master association will be required to maintain;​
2.12 (5) declarant's schedule of commencement and completion of construction of any​
2.13 buildings and other improvements that the declarant is obligated to build pursuant to section​
2.14 515B.4-117;​
2.15 (6) any expenses or services, not reflected in the budget, that a declarant pays or provides,​
2.16 which may become a common expense; the projected common expense attributable to each​
2.17 of those expenses or services; and an explanation of declarant's limited assessment liability​
2.18 under section 515B.3-115(b);​
2.19 (7) any initial or special fee due from the purchaser to the declarant or the association​
2.20 at closing, together with a description of the purpose and method of calculating the fee;​
2.21 (8) identification of any liens, defects, or encumbrances which will continue to affect​
2.22 the title to a unit or to any real property owned by the association after the contemplated​
2.23 conveyance;​
2.24 (9) a description of any financing offered or arranged by the declarant;​
2.25 (10) a statement as to whether application has been made for any project approvals for​
2.26 the common interest community from the Federal National Mortgage Association (FNMA),​
2.27 Federal Home Loan Mortgage Corporation (FHLMC), Department of Housing and Urban​
2.28 Development (HUD) or Department of Veterans Affairs (VA), and which, if any, such final​
2.29 approvals have been received;​
2.30 (11) the terms of any warranties provided by the declarant, including copies of sections​
2.31 515B.4-112 through 515B.4-115, and any other applicable statutory warranties, and a​
2.32 statement of any limitations on the enforcement of the applicable warranties or on damages;​
2​Sec. 2.​
25-04832 as introduced​03/13/25 REVISOR MS/ES​

3.1 (12) a statement that: (i) within ten days after the receipt of a disclosure statement, a​
3.2 purchaser may cancel any contract for the purchase of a unit from a declarant; provided,​
3.3 that the right to cancel terminates upon the purchaser's voluntary acceptance of a conveyance​
3.4 of the unit from the declarant or by the purchaser agreeing to modify or waive the right to​
3.5 can