SENATE BILL 541

Sponsored By:

Senator Kelley

Entitled:

Common Ownership Communities - Fidelity Insurance

Synopsis:

Requiring specified governing bodies of a cooperative housing corporation, a condominium, or a homeowners association to purchase fidelity insurance not later than the time of the first sale of a cooperative interest with respect to a unit to a person other than the developer and to keep the insurance in place each year thereafter; requiring the fidelity insurance to provide for the indemnification of the common ownership community against loss resulting from specified acts or omissions of specified persons; etc.

History by Legislative and Calendar Date

Senate Action

2/5

First Reading Judicial Proceedings

Hearing 2/25 at 1:00 p.m.

3/17

Favorable with Amendments Report by Judicial Proceedings

3/18

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/20

Third Reading Passed (44-0)

4/3

Returned Passed

House Action

3/20

First Reading Environmental Matters

3/25

Hearing 4/2 at 1:00 p.m.

4/6

Favorable Report by Environmental Matters

3/31

Favorable Report Adopted

Second Reading Passed

4/1

Third Reading Passed (133-0)

Action after passage in Senate and House

4/14

Approved by the Governor

- Chapter 77

Bill indexed under the following Subjects:

Alternative Dispute Resolution -see also- Arbitra; Mediation

Attorney General

Condominiums

Consumer Protection -see also- Unfair Trade Practices

Cooperative Associations

Crimes and Punishments -see also- Penalties; Sentences; etc.

Fraud -see also- Forgery

Homeowners Associations

Housing -see also- Apartments; Condominiums; Mobile Homes

Insurance -see also- Health Ins; MAIF; Motor Vehicle Ins

Liability -see also- Good Samaritan

Records -see also- Land Records; Vital Records

Bill affects the following Statutes:

Corporations and Associations

( 5-6B-18.6 )

Real Property

( 11-114.1 , 11B-111.6 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled, Chapter

Fiscal and Policy Note (Displayed in PDF Format): Available

Amendments (Displayed in PDF Format):

Senate

Number: 438977/01     Offered on: March 18, 2009   at: 11:29 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

Senate

March 20, 2009: Third Reading Passed (44-0)

House

April 1, 2009: Third Reading Passed (133-0)