HOUSE BILL 687

Sponsored By:

Delegate Braveboy

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

House Action

2/9

First Reading Environmental Matters

2/6

Hearing 2/26 at 1:00 p.m.

2/11

Hearing cancelled

Hearing 2/19 at 1:00 p.m.

3/9

Favorable with Amendments Report by Environmental Matters

3/10

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/12

Third Reading Passed (135-0)

4/1

Returned Passed

Senate Action

3/13

First Reading Judicial Proceedings

4/3

Favorable Report by Judicial Proceedings

4/1

Favorable Report Adopted

Second Reading Passed

4/2

Third Reading Passed (47-0)

Action after passage in House and Senate

4/14

Approved by the Governor

- Chapter 78

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):

House

Number: 110517/03     Offered on: March 10, 2009   at: 10:22 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

House

March 12, 2009: Third Reading Passed (135-0)

Senate

April 2, 2009: Third Reading Passed (47-0)