SENATE BILL 264

Sponsored By:

Senator Kelley

Entitled:

Common Ownership Communities - Fidelity Insurance - Indemnification

Synopsis:

Altering the scope of indemnification provided by fidelity insurance that the board of directors or other governing body of a cooperative housing corporation, council of unit owners or other governing body of a condominium, or board of directors or other governing body of a homeowners association is required to purchase; requiring a management company that provides specified services to a cooperative housing corporation, condominium, or homeowners association to purchase specified fidelity insurance; etc.

History by Legislative and Calendar Date

Senate Action

1/31

First Reading Judicial Proceedings

2/2

Hearing 2/16 at 1:00 p.m.

3/7

Favorable Report by Judicial Proceedings

3/8

Favorable Report Adopted

Second Reading Passed

3/10

Third Reading Passed (45-0)

House Action

3/11

First Reading Environmental Matters

3/22

Hearing 3/31 at 1:00 p.m.

3/29

Hearing cancelled

Hearing 3/31 at 1:30 p.m.

4/6

Referred to interim study by Environmental Matters

Bill indexed under the following Subjects:

Condominiums

Cooperative Associations

Crimes and Punishments -see also- Penalties and Sentnc; 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: First Reading, Third Reading, Enrolled

Fiscal and Policy Note: Available

Amendments: None offered

Committee Votes :

Senate

Judicial Proceedings

House

Environmental Matters

Roll Call Vote (Legislative date is shown):

Senate

March 10, 2011: Third Reading Passed (45-0)