ATLANTA (January 31, 2012) – The Georgia Senate today passed SB 136, granting unit owners the right to file a petition in superior court in order to gain oversight of the condominium’s homeowners association. The bill passed unanimously with a vote of 55 – 0 and was sponsored by Sen. Bill Hamrick (R-Carrollton).
“These types of associations contribute immensely to high home resale values by stressing the importance of proper maintenance and setting the visual standards for individual units and the building,” said Sen. Hamrick. “This bill gives condominium owners another way to be competitive in the housing market while waiting for values to rebound.”
Once enacted, unit owners will be able to take control of their own condominium association when those originally charged with the task, usually the building developers or managers, fail to do so within a 30-day time period.
Tasks usually performed by the original investors or managers include incorporating the association, appointing a board of directors and arranging for officer elections, maintaining a database of board member information, calling regular meetings according to association bylaws and preparing an annual operations budget and establishing an annual assessment.
SB 136 will now travel to the House of Representatives for a vote.
FOR IMMEDIATE RELEASE
January 31, 2012
Natalie Dale, Director
Jennifer Yarber, Deputy Director