Legislative Session number- 86

Bill Name: SF2985

2E Relating to real property; modifying provisions under the Minnesota common
interest ownership act; making clarifying, conforming and technical
changes

ARTICLE 1 - APPLICABILITY, DEFINITIONS AND OTHER GENERAL
PROVISIONS

Modifying certain provisions relating to applicability of common
interest communities (CIC), definitions, eminent domain, unconscionable
agreement or term of contract, notice and recording; providing for vacation of
abutting publicly dedicated property

ARTICLE 2 - CREATION, ALTERATION AND
TERMINATION

Modifying certain provisions relating to creation, unit
boundaries, declaration contents, all common interest communities, declaration
of flexible common interest communities, allocation of interests, common
elements and limited common elements, common interest community plats (CIC
PLAT), expansion of flexible CIC, the subdivision, combination or conversion of
units, the alteration of units and the relocation of boundaries between
adjoining units, amendments of declaration, termination of CIC, master
associations and severance of CIC

ARTICLE 3 - ORGANIZATION AND
OPERATION

Modifying certain provisions relating to organization and powers of
unit owners' association, board of directors, officers and declarant control,
special declarant rights, transfer, liability of transferor and transferee and
termination, termination of contracts, leases and licenses, annual report,
quorum, voting, security interests creation or conveyance in common elements,
insurance, replacement reserves, assessments for common expenses, lien for
assessments, other liens, declarant duties and turnover of records and
accounting controls

ARTICLE 4 - PROTECTION OF PURCHASERS

Modifying certain
provisions relating to applicability and delivery of disclosure statement,
disclosure statement and general provisions, CIC with building once occupied,
purchaser's right to cancel, resale of units, purchaser's right to cancel
resale, obligation to release liens, conversion property, statute of limitations
for warranties and rights of action
(je)