Quote from NJ HOA Info on January 28, 2024, 8:56 pm

Requires certain common interest community associations to publish certain information; requires that homeowners' association contracts for management and maintenance include 24-hour emergency services.

Bill A1006

STATEMENT

     This bill establishes additional requirements on homeowners’ associations subject to "The Planned Real Estate Development Full Disclosure Act," N.J.S.A.45:22A-21 et seq., concerning management companies and public inspection of certain association documents.  The bill also requires an association to provide certain annual accounting information to unit owners and modernizes the requirements to allow for the inspection of the association’s records by unit owners.

     Specifically, the bill requires that an association provide, upon request by a unit owner, the following information:

     (i)    roster of current board members;

     (ii)   contact information for each current board member, consisting of a private electronic mail address by which a board member can be contacted directly by association members;

     (iii)  board election dates and application forms for candidacy;

     (iv)  the most recently adopted annual budget;

     (v)   insurance information for any policy held by an association, including the name of insurance companies, the name of the broker or provider of the insurance policy, and any applicable policy numbers.

     Regarding contracts with management companies, the bill requires that any contract for maintenance, management, and operation services entered into by the association provide for 24-hour emergency maintenance or management services, as applicable, which must include a 24-hour emergency maintenance or management telephone hotline for use by association members.

     Finally, the bill establishes that, when inspection of an insurance policy is requested by an association member, an association shall provide the unit owner with an electronic copy of the insurance policy within 24 hours of the submission of the request.  If the unit owner requests a paper copy, an association must provide the policy to the requester within two business days of the submission of the request.

     This bill is applicable to condominiums, cooperatives, and generic homeowners’ associations while having no effect on residential home or apartment owners that do not belong to a common interest community.  The bill is not retroactive, but the

new requirements outlined in the bill must be adopted by associations the next time any change is made to the existing bylaws, or when new bylaws are adopted.