Common interest group late fee charges limitations provision, association adoption of policies on fines and collection requirement provision, and disclosures requirements provision

This bill proposes changes to laws governing common interest communities, such as condominiums and HOAs. It aims to limit late fees charged by associations, require associations to create policies for fines and collections, and mandate certain disclosures to potential buyers. The bill also updates definitions and clarifies procedures for assessments and insurance information provided to unit owners.

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