The state legislature passed and the governor signed a new condo/coop law this spring, SB4D.
What is amazing is the state legislature passed and the governor signed the bill in three days. They have implemented a solution for a problem (Champlain Towers collapse) that they don’t know the cause. One sponsor stated that this new law would ensure there will never be another Champlain Towers incident. That’s a remarkable statement to make – based on “best guesses.” On another issue, the legislature provided no relief for condos/coops facing steep increases in insurance coverage.
Attached is a 4-page summary (of an 89-page bill) describing the key elements and dates in the new law as it applies to the members of the Galt Mile community. The key dates in the new law are highlighted: January 1, 2023 and December 31, 2024.
Please read the disclaimer at the top of the summary. Interpretations and implementation information are being generated almost daily on this new law. You should consult your legal counsel regarding the new compliance provisions in the law.