S.F. 2065 Section 1. Section 499B.15, subsection 1, Code 2009, is 1 amended to read as follows: 2 1. The form of administration, indicating whether this 3 shall be in charge of an administrator or of a board of 4 administration, or otherwise, and specifying the powers, manner 5 of removal, and, where proper, the compensation thereof. The 6 developer of a newly established horizontal property regime 7 shall not serve as the sole administrator of the regime after 8 one year following the sale of the first apartment in the 9 regime. 10 EXPLANATION 11 This bill relates to administration of a horizontal property 12 regime. 13 Code chapter 499B regulates horizontal property regimes, 14 which are buildings and property divided into apartments, also 15 known as, and hereafter referred to as, “condominiums”. The 16 Code chapter regulates the collective administration of the 17 regime. A condominium is one or more rooms occupying all or a 18 part of a floor or floors in a building of one or more floors 19 notwithstanding whether the condominium be intended for use or 20 used as a residence, office, for the operation of any industry 21 or business, or for any other use not prohibited by law. 22 Currently, Code section 499B.15 provides requirements for 23 bylaws of horizontal property regimes. The bill adds to the 24 requirements that a developer of a newly established horizontal 25 property regime shall not serve as the sole administrator of 26 the regime after one year following the sale of the first 27 condominium in the regime. 28 -1- LSB 5063XS (8) 83 tm/nh 1/ 1