SF 2065 (LSB 5063XS (8) 83)

SENATE FILE 2065

BY  NOBLE

A BILL FOR

An Act relating to administration of a horizontal property regime.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 499B.15, subsection 1, Code 2009, is amended to read as follows:
   1.  The form of administration, indicating whether this shall be in charge of an administrator or of a board of administration, or otherwise, and specifying the powers, manner of removal, and, where proper, the compensation thereof.  The developer of a newly established horizontal property regime shall not serve as the sole administrator of the regime after one year following the sale of the first apartment in the regime.
EXPLANATION
   This bill relates to administration of a horizontal property regime.
   Code chapter 499B regulates horizontal property regimes, which are buildings and property divided into apartments, also known as, and hereafter referred to as, “condominiums”. The Code chapter regulates the collective administration of the regime. A condominium is one or more rooms occupying all or a part of a floor or floors in a building of one or more floors notwithstanding whether the condominium be intended for use or used as a residence, office, for the operation of any industry or business, or for any other use not prohibited by law.
   Currently, Code section 499B.15 provides requirements for bylaws of horizontal property regimes. The bill adds to the requirements that a developer of a newly established horizontal property regime shall not serve as the sole administrator of the regime after one year following the sale of the first condominium in the regime.