On March 28, 2025, the Maryland Legislature introduced Senate Bill 758, aimed at enhancing transparency and accountability within condominium associations. The bill mandates that governing bodies of condominiums provide unit owners with access to financial statements and meeting minutes upon request, establishing specific timelines for compliance.

Key provisions of Senate Bill 758 stipulate that if a unit owner requests access to financial documents prepared within the last three years, the governing body must respond within 21 days. For documents older than three years, the response time extends to 45 days. Additionally, the bill requires that books and records be made available to new unit owners within 15 business days of their request following the conveyance of a unit from a developer.

The bill also outlines circumstances under which certain records may be withheld from public inspection, including personnel records, medical records, and documents related to ongoing business negotiations. Notably, minutes from closed meetings can only be made public if approved by a majority of the governing body.

Debate surrounding Senate Bill 758 has highlighted concerns about the balance between transparency and privacy. Proponents argue that the bill is essential for empowering unit owners and ensuring they have access to critical information regarding their investments. Critics, however, express apprehension that the bill may lead to unnecessary exposure of sensitive information and could impose burdensome administrative tasks on condominium boards.

The implications of this legislation are significant, as it seeks to address longstanding issues of governance within condominium associations, where transparency has often been lacking. Experts suggest that if passed, the bill could foster greater trust between unit owners and their governing bodies, potentially leading to improved community relations and more informed decision-making.

As the legislative process unfolds, stakeholders will be closely monitoring discussions and potential amendments to the bill. The outcome of Senate Bill 758 could set a precedent for similar legislation in other states, reflecting a growing trend towards increased accountability in residential governance.