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Delegate Holmes seeks greater transparency for developer‑controlled common‑interest communities; AG supports notice and anti‑commingling rules
Summary
House Bill 295 would require developer-controlled condominium and homeowners associations to include a unit/lot owner on the board and set notice rules on bond releases; the Attorney General’s Consumer Protection Division backed the proposal as a transparency and fiscal‑responsibility measure; industry groups asked for technical fixes.
The committee considered House Bill 295, a bill from Delegate Marvin Holmes that would change governance rules for developer‑controlled common ownership communities, requiring developers to include a lot or unit owner on the board during transition and improving notice and bonding transparency to buyers.
Delegate Holmes said the bill would give new owners “intellectual history” of the association by ensuring at least one owner participates with the developer during the pre‑transition period. The bill also would require notice to…
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