This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0170 - Lowers the percentage vote required for condo owners to amend the condo declaration
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 0654-06
BILL NO.: HCS for SCS for SB 170
SUBJECT: Property: Real and Personal
TYPE: Original
DATE: April 16, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 2 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the State Tax Commission, the State Courts Administrator, and the Secretary of State indicated that the proposal would not directly affect their agencies.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Small Business | |||
| No direct fiscal impact to small businesses would be expected as a result of this proposal. | |||
DESCRIPTION
This proposal would specify that condominium bylaws could be changed by a majority of condominium unit owners with voting rights. Under current law the method for amending bylaws is specified in the bylaws. The proposal would also allow 80% of the owners of units, or any larger percentage specified in the declaration, to prohibit or materially restrict permitted uses or occupancy of a unit or the number or other qualification of persons who could occupy units.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. It would not affect Total State Revenue.
SOURCES OF INFORMATION
Secretary of State
State Courts Administrator
State Tax Commission
Jeanne Jarrett, CPA
Director
April 16, 1999