Oppose HB 5655 – “Annual Budget Meeting” of Co-Owners and More (MI)
This bill would amend the Michigan Condominium Act to add a requirement that a condominium association must obtain majority co-owner approval of the annual budget at an “annual budget meeting” of the co-owners. The result of the co-owners’ refusal to approve the annual budget would result in an association not being able to pay its bills, which would derail the successful administration and operation of the condominium development, and it would depreciate the value and marketability of the individual condominium units. Read the article………….
As many new condominium co-owners are aware, the general operations of a condominium association are funded through annual assessments. MCL
In Liss v. Lewiston–Richard Inc, 478 Mich. 203; 732 NW2d 514 (2007), the Michigan Supreme Court held that a residential