§514B-71  Condominium education trust fund.  (a)  The commission shall establish a condominium education trust fund that the commission shall use for educational purposes.  Educational purposes shall include financing or promoting:

     (1)  Education and research in the field of condominium management, condominium project registration, and real estate, for the benefit of the public and those required to be registered under this chapter;

     (2)  The improvement and more efficient administration of associations;

     (3)  Expeditious and inexpensive procedures for resolving association disputes;

     (4)  Support for mediation of condominium related disputes; and

     (5)  Support for voluntary binding arbitration between parties in condominium related disputes, pursuant to section 514B-162.5.

     (b)  The commission shall use all moneys in the condominium education trust fund for purposes consistent with subsection (a).  Any law to the contrary notwithstanding, the commission may make a finding that a fee adjustment is appropriate and adjust the fees paid by associations to regulate the fund balance to an appropriate level to maintain a reasonable relation between the fees generated and the cost of services rendered by the condominium education trust fund.  For the purposes of finding that a fee adjustment is appropriate in order to maintain a reasonable relation between the fees generated and the cost of services rendered by the fund, the commission's review shall include the following:

     (1)  Frequency and timing of anticipated revenue to the fund;

     (2)  Identification of a reserve amount based on unanticipated revenue reductions and historical expenditures;

     (3)  Anticipated expenses paid, including recovery payouts during a biennial budget cycle;

     (4)  Unanticipated natural disasters or catastrophic weather events that may increase fund payments; and

     (5)  Any statutory adjustments to fund payout amounts.

The balance of the fund shall not exceed a sum determined by the commission.  The sum shall be determined by the commission biennially. [L 2005, c 93, pt of §3; am L 2013, c 187, §2; am L 2018, c 196, §3; am L 2018, c 196, §9; am L 2020, c 12, §6 and c 57, §2]

Note

  Repeal and reenactment of subsection (a) on June 30, 2023, by L 2018, c 196, §9, as shown in the main volume, deleted by L 2020, c 57, §2.