Section 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.
Amended by L 2020, c 57,§ 2, eff. 7/1/2020.Amended by L 2020, c 12,§ 6, eff. 7/1/2020.Amended by L 2018, c 196,§ 3, eff. 1/2/2019 (later deleted).Amended by L 2013, c 187,§ 2, eff. 7/1/2013. L 2005, c 93 , pt of §3 .Until amended, references in administrative rules to condominium management education fund are references to condominium education trust fund. L 2009, c 129, §14.