Bill Title: Amends the Mobile Home Landlord and Tenant Rights Act. Requires a mobile home park owner to provide written notice to the officers of the homeowners' association if the park is offered for sale including in the notice the price and terms and conditions of the sale. Provides that the mobile home owners, through their association, have the right to purchase the park if the association meets the terms of the contract within 60 days of the notice. Provides that if a contract has not been executed within that 60-day period, the park owner has no further obligations under this Act unless the owner thereafter offers the park for sale at a materially lower price than the price specified in the notice. Defines "materially lower price" as 20% or more lower than the initial offer of sale. Provides that the homeowners have 10 days to meet the terms of this lower offer. Makes a number of exemptions to this requirement. Authorizes the park owner to record in the county in which the park is located an affidavit that the owner has complied with the Act's requirements. Requires that if the homeowners wish to exercise the rights under this Act, they must form an association that must be a corporation or a not-for-profit corporation with the written consent of two-thirds of all of the mobile home owners. Makes requirements for matters to be included in the homeowners' association's articles of incorporation, bylaws, and power and duties. Makes other changes.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Passed) 2024-08-02 - Public Act . . . . . . . . . 103-0766 [SB2935 Detail]

Text: Latest bill text (Chaptered) [HTML]

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