SF 2312 – Terms, Conditions, Covenants of Housing Cooperatives and Horizontal Property Regimes
FLOOR ACTION:
SF 2312 initially passed the Senate on February 27. The bill clarifies that all the terms, conditions, covenants and provisions of documents creating and regulating a multiple housing cooperative (Chapter 499A) or a horizontal property regime (condominiums (499B) will continue and remain in full force and effect for as long as the cooperative or horizontal property regime exists, unless the terms, conditions, covenants and any provisions of the documents creating and regulating them are amended in the Iowa Code. The House sent the bill back to the Senate with an amendment that includes limited liability companies in the definition of a person in chapter 449A and allows limited liability companies to organize for the purpose of ownership of residential or business property on a cooperative basis. The Senate concurred in the House amendment. [4/7: 49-0 (Houser absent)]