State legislators are being urged to toughen a law governing condominium boards so condo owners will have better access to basic financial information. Current rules require condo associations to make insurance policies, balance sheets, and other documents available to homeowners, but there are no penalties for failing to comply. Condo owners often need their associations’ financial information to refinance or put their homes up for sale. Before approving a refinancing, a lender generally wants to know how many units are vacant and how many are rented, along with other details, said Bruce Spitzer, spokesman for the Massachusetts Bankers Association.
A bill that has already passed in the Senate would require associations to pay legal expenses if a condo owner has to go to court to obtain documents. But with a little over a week remaining until the end of the legislative session, the measure is stalled in a House committee. Read more: