§514B-71 Condominium education trust fund. (a) [Subsection effective until January 1, 2019. For subsection effective January 2, 2019, see below.] 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; and

(4) Support for mediation of condominium related disputes.

(a) [Subsection effective January 2, 2019. For subsection effective until January 1, 2019, see above. Repeal and reenactment on June 30, 2023. L 2018, c 196, §9.] 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). [L 2005, c 93, pt of §3; am L 2013, c 187, §2; am L 2018, c 196, §3]