Condominium Association Loan Authority

Subsection 18.4(m) of the Condominium Act has been changed to provide that condominium associations will have the right to pledge substantially all of the assets of the association by a majority vote of the board, regardless of restrictions requiring unit owner consent which may appear in the condominium instruments. This important change will eliminate a common impediment to condominium association common element repair loan transactions. This change will take effect on January 1, 2017.