Historical Version of Section.
Effective May 10, 2011.
Superseded May 14, 2013.
(1) This part applies to an insurance policy or combination of insurance policies:
(a) issued or renewed on or after July 1, 2011; and
(b) issued to or renewed by:
(i) a lot owner; or
(ii) an association, regardless of when the association is formed.
(2) This part does not apply to a project if all of the project's lots are restricted to entirely nonresidential use.
(3) Subject to Subsection (4), this part does not apply to a project if:
(a) the initial declaration for the project is recorded before January 1, 2012;
(b) the project includes attached dwellings; and
(c) the declaration requires each lot owner to insure the lot owner's dwelling.
(4) (a) An association that is subject to a declaration recorded before January 1, 2012 may amend the declaration, as provided in the declaration, to subject the association to this part.
(b) During the period of administrative control, an amendment under Subsection (4)(a) requires the consent of the declarant.
Enacted by Chapter 355, 2011 General Session