Requires homeowners' associations to dissolve every ten years after establishment unless the association receives a majority vote for renewal

HB 2840 requires homeowners' associations (HOAs) managing residential communities to automatically dissolve 10 years after formation unless 85% of all members vote to renew them in a special election held within 90 days before the dissolution date. This applies to all HOAs (excluding condominium associations and residential cooperatives) and directly affects homeowners in communities governed by these groups, as they must actively vote to keep their HOA operational every decade. The bill mandates that renewed HOAs undergo the same 85% renewal vote requirement every 10 years thereafter, with existing HOAs over 10 years old required to hold their first renewal election by December 31, 2026. Failure to secure the 85% vote results in immediate dissolution, ending the HOA's authority and preventing new HOA formation for a decade without another 85% vote.