Requires training of planned real estate development association board members.

This bill (A2449) requires new board members of planned real estate development associations - including homeowners' associations, condominiums, and co-ops - to complete at least three hours of mandatory training within 180 days of starting their term. The training, established by the Commissioner of Community Affairs, covers business practices, legal requirements, budgeting, record keeping, and state resources. Board members who fail to complete the training may be removed by the commissioner. The requirement applies only to the first term of office beginning after the bill takes effect (scheduled for the fifth month following enactment).