559.103 Definitions; A to C.
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559.103 Definitions; A to C.
Sec. 3.
(1)"Administrator" means the department of consumer and industry services or an authorized designee.
(2)"Affiliate of developer" means any person who controls, is controlled by, or is under common control with a developer. A person is controlled by another person if the person is a general partner, officer, member, director, or employee of the person, directly or indirectly, individually or with 1 or more persons or subsidiaries owns, controls, or holds power to vote more than 20% of the person, controls in any manner the election of a majority of the directors of the person, or has contributed more than 20% of the capital of the person.
(3)"Arbitration association" means the American arbitration association or its successor.
(4)"Association of co-owners" means the person designated in the condominium documents to administer the condominium project.
(5)"Business condominium unit" means a condominium unit within any condominium project, which unit has a sales price of more than $250,000.00 and is offered, used, or intended to be used for other than residential or recreational purposes.
(6)"Business day" means a day of the year excluding a Saturday, Sunday, or legal holiday.
(7)"Common elements" means the portions of the condominium project other than the condominium units.
(8)"Condominium buyer's handbook" means the informational pamphlet created by the administrator.
(9)"Condominium bylaws" or "bylaws" means the required set of bylaws for the condominium project attached to the master deed.
(10)"Condominium documents" means the master deed, recorded pursuant to this act, and any other instrument referred to in the master deed or bylaws which affects the rights and obligations of a co-owner in the condominium.
History: 1978, Act 59, Eff. July 1, 1978 ;-- Am. 1982, Act 538, Imd. Eff. Jan. 17, 1983 ;-- Am. 2000, Act 379 , Imd. Eff. Jan. 2, 2001