House Bill 295, introduced in Maryland on March 3, 2025, aims to enhance transparency and accessibility of financial records for condominium unit owners. The bill addresses a growing concern among residents regarding their ability to access important documents related to their living arrangements, particularly financial statements and meeting minutes from their condominium associations.

The key provisions of House Bill 295 require that all books and records maintained by the council of unit owners be kept separate from those of the developer or any other entity. This separation is intended to ensure that unit owners can easily access relevant information without interference or confusion. The bill mandates that upon written request, condominium boards must provide copies of financial statements or meeting minutes within specified timeframes—21 days for documents prepared within the last three years and 45 days for older records. Additionally, it stipulates that records must be made available to new unit owners within 15 business days after their unit is conveyed.

While the bill has garnered support for promoting transparency, it has also sparked debates regarding privacy and the potential for misuse of sensitive information. Provisions that allow certain records, such as personnel files and individual medical or financial records, to be withheld from public inspection have been included to address these concerns. However, some critics argue that the bill may not go far enough in protecting unit owners from potential breaches of privacy.

The implications of House Bill 295 are significant for Maryland's condominium residents. By improving access to financial records, the bill seeks to empower unit owners, allowing them to make informed decisions about their investments and community governance. Experts suggest that this increased transparency could lead to more engaged residents and better management of condominium associations.

As the bill moves through the legislative process, its future remains uncertain. Advocates for transparency are hopeful that it will pass, while opponents continue to voice concerns about privacy and the potential administrative burden on condominium boards. The outcome of House Bill 295 could set a precedent for similar legislation in other states, reflecting a growing trend toward greater accountability in community living arrangements.