The owner may not require the tenant association to prove financial ability to perform as a prerequisite to entering into a contract. The owner shall not require the tenant association or tenant(s) under Section 5-11-060(b)(3), to pay a deposit of more than 5 percent of the contract sales price in order to make a contract. The owner must refund the deposit in the event of a good faith failure of the tenant association or tenant(s) to perform under the contract.
(Added Coun. J. 9-18-24, p. 16736, § 3)