(a)
Annual increases in regular assessments for any fiscal year shall not be imposed unless the board has complied with paragraphs (1), (2), (4), (5), (6), (7), and (8) of subdivision (b) of Section 5300 with respect to that fiscal year, or has obtained the approval of a majority of a quorum of members, pursuant to Section 4070, at a member meeting or election.
(b)
Notwithstanding more restrictive limitations placed on the board by the governing documents, the board may not impose a regular assessment that is more than 20 percent greater than the regular assessment for the association’s preceding fiscal year or impose special assessments which in the aggregate exceed 5
percent of the budgeted gross expenses of the association for that fiscal
year without the approval of a majority of a quorum of members, pursuant to Section 4070, at a member meeting or election.
(c)
For the purposes of this section, “quorum” means more than 50 percent of the members.