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Summary
The bill amends state law to require homeowners’ associations to maintain detailed accounting records, prepare an annual financial report within a set time after the fiscal year, and make the report available to owners electronically for free or in paper form for a reasonable fee. Reporting standards are tied to the association’s annual revenue, with larger groups needing CPA‑prepared audits or reviews. Associations with 14 or fewer lots or units are exempt unless they choose to adopt the requirements.
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