Is your HOA prepared for changes in local city and state laws? While changes in regulations are unpredictable, a well-prepared association doesn’t have to worry. If you don’t have an association partner like Associa providing updates in the local legal landscape, then you’ll need to stay diligent about checking new laws and preparing for their impact. Here are some important changes that should be on your radar for 2019.
Additional Fund Protections Mandated in California
California passed bill AB 2912 that will require stricter oversight in the handling of HOA funds. It states that before any transfer of $10,000 or 5% of total association combined reserve, whichever is smaller, there must be prior written approval from the association board.
Increased Transparency Requirements in South Carolina
South Carolina passed bill H 3886 which will require greater transparency for HOA boards. The new law states that HOAs must document all rules and regulations and place them on file to view in their county public records. This new law will also require seller disclosure whether or not a piece of property is part of an HOA.
Fire Safety System Deadline Looming in Florida
In the state of Florida, condo buildings that are 75 feet or taller will be required to have either a sprinkler system or Engineered Life Safety System installed. Time to apply for extensions has run out, and the deadline for completion will be December 31, 2019.
New Online Document Access Laws for Condo Associations in Florida
Florida will also be requiring condominiums of 150 units or more, to provide online access to their association documents. The list of needed association documents will include the following:
- Recorded Declaration
- Bylaws & Rules
- Annual Budget
- Monthly Income & Expense Statements
- Association Contracts
- Notice of Board Meetings
Staying up to date on the current rules and regulations is critical to every board member’s role. Since laws that impact your community can vary by city, county and state, one of the best ways to stay informed is to reach out to your management company or your association’s attorney. Do you have any questions about these new laws or others that may be affecting your community? Let us know in the comment section below.