By Deborah Goonan, Independent American Communities
Updated September 6, 2018 7:22 PM
The 2018 legislation session ended with some good, and some not so good new laws for Californians residing in common interest developments.
The following 4 bills are currently enrolled, awaiting approval of Governor Jerry Brown.
AB 2912 passed with near unanimous support from both houses of the Legislature. The bill creates greater accountability for both association board (trustee) members and managing agents for association-governed communities, including the following:
- Fidelity bond coverage requirements for the association, to guard against losses due to dishonesty of board members or community association management companies
- Requires a management agent to deposit all association funds in an interest-bearing account, and requires written approval from the board for any transfer of funds in excess of $10,000 or 5% of the association’s combined accounts, whichever is lower
- Requires association board members to review financial documents and…
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