Important California HOA, condo, coop legislation updates (Sept. 2018)

Independent American Communities

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…

View original post 2,014 more words

Advertisements

Public Comment policy: all comments subject to review. Please keep comments respectful. To send a private message, please use the feedback form instead.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.