2020
Regular Session
Homeowners' associations; regulate managing agents of and require financial reviews by.
AN ACT TO REGULATE MANAGING AGENTS OF HOMEOWNERS' ASSOCIATIONS REGARDING THEIR DEPOSIT AND MANAGEMENT OF ASSOCIATION FUNDS; TO PROVIDE CERTAIN DEFINITIONS FOR THE ACT; TO REQUIRE TRANSFERS OF FUNDS ABOVE A CERTAIN AMOUNT TO BE AUTHORIZED BY PRIOR WRITTEN BOARD APPROVAL; TO PROHIBIT THE MANAGING AGENT FROM COMINGLING THE FUNDS OF THE ASSOCIATION WITH THE MANAGING AGENTS OWN MONEY OR WITH THE MONEY OF OTHERS THAT THE MANAGING AGENT RECEIVES OR ACCEPTS; TO PROVIDE THAT CURRENTLY COMINGLED FUNDS SHALL BE SEPARATED BY A CERTAIN DATE; TO REQUIRE THE MANAGING AGENT TO PROVIDE TO THE HOMEOWNERS' ASSOCIATION CERTAIN FINANCIAL INFORMATION RELATING TO THE FUNDS OF THE ASSOCIATION BEFORE EVERY REGULAR MEETING AND UPON REQUEST OF THE ASSOCIATION; TO PROVIDE THE BOARD OF A HOMEOWNERS' ASSOCIATION TO CONDUCT CERTAIN PERIODIC FINANCIAL REVIEWS; TO REQUIRE HOMEOWNERS' ASSOCIATIONS TO MAINTAIN FIDELITY BOND COVERAGE FOR ITS DIRECTORS AND OFFICERS; TO PROVIDE THAT IF THE ASSOCIATION USES A MANAGING AGENT OR MANAGEMENT COMPANY, THE ASSOCIATION'S FIDELITY BOND COVERAGE SHALL ADDITIONALLY INCLUDE DISHONEST ACTS BY THAT PERSON OR ENTITY AND ITS EMPLOYEES; TO PROVIDE THAT THE BOND REQUIREMENT SHALL NOT APPLY IF A MAJORITY OF THE MEMBERS OF THE ASSOCIATION VOTE NOT TO HAVE IT; AND FOR RELATED PURPOSES.
11/13/20 at 10:09
H
B
636
House Bill 636
HB 636
H
Dead
General Bill/Constitutional Amendment
No
Majority
July 1, 2020
Banking and Financial Services
F
../../House_cmtes/BB.xml
Judiciary, Division A
F
../../Senate_cmtes/JA.xml
Business and Financial Institutions
T
../../Senate_cmtes/BF.xml
Yancey
../../House_authors/Yancey.xml
1
02/06 (H) Referred To Banking and Financial Services
2
02/25 (H) Title Suff Do Pass Comm Sub
3
03/04 (H) Committee Substitute Adopted
4
03/04 (H) Amended
5
03/04 (H) Passed As Amended
../../../../2020/pdf/votes/house/0580039.pdf
6
03/06 (H) Transmitted To Senate
7
05/12 (S) Referred To Judiciary, Division A;Business and Financial Institutions
8
06/02 (S) DR - TSDPAA: JA To BF
9
06/09 (S) Died In Committee
../../../../documents/2020/pdf/HB/0600-0699/HB0636PS.pdf
../../../../documents/2020/html/HB/0600-0699/HB0636PS.htm
../../../../documents/2020/pdf/HB/0600-0699/HB0636IN.pdf
../../../../documents/2020/html/HB/0600-0699/HB0636IN.htm
../../../../documents/2020/pdf/HB/0600-0699/HB0636CS.pdf
../../../../documents/2020/html/HB/0600-0699/HB0636CS.htm
../../../../documents/2020/pdf/HB/0600-0699/HB0636PS.pdf
../../../../documents/2020/html/HB/0600-0699/HB0636PS.htm
Amendment No 1 (Cmte Sub)
Adopted
../../../../documents/2020/pdf/ham/HB0636_H_(Cmte_Sub)_Amend_01.pdf
../../../../../documents/2020/html/ham/HB0636_H_(Cmte_Sub)_Amend_01.htm
N
../../../../documents/2020/pdf/fiscalnotes/HB0636.pdf