Yesterday, the Senate Regulated Industries Committee failed to approve SB 1122, Relating to Homeowners’ Associations. The bill would have required all homeowners’ associations to pay $2.00 per parcel for the purpose of authorizing the Department of Business and Professional Regulation to regulate the HOA. The bill would have also required mandatory binding arbitration of certain HOA disputes, including covenant enforcement, assessments, and official records; increased the penalties for willful failure to withhold official records; and changed the triggers related to when a developer must turn over control of the association to the parcel owners. The primary concern raised by the Senators was the $2.00 per door “tax” on homeowners. The unfavorable vote by the Senate Regulated Industries Committee means that the issue is effectively “dead” for this session.

By Yeline Goin on February 3rd, 2016.  Posted in Covenant Enforcement/Violations, Developer Obligations, Official Records

With more than 40 years experience in Association Management and Property Management, Hara Management, Inc. has the expertise needed to efficiently manage your Homeowner’s or Condominium Association; or manage rental properties and apartment communities, while providing the highest level of service to Boards and Owners. Contact HMI’s General Manager Rick Michaud, or visit HMI online to learn more about their variety of client-customized services today.