House amendment makes the following changes to 3rd edition, as amended.
Amendment #4 amends proposed GS 47F-3-118A and GS 47F-C-103A, which concern audit requirements, to require the board of directors (was, executive board) to provide for an annual independent financial review of the association no later than 120 days (was, 90 days) after the end of the association’s fiscal year.
Requires the board of directors to provide for an annual independent financial audit of the association instead of an annual independent financial review if any of the following conditions are met: (1) the declaration, bylaws, or other governing documents expressly require conducting an annual financial audit; (2) the association has annual revenues or expenditures of at least $100,000; and (3) an audit is requested by a vote of a majority of the board, or by a vote of a majority of the lot owners present and voting in person or by proxy, at any annual meeting or any special meeting called for the purpose of a vote on the matter.
Makes conforming changes to the title.
Summary date: Jun 21 2012 - View summary
Summary date: Jun 20 2012 - View summary
House amendments make the following changes to 3rd edition.
Amendment #1 makes the act effective October 1, 2012 (was, July 1, 2012).
Amendment #2 amends proposed GS 47F-3-118A and GS 47F-C-103A, which concern audit requirements, to require an annual independent audit of the association by a Certified Public Accountant unless (1) two-thirds of the association members vote not to require an annual audit or (2) the association has annual revenues or expenditures of less than $100,000 (previously called for a financial review and required an audit under certain conditions).
Amendment #3 makes a perfecting change to Amendment #2.
Summary date: Jun 19 2012 - View summary
House committee substitute makes the following changes to 2nd edition. Deletes Part III of the act (amendments to taxation of property owned by associations). Makes a conforming change to the title.
Summary date: Jun 13 2012 - View summary
House committee substitute makes the following changes to 1st edition.
Amends GS 47F-3-108 (meetings, Planned Community Act) and GS 47C-3-108 (meetings, Condominium Act) to declare null and void any actions taken at a meeting that is held in violation of the association’s bylaws or any provision of the respective Chapters. Provides that no association members are bound by any ruling made in that meeting.
Makes additional technical and clarifying changes. Amends the title to make clarifying changes.
Summary date: May 23 2012 - View summary
Planned Community Act and Condominium Act. Makes the following changes to GS Chapter 47F (Planned Community Act) and makes corresponding changes to GS Chapter 47C (Condominium Act). Enacts new GS 47F-3-116.1 to require an association that has filed a claim of lien for unpaid assessments to acknowledge satisfaction of the claim of lien within 30 days after the association receives full payment or performance of the debt. Makes an association liable for actual damages caused by the failure to acknowledge satisfaction of the claim of lien. Also makes the association liable for $1,000 and reasonable attorneys’ fees and court costs, provided (1) the lot owner notifies the association of full payment and demands the association acknowledge satisfaction with the clerk of superior court and (2) the association does not acknowledge satisfaction with the clerk within 30 days after receipt of notification from the lot owner. Amends GS 47F-3-118(a) to delete language allowing a more extensive review of association records upon a majority vote. Enacts new GS 47F-3-118A, requiring the board of directors to provide for an annual independent financial review of the association, or, in the alternative, for an annual independent financial audit if any specified condition is met. Amends GS 47F-3-108 to require meeting notices to also include notice of any material matter for which a vote will be taken. Repeals GS 47F-3-110 (concerning voting). Enacts new GS 47F-3-110A to set out the procedures for voting at a meeting, by absentee ballot, by proxy, or without a meeting. Enacts new GS 47F-3-120.1 to authorize parties to resolve disputes through any form of alternative dispute resolution, as detailed. Makes corresponding changes to GS Chapter 47C, the Condominium Act. Effective July 1, 2012.
Taxation. Enacts new subsection (a1) to GS 105-277.8 (taxation of nonprofit homeowners’ association property) to provide that the value of real property owned by a nonprofit homeowners’ association, which meets specified conditions, is subject to taxation in the jurisdiction in which the property is entirely contained, and only in the amount of the local tax of that jurisdiction. Makes conforming changes. Effective for taxes imposed for taxable years beginning on or after July 1, 2012.