Bill Summary for H 1084 (2011-2012)
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Summary date:
Jun 20 2012
Bill Information:
| View NCGA Bill Details | 2011-2012 Session |
TO: (1) REQUIRE ASSOCIATIONS TO RELEASE LIENS UPON PAYMENT IN FULL; (2) REQUIRE ALL ASSOCIATIONS TO CONDUCT FINANCIAL REVIEWS OR FINANCIAL AUDITS; (3) ALLOW USE OF ALTERNATIVE DISPUTE RESOLUTION FOR CONFLICTS ARISING UNDER THE PLANNED COMMUNITY ACT OR CONDOMINIUM ACT; AND (4) SIMPLIFY THE COLLECTION OF PROPERTY TAXES THAT ARE DUE ON PROPERTY OWNED BY CERTAIN NONPROFIT HOMEOWNERS’ ASSOCIATIONS, AS RECOMMENDED BY THE HOUSE SELECT COMMITTEE ON HOMEOWNERS ASSOCIATIONS.Intro. by Jordan, Justice, R. Moore, Spear.
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Bill 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.