Bill Summary for H 793 (2013-2014)
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Bill: HOAS/FIDELITY BONDS.
Summary date:
Jun 4 2013
Bill Information:
| View NCGA Bill Details | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT PROVIDING THAT CERTAIN CONDOMINIUM AND PLANNED COMMUNITY ASSOCIATIONS SHALL OBTAIN AND MAINTAIN A FIDELITY BOND INSURING THE ASSOCIATIONS FROM LOSSES RESULTING FROM THEFT OR DISHONESTY COMMITTED BY MEMBERS OF THE EXECUTIVE BOARD OR PERSONS EMPLOYED BY THE ASSOCIATIONS, PROVIDING THAT ANY MANAGEMENT AGENT OR COMPANY HIRED BY AN ASSOCIATION SHALL AT ALL TIMES BE COVERED BY A FIDELITY BOND, AND PROVIDING FINANCIAL AUDIT REQUIREMENTS FOR ASSOCIATIONS.Intro. by Saine, R. Moore.
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Bill summary
Senatecommittee substitute makes the following changes to the 3rd edition.
Amends new GS 47C-3-118.1(a) and (b), in the NC Condominium Act, and new GS 47F-3-118.1(a) and (b), in the NC Planned Community Act, to clarify that the independent annual audit or financial review required under those provisions must beconducted by a certified public accountant who holds a certificateissued under the provisions ofGS Chapter 93.