Bill Summary for H 1084 (2011-2012)

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Summary date: 

Jun 21 2012

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 1084 (Public) Filed Wednesday, May 23, 2012
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 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.