Bill Summary for H 625 (2017-2018)

Summary date: 

Apr 19 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 625 (Public) Filed Thursday, April 6, 2017
AN ACT TO REQUIRE HOMEOWNERS ASSOCIATIONS, CONDOMINIUM ASSOCIATIONS, AND THEIR MANAGEMENT COMPANIES TO ACQUIRE CRIME AND FIDELITY INSURANCE POLICIES TO PROTECT THE ASSOCIATIONS' MEMBERSHIP FROM LOSS DUE TO THE ILLEGAL CONDUCT OF THE ASSOCIATION, THE EXECUTIVE BOARD AND ITS EMPLOYEES, OR A MANAGEMENT COMPANY AND TO REQUIRE ANNUAL FINANCIAL AUDITS TO BE PERFORMED BY HOMEOWNERS ASSOCIATIONS AND CONDOMINIUM ASSOCIATIONS.
Intro. by Williams, Saine, J. Bell, Bradford.

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Bill summary

House committee substitute makes the following change to the 1st edition.

Amends proposed GS 47C-3-113.1 and proposed GS 47F-3-113.1 (both captioned Crime and fidelity policy required). Requires management agents or companies hired by unit owners' associations or lot owners' associations who are authorized to disburse funds from accounts belonging to the association to be covered by a crime and fidelity insurance policy to those agents or companies (currently, applies to management agents and companies regardless of authority to disburse funds).

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