Bill > HB232

This bill requires homeowners' associations (HOAs) to produce and distribute two key financial documents annually: an annual budget report and an annual financial report. The annual budget report must be produced by the end of the fiscal year and include estimated revenue and expenses for the next year, while the annual financial report must be produced within 30 days after the fiscal year ends and include detailed revenue and expenditure information for categories totaling at least $50 annually. Both reports must be mailed and emailed to all property owners within 15 days of their production date. The bill also limits HOA fee increases, allowing only one annual increase not exceeding 15% or $100 (whichever is greater) without a special approval process. For increases beyond 15%, three-fifths of property owners must approve in writing. These requirements do not apply to HOAs with 10 or fewer parcels, providing an exemption for smaller associations. The bill also updates definitions of homeowners' associations in existing law and clarifies provisions related to remote meetings, ultimately aiming to increase financial transparency and accountability for HOA members.

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https://bills.legmt.gov/#/laws/bill/2/LC2570