Bill > SB1007

This bill, concerning common interest developments (CID) which are communities like condominiums or HOAs managed by an association, aims to increase transparency and fairness for homeowners. It mandates that annual budget reports, which detail the association's finances, must now include a visual summary of how regular homeowner assessments are spent, such as on administrative costs, repairs, and maintenance, and must also state if a management company is compensated. Furthermore, summaries of these reports must also contain this high-level breakdown of assessment funding. The bill also modifies rules for increasing regular assessments, requiring associations to include the new funding breakdown information and, instead of allowing a 20% increase, it prohibits raising a regular assessment beyond the previous year's amount, adjusted for inflation, without majority member approval. Finally, if an association seeks to impose a monetary penalty on a homeowner for violating community rules, it must provide the homeowner with any physical evidence, like photos or recordings, at least five business days before a hearing or response deadline, and this includes any associated digital data like timestamps.

Housing and Urban Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1007