Bill > H1100

This bill aims to improve transparency and accountability in condominium associations by strengthening requirements for record-keeping and financial reporting. Specifically, it amends existing Massachusetts General Laws, chapter 183A, section 10, to impose penalties for non-compliance. Parties responsible for keeping records, including appointed managers or managing agents, could face fines of up to $1,000 and, in the case of managers or managing agents, a six-month ban on new management contracts within the Commonwealth for violations related to record-keeping and financial reporting. The bill also mandates that financial reports, including balance sheets and statements of funds, be prepared within 120 days of the fiscal year-end, submitted to the Attorney General's office and made available to unit owners and mortgagees within 30 days of completion, and reviewed by an independent certified public accountant. The Attorney General is granted explicit authority to enforce these provisions, including the power to create regulations and investigate complaints.