Thursday, August 31, 2006

HOA Legislation Signed

California Association of Realtors sponsored AB 2100 (Laird), "Homeowner Association Reserve Accounts," was signed into law this month. The existing law requires HOAs to provide their members a pro forma budget, but not how and when they will repair or replace major assets of the association. C.A.R. sponsored AB 2100 requires Homeowners Associations to adopt an assessment schedule of the dates and monies necessary to fund their reserve accounts.

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