HB241 - Alabama Homeowners' Association Act

• Establishes comprehensive regulatory framework for homeowners' associations, requiring them to organize as nonprofit corporations under Alabama law on or after January 1, 2016.

• Mandates associations file articles of incorporation, bylaws, and covenants with Secretary of State, which maintains a public searchable electronic database organized by association name.

• Provides associations authority to levy assessments, impose liens on lots for unpaid assessments, suspend member facility access for non-payment, and assess penalties for rule violations after providing members opportunity to be heard.

• Requires declarants deliver all books, records, contracts, insurance policies, and warranties to elected board within 90 days and hold special meeting to elect board within 120 days of members' right to elect.

• Entitles members and potential purchasers to access association records including current assessments, budgets, financial statements, insurance coverage, lawsuits, and covenants within 30 days of written request upon payment of reasonable costs.