AR HB1453

Expands the Horizontal Property Act to include property owners' associations (POAs) as incorporated nonprofits where lot owners are automatic members and lots are automatically subject to proportionate expense charges

Requires bylaws to establish fee structures, expenses, and assessments, as well as procedures for making changes to those fees

Changes the threshold for modifying administration or bylaws from two-thirds of property value to the standard 51% majority voting procedure established in the bylaws

Mandates annual financial reports to co-owners and requires all financial records be available for examination by co-owners during business days

Subjects POAs to audit by Arkansas Legislative Audit if they receive state funding or provide services traditionally performed by local government, with General Assembly members able to request audits through the Legislative Joint Auditing Committee