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AZ HB2155
Bill
Status
1/22/2013
Primary Sponsor
John Kavanagh
Click for details
AI Summary
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Requires homeowners associations incorporated in Arizona to file an annual addendum titled "Disclosure Regarding Reserve Fund Study" with their corporate filing.
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The disclosure addendum must include information on whether the association has a reserve fund and reserve fund study, along with specific financial details if applicable.
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Required disclosure information includes the year-end reserve fund balance, the fully-funded balance requirement, current funding percentage, underfunding amount (if any), and each member's share of any underfunded amount.
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Requires disclosure of the average annual member dues or assessments and the average annual amount from dues paid into the reserve fund.
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Directs the Arizona Corporation Commission to make all filed addendums publicly available through its website.
Legislative Description
Homeowners' associations; reserve fund disclosure
Last Action
Referred to House GOV Committee
1/23/2013