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AZ HB2155

Bill

Status

Introduced

1/22/2013

Primary Sponsor

John Kavanagh

Click for details

Origin

House of Representatives

Fifty-first Legislature - First Regular Session (2013)

AI Summary

  • Requires homeowners associations incorporated in Arizona to file an annual addendum titled "Disclosure Regarding Reserve Fund Study" with their corporate filing.

  • 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.

  • 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.

  • Requires disclosure of the average annual member dues or assessments and the average annual amount from dues paid into the reserve fund.

  • 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

Full Bill Text

No bill text available