CA AB2912

Requires associations to maintain fidelity bond coverage for directors, officers, and employees in an amount equal to or greater than combined reserves plus three months of total assessments, including computer fraud and funds transfer fraud coverage.

Prohibits transfers greater than $10,000 or 5% of an association's total combined reserve and operating account deposits (whichever is lower) without prior written board approval.

Changes financial review requirements from quarterly to monthly basis for operating accounts, reserve accounts, budget comparisons, account statements, income and expense statements, check registers, general ledgers, and delinquent assessment reports.

Allows monthly financial reviews to be conducted independently by all board members or a subcommittee (treasurer plus at least one other member) if ratified at the next board meeting and reflected in meeting minutes.