HB 849 Summary

• Requires written notice of loan terms to be sent to unit owners and approval by a majority of unit owners before the association can borrow money for common elements, repairs, or improvements.

• Requires a majority vote or written consent of unit owners before any maintenance fee increase can take effect, with at least thirty days' notice prior to the increase.

• Mandates forensic audits of association financial records no less frequently than once every three years, with the first forensic audit due by June 30, 2026.

• Requires the board to make forensic audit copies available to each unit owner within thirty days of completion.

• Clarifies that annual audits must be conducted by a certified public accountant, with unannounced cash balance verifications at least once annually.