ID H0589

Defines "transfer fee" as a fee charged by a homeowner's association and payable upon transfer of real property under the association's jurisdiction, with the term having the meaning described in Idaho Code Chapter 31, Title 55.

Requires homeowner's associations to provide members with a statement of their assessment account within five (5) business days of written request, including all outstanding assessments, charges, fees, transfer fees, late fees, and interest, at no charge.

Prohibits homeowner's associations from charging transfer fees unless the authority is expressly stated in the declaration of covenants, conditions, and restrictions, and requires transfer fees be charged only by the association with no portion paid to third parties, board members, or agents.

Requires homeowner's associations to provide members an annual disclosure of transfer fees on or before January 1 each year, with fees for the following calendar year not exceeding the disclosed amount and prohibiting surcharges or additional fees for property transfers.

Requires homeowner's associations to provide up-to-date financial disclosures within ten (10) business days of member request and provide all members with a reconciled financial disclosure within sixty (60) days of the fiscal year closing.

Act becomes effective July 1, 2024.