Senate Bill 112 Summary

• Adds definition of "homeowners association" to Indiana Code as a corporation or entity organized for two or more dwelling owners that manages property, purchases insurance, and may be governed by a policy-setting board.

• Allows homeowners associations with tracts subject to different covenants to standardize them by distributing proposed uniform covenants and a petition to all tract owners for approval or disapproval.

• Permits submission of covenants and petitions to the county recorder if more than two-thirds of all tract owners approve, with signatures either notarized or verified by a homeowners association officer affidavit.

• Covenants submitted to the county recorder under this procedure are considered recorded on the date of submission.

• Effective July 1, 2012.