IN SB0126

Defines "homeowners association" in Indiana Code as a corporation or entity organized for the benefit of two or more fee simple dwelling owners that manages land, improvements, insurance, and related activities

Establishes a process for large land developments (at least 250 single family homes and 12 different lot sections with plats recorded for at least 15 years) to adopt uniform replacement covenants when different sections have different existing covenants

Allows homeowners associations to record new replacement covenants either through the standard process or through a petition method requiring approval from two-thirds of lot owners (or a lower percentage if specified in existing covenants)

Protects existing covenants related to minimum lot area or minimum home size from being changed or added through the replacement covenant process for individual lot sections

Makes replacement covenants apply only prospectively, so homeowners are not required to alter existing conditions of their homes or lots that were previously permitted under prior covenants