MI HB4825

Requires condominium associations with annual revenues greater than $20,000 to have annual independent audits or reviews by certified public accountants, with an option to opt out annually by majority member vote.

Associations that opt out of annual audits must have independent audits or reviews conducted at minimum every 5 years.

Audit and review reports must verify dues collection, list delinquencies of 6 months or more with co-owner names and amounts, confirm payments to co-owners or their businesses are properly documented and competitively priced, and provide detailed narratives of budget items exceeding 50% increases.

Requires 2/3 member vote approval for any proposed assessment exceeding $2,500 per co-owner or representing more than a 50% increase in annual dues.

Associations that fail to approve large or significant assessments may drop the proposal or pursue arbitration instead of litigation; condominium documents containing provisions contrary to these requirements are void and unenforceable.