MS HB953

Requires managing agents to deposit homeowners association funds into separate trust accounts at FDIC-insured financial institutions and prohibits commingling with personal funds or other clients' money; currently commingled funds must be separated by September 1, 2021.

Mandates board approval via prior written consent for any transfers exceeding $10,000 from association reserve or operating accounts.

Requires homeowners association boards to review financial information at regular meetings including account reconciliations, budget comparisons, bank statements, and check registers.

Mandates homeowners associations maintain fidelity bond coverage for directors and officers in amounts equal to combined reserves and total assessments from the previous year; if using a managing agent, coverage must include dishonest acts by that agent and its employees, unless waived by majority member vote.

Permits special and regular meetings to be held by electronic transmission or remote communication methods unless prohibited by association governing documents.