The bill introduces a timeline limitation on 'declarant control,' which is the period during which developers maintain authority over the homeowner association's board. Under the provisions of HB482, this control must terminate within specific timeframes, including after certain percentages of lots are sold to individual homeowners or after a specified number of years. This change encourages more democratic governance within homeowner associations by empowering residents to take part in board elections sooner, aiming to promote accountability and resident involvement in community decisions.
Summary
House Bill 482 seeks to amend the Homeowner Association Act in New Mexico by introducing new regulations around the governing documents of homeowner associations. The bill stipulates that homeowner associations organized after July 1, 2013 must record a notice with the county clerk within thirty days of their declaration. For associations organized before this date, they are mandated to comply with this requirement by June 30, 2014. This provision aims to enhance transparency and ensure that potential homeowners are aware of the existing regulations governing their communities.
Contention
Debate surrounding HB482 likely centers on balancing the rights of developers, or declarants, with those of individual homeowners. Supporters may argue that limiting the duration of declarant control is necessary to prevent long-term monopolization of power by developers, thus fostering a more equitable community structure. On the other hand, some may contend that these changes could obstruct developers' ability to effectively manage the community during its initial establishment phase, potentially leading to conflicts or logistical issues before the community is fully developed.