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| 52 | 52 | | |
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| 53 | 53 | | STATE OF OKLAHOMA |
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| 54 | 54 | | |
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| 55 | 55 | | 2nd Session of the 59th Legislature (2024) |
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| 56 | 56 | | |
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| 57 | 57 | | SENATE BILL 1919 By: Seifried |
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| 58 | 58 | | |
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| 59 | 59 | | |
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| 60 | 60 | | |
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| 61 | 61 | | |
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| 62 | 62 | | |
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| 63 | 63 | | AS INTRODUCED |
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| 64 | 64 | | |
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| 65 | 65 | | An Act relating to owners associations; amending 60 |
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| 66 | 66 | | O.S. 2021, Section 857, which relates to copies of |
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| 67 | 67 | | recorded covenants and restrict ions; allowing buyers |
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| 68 | 68 | | to end transactions upon receipt of recorded |
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| 69 | 69 | | covenants and restrictions under certain |
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| 70 | 70 | | circumstances; providing that members of an owners |
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| 71 | 71 | | association may examine the books and records o f an |
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| 72 | 72 | | owners association; providing exceptions; r equiring |
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| 73 | 73 | | written requests; providing time line for inspecting |
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| 74 | 74 | | books and records; p roviding format of books and |
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| 75 | 75 | | records; allowing for certain records to be made |
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| 76 | 76 | | available to a buyer; requiring owners association |
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| 77 | 77 | | boards to adopt a records production and copying |
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| 78 | 78 | | policy that prescribes the costs that will be charge d |
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| 79 | 79 | | for the compilation, production, and reproduction of |
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| 80 | 80 | | requested information; requi ring confidentiality of |
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| 81 | 81 | | certain information; providing excep tions for |
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| 82 | 82 | | confidential information; requiring own ers |
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| 83 | 83 | | association to adopt and comply with a document |
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| 84 | 84 | | retention policy; providing for codification; and |
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| 85 | 85 | | providing an effective date . |
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| 92 | 92 | | |
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| 93 | 93 | | BE IT ENACTED BY THE PEOPLE OF TH E STATE OF OKLAHOMA: |
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| 94 | 94 | | SECTION 1. AMENDATORY 60 O.S. 2021, Sect ion 857, is |
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| 95 | 95 | | amended to read as follows: |
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| 96 | 96 | | |
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| 97 | 97 | | |
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| 146 | 146 | | |
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| 147 | 147 | | Section 857. A. A copy or a certified copy of all the recorded |
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| 148 | 148 | | covenants and restrictions of a real estate development shall be |
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| 149 | 149 | | provided by the title company closing the sale to the buyer of |
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| 150 | 150 | | property in the real es tate development as a part of the closing of |
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| 151 | 151 | | the real estate sale. The buyer may be charged no more than Twenty - |
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| 152 | 152 | | five Dollars ($25.00) for the copy, and the copy shall either be |
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| 153 | 153 | | provided prior to or at the time of closing either by mail to the |
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| 154 | 154 | | buyer’s last-known address, hand-delivered or electronically |
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| 155 | 155 | | delivered. |
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| 156 | 156 | | B. If the buyer, upon receipt of the recorded co venants and |
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| 157 | 157 | | restrictions of a real estate development pursuant to subsection A |
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| 158 | 158 | | of this section, is unsatisfied with the terms and cond itions of the |
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| 159 | 159 | | recorded covenants and restrictions, the buyer sh all be allowed to |
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| 160 | 160 | | cancel the transaction without reta ining the earnest money deposit |
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| 161 | 161 | | or prescribed fees set by the real estate development. |
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| 162 | 162 | | SECTION 2. NEW LAW A new section of law to be codified |
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| 163 | 163 | | in the Oklahoma Statutes as Section 859 of Title 60, unless there is |
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| 164 | 164 | | created a duplication in numbering, reads as follows: |
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| 165 | 165 | | A. An owners association shall make the books and records of |
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| 166 | 166 | | the owners association, including financial records, ope n to and |
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| 167 | 167 | | reasonably available for examination by an owners association |
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| 168 | 168 | | member, or a person designated in a writing signed by the owners |
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| 169 | 169 | | association member as the member’s agent, attorney, or cert ified |
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| 170 | 170 | | public accountant, in accordance with this section. |
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| 171 | 171 | | |
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| 172 | 172 | | |
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| 221 | 221 | | |
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| 222 | 222 | | B. Except as provided by this subsection, an attorney ’s files |
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| 223 | 223 | | and records relating to the owners association, excluding invoices, |
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| 224 | 224 | | are not records of the owners association and are not subject to |
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| 225 | 225 | | inspection by the member or his or her representative. If a |
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| 226 | 226 | | document in an attorney ’s files or records relating to the owners |
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| 227 | 227 | | association would be responsive to a legally authorized request to |
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| 228 | 228 | | inspect or copy association documents, the document shall be |
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| 229 | 229 | | produced by using the copy from the attorney ’s files and records if |
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| 230 | 230 | | the association has not maintained a separate copy of the document. |
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| 231 | 231 | | This subsection does not require production of a documen t that |
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| 232 | 232 | | constitutes attorney work product or that is privileged as an |
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| 233 | 233 | | attorney-client communication. |
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| 234 | 234 | | C. An owners association member or his or her authorized |
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| 235 | 235 | | representative described by subsection A of this section shall |
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| 236 | 236 | | submit a written request for acce ss or information by certified |
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| 237 | 237 | | mail, with sufficient detail describing the owners association’s |
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| 238 | 238 | | books and records requested, to the mailing address of the |
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| 239 | 239 | | association or authorized representative . The request shall contain |
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| 240 | 240 | | an election either to inspect the books and records before obtaining |
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| 241 | 241 | | copies or to have the owners association forward copies of the |
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| 242 | 242 | | requested books and records and: |
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| 243 | 243 | | 1. If an inspection is requested, the owners association, on or |
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| 244 | 244 | | before the tenth business day after the date the owners association |
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| 245 | 245 | | receives the request, shall send written notic e of dates during |
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| 296 | 296 | | |
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| 297 | 297 | | normal business hours that the owners association member may inspect |
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| 298 | 298 | | the requested books and records to the extent those books and |
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| 299 | 299 | | records are in the possession, custody, or c ontrol of the owners |
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| 300 | 300 | | association; or |
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| 301 | 301 | | 2. If copies of identifi ed books and records are requested, the |
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| 302 | 302 | | owners association shall, to the extent those books and records are |
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| 303 | 303 | | in the possession, custody, or control of the owners association, |
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| 304 | 304 | | produce the requested books and records for the requesting party on |
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| 305 | 305 | | or before the tenth business day after the date the owners |
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| 306 | 306 | | association receives the request, except as otherwise provided by |
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| 307 | 307 | | this section. |
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| 308 | 308 | | D. If the owners association is unable to produce the books or |
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| 309 | 309 | | records requested under subsection C of this section on or before |
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| 310 | 310 | | the tenth business day after the date the owners association |
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| 311 | 311 | | receives the request, the owners association shall provide to the |
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| 312 | 312 | | requestor written notice that: |
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| 313 | 313 | | 1. Informs the requestor th at the owners association is unable |
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| 314 | 314 | | to produce the information on or before the tenth business day after |
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| 315 | 315 | | the date the owners association received the request; and |
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| 316 | 316 | | 2. States a date by which the information will be sent or made |
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| 317 | 317 | | available for inspectio n to the requesting party that is not later |
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| 318 | 318 | | than the fifteenth business day after the date notice under this |
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| 319 | 319 | | subsection is given. |
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| 320 | 320 | | |
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| 370 | 370 | | |
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| 371 | 371 | | E. If an inspection is requested or required, the ins pection |
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| 372 | 372 | | shall take place at a mutually agreed -on time during normal business |
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| 373 | 373 | | hours, and the requesting party shall identify the books and rec ords |
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| 374 | 374 | | for the owners association to copy and forward to the requesting |
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| 375 | 375 | | party. |
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| 376 | 376 | | F. An owners association may: |
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| 377 | 377 | | 1. Produce books and records requested under this section in |
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| 378 | 378 | | hard copy or electronic or other format reasonably available to the |
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| 379 | 379 | | owners association; or |
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| 380 | 380 | | 2. Make available to prospective buyers, prior to closing, but |
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| 381 | 381 | | immediately upon payment of earnest money and any o ther prescribed |
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| 382 | 382 | | fees, the recorded covenants and restrictions for a fee assessed by |
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| 383 | 383 | | the owners association not to exceed Two Hundred Fifty Dollars |
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| 384 | 384 | | ($250.00). |
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| 385 | 385 | | G. An owners association board shall adopt a records production |
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| 386 | 386 | | and copying policy that prescribes the costs the association will |
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| 387 | 387 | | charge for the compilation, production, and re production of |
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| 388 | 388 | | information requested under this section. The prescribed charges |
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| 389 | 389 | | may include all reasonable costs of materials, labor, and overhead . |
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| 390 | 390 | | An owners association member is responsible for costs related to the |
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| 391 | 391 | | compilation, production, and reproduction of the requested |
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| 392 | 392 | | information in the amounts prescribed by the policy adop ted under |
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| 393 | 393 | | this subsection. The owners association may require advance payment |
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| 394 | 394 | | of the estimated costs of compilation, production, and reproduction |
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| 395 | 395 | | |
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| 396 | 396 | | |
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| 446 | 446 | | of the requested information. If the estimated costs are lesser or |
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| 447 | 447 | | greater than the actual costs, the owners association shall submit a |
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| 448 | 448 | | final invoice to the owner s association member on or before the |
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| 449 | 449 | | thirtieth business day after the date the information is delivered. |
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| 450 | 450 | | If the final invoice includes additional amounts due from the owners |
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| 451 | 451 | | association member, the additional amounts, if not reimbursed to the |
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| 452 | 452 | | owners association before the thirtieth business day after the da te |
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| 453 | 453 | | the invoice is sent to the owner s association member, may be added |
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| 454 | 454 | | to the owners association member’s account as an assessment. If the |
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| 455 | 455 | | estimated costs exceeded the fina l invoice amount, the owner s |
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| 456 | 456 | | association member is entitled to a refund, and the ref und shall be |
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| 457 | 457 | | issued to the owners association member not later than the thirtieth |
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| 458 | 458 | | business day after the date the invoice is sent to the owner s |
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| 459 | 459 | | association member. |
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| 460 | 460 | | H. Except as provided by subsection I of this section and to |
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| 461 | 461 | | the extent the information is provide d in the meeting minutes, the |
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| 462 | 462 | | owners association shall not release or allow inspection of any |
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| 463 | 463 | | books or records that identify the owners association member’s |
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| 464 | 464 | | personal financial information, including records of payment or |
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| 465 | 465 | | nonpayment of amounts due the owners association, an owners |
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| 466 | 466 | | association member’s contact information, other than the owners |
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| 467 | 467 | | association member’s address, or information related to an employee |
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| 468 | 468 | | of the owners association, including personnel files. Information |
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| 520 | 520 | | may be released in an aggregate or summary manner that would not |
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| 521 | 521 | | identify an individual owners association member. |
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| 522 | 522 | | I. The books and records described by subsection H of this |
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| 523 | 523 | | section shall be released or made available for inspection if: |
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| 524 | 524 | | 1. The express written approval of the owners association |
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| 525 | 525 | | member whose records are the subject of the request for inspection |
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| 526 | 526 | | is provided to the owners association; or |
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| 527 | 527 | | 2. A court orders the release o f the books and records or |
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| 528 | 528 | | orders that the books and records be made available for inspection. |
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| 529 | 529 | | J. An owners association shall adopt and comply with a docume nt |
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| 530 | 530 | | retention policy that includes, at a minimum, th e following |
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| 531 | 531 | | requirements: |
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| 532 | 532 | | 1. Real estate development instruments, bylaws, restrictive |
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| 533 | 533 | | covenants, and all amendments to the certificates of formation, |
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| 534 | 534 | | bylaws, covenants, and restriction shall be retained permane ntly; |
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| 535 | 535 | | 2. Financial books and records shall be retained for seven (7) |
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| 536 | 536 | | years; |
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| 537 | 537 | | 3. Account records of current owners association members shall |
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| 538 | 538 | | be retained for five (5) years; |
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| 539 | 539 | | 4. Contracts with a term of one (1) year or more shall be |
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| 540 | 540 | | retained for five (5) years after the expiration of the contract |
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| 541 | 541 | | term; |
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| 542 | 542 | | 5. Minutes of meetings of the owners association shall be |
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| 543 | 543 | | retained for seven (7) years; and |
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| 544 | 544 | | |
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| 545 | 545 | | |
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| 546 | 546 | | Req. No. 2726 Page 8 1 |
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| 595 | 595 | | 6. Tax returns and audit records shall be retai ned for seven |
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| 596 | 596 | | (7) years. |
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| 597 | 597 | | SECTION 3. This act shall become ef fective November 1, 2024. |
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| 598 | 598 | | |
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| 599 | 599 | | 59-2-2726 MR 1/18/2024 11:25:31 AM |
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