88R16855 DRS-D
By: Shaheen, Bailes H.B. No. 1252
Substitute the following for H.B. No. 1252:
By: Lambert C.S.H.B. No. 1252
A BILL TO BE ENTITLED
AN ACT
relating to the audit of the financial records of certain property
owners' associations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 209, Property Code, is amended by adding
Section 209.00501 to read as follows:
Sec. 209.00501. ANNUAL AUDIT OF ASSOCIATION FINANCIAL
RECORDS; PROVISION TO ASSOCIATION MEMBERS. (a) A property owners'
association shall:
(1) annually obtain an independent audit of the
association's financial records; and
(2) provide a copy of the audit to each member of the
association.
(b) An audit required by this section shall be performed by
a certified public accountant if required by:
(1) the association's bylaws;
(2) a vote of the board; or
(3) a majority vote of the members of the association
voting at a meeting of the association.
(c) For purposes of a vote of members of the association
described by Subsection (b)(3), a member may not cast more than one
vote, regardless of the number of lots the member owns and
notwithstanding any contrary provision in a dedicatory instrument
of an association relating to the allocation of votes to
association members.
SECTION 2. This Act takes effect September 1, 2023.