HB502 (2017) Detail

Relative to the availability of condominium financial information to unit owners.


CHAPTER 141

HB 502 - FINAL VERSION

 

8Mar2017... 0397h

04/20/2017   1409s

04/20/2017   1469s

2017 SESSION

17-0496

05/01

 

HOUSE BILL 502

 

AN ACT relative to the availability of condominium financial information to unit owners.

 

SPONSORS: Rep. Webb, Rock. 6; Rep. Rouillard, Hills. 6; Rep. Umberger, Carr. 2; Rep. Kotowski, Merr. 24; Rep. Pantelakos, Rock. 25; Rep. Baroody, Hills. 43; Rep. M. MacKay, Hills. 30; Rep. Abbott, Ches. 1; Rep. Patten, Merr. 17; Rep. Almy, Graf. 13; Sen. Carson, Dist 14; Sen. Reagan, Dist 17; Sen. Avard, Dist 12

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill requires condominium associations to make certain financial information available to unit owners.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

8Mar2017... 0397h

04/20/2017   1409s

04/20/2017   1469s 17-0496

05/01

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT relative to the availability of condominium financial information to unit owners.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

141:1  New Section; Condominium Act; Disclosure of Financial Information to Unit Owners.  Amend RSA 356-B by inserting after section 37-d the following new section:

356-B:37-e  Disclosure of Financial Information and Meeting Minutes to Unit Owners.  

I.  Financial information shall be presented on a profit and loss statement and shall be available to the unit owners 30 days prior to the annual meeting.  The format of the profit and loss statement shall remain constant from year to year.  It shall include specification of all revenues received in the budget year less future revenue liabilities, and specification of all expenses by general type.  When the annual meeting is held before the end of the fiscal year, year-to-date spending shall be provided in each category, and a final year-end accounting shall be sent to each unit owner within 90 days of the close of the fiscal year.

II.  Each unit owner shall have access to all financial information within 15 days of the unit owner's request regarding any contracts, mortgages, loans, and the terms of such loans, and any outstanding debts and balances of all accounts held by the association.  The individual accounts of unit owners shall not be included unless a lien for nonpayment of assessments or fees has been recorded, in which case, the account shall be disclosed pursuant to a request for financial information under this section.

III.  Each unit owner shall have access to the names of all employees of the association and the salaries paid to employees with association funds, including any third party arrangements for services, except at time sharing condominiums where employees' salaries shall be confidential unless disclosure is consented to by the association board of directors and the condominium manager, if there is a manager.  If an employee is related to a board member, or is a former officer of the association, the board shall disclose this fact to the unit owners at the next regular or annual meeting.

IV.  A fee may be charged to unit owners for provision of information requested beyond the last 3 fiscal years.

V.  The board of directors shall make copies of the minutes of all meetings available to the unit owners within 60 days of the meeting or 15 days of the date such minutes are approved by the board, whichever occurs first.  The association may opt to provide the minutes electronically or publish them on the association website, in which case the owners shall be informed of the website address.  A unit owner who submits a written request for access to the association's website shall be granted access within 15 days of the request, at no additional charge to the owner.

VI.  The board of directors may approve the minutes through the use of electronic means such as email, video conferencing, fax machine, or PDF files transmitted over the Internet.

141:2  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: June 16, 2017

Effective Date: August 15, 2017

Links

HB502 at GenCourtMobile

Action Dates

Date Body Type
Jan. 31, 2017 House Hearing
Feb. 8, 2017 House Exec Session
Feb. 14, 2017 House Exec Session
March 8, 2017 House Floor Vote
April 4, 2017 Senate Hearing
April 20, 2017 Senate Floor Vote

Bill Text Revisions

HB502 Revision: 1101 Date: June 19, 2017, 11:01 a.m.
HB502 Revision: 1102 Date: May 18, 2017, 10:38 a.m.
HB502 Revision: 1103 Date: April 21, 2017, 10:39 a.m.
HB502 Revision: 1104 Date: March 10, 2017, 2:31 p.m.
HB502 Revision: 1105 Date: Jan. 27, 2017, 11:01 a.m.

Docket


June 16, 2017: Signed by Governor Sununu 06/16/2017; Chapter 141; Eff. 8/15/2017


June 1, 2017: Enrolled 06/01/2017 HJ 17 P. 127


May 31, 2017: Enrolled (In recess 05/31/2017); SJ 19


May 18, 2017: House Concurs with Senate Amendment 1409s and 1469s (Rep. Hunt): MA VV 05/18/2017 HJ 16 P. 6


April 20, 2017: Ought to Pass with Amendments 2017-1409s and 2017-1469s, MA, VV; OT3rdg; 04/20/2017; SJ 14


April 20, 2017: Sen. Giuda Floor Amendment # 2017-1469s, AA, VV; 04/20/2017; SJ 14


April 20, 2017: Committee Amendment # 2017-1409s, AA, VV; 04/20/2017; SJ 14


April 20, 2017: Sen. Giuda Moved to Remove HB 502 from the Consent Calendar; 04/20/2017; SJ 14


April 20, 2017: Committee Report: Ought to Pass with Amendment # 2017-1409s, 04/20/2017; Vote 5-0; CC; SC 19


April 4, 2017: Hearing: 04/04/2017, Room 100, SH, 02:00 pm; SC 17


March 9, 2017: Introduced 03/09/2017 and Referred to Commerce; SJ 9


March 8, 2017: Ought to Pass with Amendment 0397h: MA VV 03/08/2017 HJ 9 P. 14


March 8, 2017: Amendment # 2017-0397h: AA VV 03/08/2017 HJ 9 P. 14


March 8, 2017: Committee Report: Ought to Pass with Amendment # 2017-0397h for 03/08/2017 (Vote 20-0; CC) HC 14 P. 7


Feb. 14, 2017: ==CONTINUED== Executive Session: 02/14/2017 01:30 PM LOB 302


Feb. 14, 2017: Subcommittee Work Session: 02/14/2017 10:00 AM LOB 302


Feb. 8, 2017: ==RECESSED== Executive Session: 02/08/2017 10:00 AM LOB 302


Feb. 7, 2017: Subcommittee Work Session: 02/07/2017 10:00 AM LOB 302


Feb. 1, 2017: Subcommittee Work Session: 02/01/2017 09:00 AM LOB 303


Jan. 31, 2017: Public Hearing: 01/31/2017 10:45 AM LOB 302


Jan. 5, 2017: Introduced 01/05/2017 and referred to Commerce and Consumer Affairs HJ 3 P. 16