Revision: Jan. 27, 2017, 11:01 a.m.
HB 502 - AS INTRODUCED
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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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
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:
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 to Unit Owners.
I. Financial information associated with the operation of the condominium shall be provided to a unit owner within 15 days of the unit owner's request.
II. 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.
III. Each unit owner shall have access to all financial information regarding the profits and losses associated with the operation of the condominium, including any contracts, mortgages, loans, and the terms of such loans, and any outstanding debts and balances of all accounts held by the association.
IV. 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. 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.
2 Effective Date. This act shall take effect January 1, 2018.