Bill description: HB 642 would regulate the practices of homeowners’ associations and condominiums and require that they serve certain notices to their members or their agents.
Does it give government any new, additional, or expanded power to prohibit, restrict, or regulate activities in the free market? Conversely, does it eliminate or reduce government intervention in the market?
HB 642 would require that a homeowners’ association or the management body of a condominium give notice to its members or tenants within five business days of a request to see a document containing “the amount of annual charges against the unit, the date when said amounts are due, and any unpaid assessments or other charges due and owing from such owner at the time of the request.” Additionally, the same associations and management bodies would be required to provide all property-owners under their purview with a disclosure of any fees that will be charged for the transfer of ownership of their property on or before January 1st every year. The fees charged for the transfer of ownership within the next year could not exceed the amount listed on this statement.
By stating what these private associations and condominiums must provide to their members and when they must provide it, HB 642 would regulate their practice and takes away from the ability of the private bodies to make business decisions as they see fit.