GeorgerwilliamsW (Indiana)
Posts: 975
Posts: 975
Posted:
I would appreciate any comments or opinions on the following subsection of legislation that will be reintroduced in the Indiana General Assembly.
. . .
(d) A homeowners association budget must be approved:
(1) at a meeting of the homeowners association members; and
(2) by the affirmative vote of at least forty percent (40%) of the members of the homeowners association.
Sec. 4. (a) A board may not enter into any contract that would result in a new assessment or the increase in an existing assessment payable by the members of the homeowners association in the amount of more than five hundred dollars ($500) per year for each member of the homeowners association unless:
(1) the board holds at least two (2) homeowners association meetings concerning the contract; and
(2) the contract is approved by the affirmative vote of at least two-thirds (2/3) of the members of the homeowners association.
The complete bill HB 1080 introduced in the last legislative session can be found here.
http://www.in.gov/legislative/bills/2008/IN/IN1080.1.html
. . .
(d) A homeowners association budget must be approved:
(1) at a meeting of the homeowners association members; and
(2) by the affirmative vote of at least forty percent (40%) of the members of the homeowners association.
Sec. 4. (a) A board may not enter into any contract that would result in a new assessment or the increase in an existing assessment payable by the members of the homeowners association in the amount of more than five hundred dollars ($500) per year for each member of the homeowners association unless:
(1) the board holds at least two (2) homeowners association meetings concerning the contract; and
(2) the contract is approved by the affirmative vote of at least two-thirds (2/3) of the members of the homeowners association.
The complete bill HB 1080 introduced in the last legislative session can be found here.
http://www.in.gov/legislative/bills/2008/IN/IN1080.1.html