Get 1 year of free community web site hosting from!
Tuesday, November 30, 2021

HOATalk is a free service of

Easy to use website tools to help your board
Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.
Subject: Attorney Newsletter
Prev Next
Please login to post a reply (click Member Login on the menu).
Author Messages


09/05/2018 12:03 PM  
I received the newsletter from this morning. at the end is a link.A
I generally do research before posting and did after reading the newsletter in regards to a new bill being proposed about association finances in California HOA's.

Here is the the text and the recommendation from an attorney.

on common sense protection of their finances.

AB 2912, introduced by Assembly Member Jacqui Irwin, requires simple measures to protect association finances. It will:

• require fidelity bond insurance in an amount equal to or exceeding current reserves, plus three months of assessments; No Problem

• require a monthly review of financial statements rather than quarterly; and

• prohibit electronic transfers of funds without board approval.The bill is to be amended to state that transfers, not electronic transfers of $10,000.00 or 5% of total reserve and operating funds, whichever is lower

Boards are not required to meet monthly to review financials. They can designate a board member or board members to review the financials monthly and ratify them at their next meeting. the amendment specifically states that the treasurer and one other Board member, not just anyone. It actually requires two, one being the treasurer.
Please login to post a reply (click Member Login on the menu).
Forums > Homeowner Association > HOA Discussions > Attorney Newsletter

Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.

General Legal Notice:  The content of forum messages are from the posting member and have not been reviewed nor endorsed by  Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship.  Readers should not act upon this information without seeking professional counsel.  HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional.  HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a official sponsor and is identified as such in the posted message or on our sponsor page.)

Copyright HOA, A Service of Community123 LLC ( Homeowners Association Discussions )   Terms Of Use  Privacy Statement