South Carolina General Assembly
123rd Session, 2019-2020

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H. 4429

STATUS INFORMATION

General Bill
Sponsors: Rep. King
Document Path: l:\council\bills\jn\3073cz19.docx

Introduced in the House on April 9, 2019
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: HOAs; establish certain requirements for HOAs regarding annual budget, operating expenses, funds allocation, and other provisions

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    4/9/2019  House   Introduced and read first time (House Journal-page 26)
    4/9/2019  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 26)

View the latest legislative information at the website

VERSIONS OF THIS BILL

4/9/2019

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-30-135 SO AS TO ESTABLISH CERTAIN REQUIREMENTS FOR A HOMEOWNERS ASSOCIATION REGARDING THE ANNUAL OPERATING BUDGET, THE ASSOCIATION'S OPERATING EXPENSES, THE ALLOCATION OF FUNDS COLLECTED AS FINES BY THE ASSOCIATION'S BOARD, AND THE SUBMISSION OF THE ANNUAL OPERATING BUDGET TO THE DEPARTMENT OF CONSUMER AFFAIRS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 1, Chapter 30, Title 27 of the 1976 Code is amended by adding:

"Section 27-30-135.    (A)    The board of a homeowners association must send a copy of its annual operating budget to each homeowner no later than ten days after the beginning of the fiscal year.

(B)    No later than ten days after the end of the first, second, or third quarter of a fiscal year, the board must send an updated copy of the annual operating budget to each homeowner showing:

(1)    an itemized list of all expenditures made in the fiscal year; and

(2)    the amount of funds collected as fines and the allocation of these funds.

(C)    The board must file a copy of the annual operating budget and the quarterly updated copies of the annual operating budget with the Department of Consumer Affairs. The department must retain these records for no less than five years."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on April 12, 2019 at 10:50 AM