AB 129
Revises provisions governing bidding procedures for a homeowners' association. (BDR 10-818)
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- Passed Assembly
- Passed Senate
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Bill overview
This bill updates Nevada law regarding how homeowners' associations (HOAs) must obtain bids for projects. HOAs are now required to solicit at least three bids if a project is expected to cost 3% or more of the annual budget in communities with under 1,000 units, or 1% or more in communities with 1,000 or more units. However, an HOA is exempt from this requirement if delaying the project would cause significant property damage or risk injury. Finally, the bill mandates that HOAs award contracts to the lowest responsive bidder.
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