Homeowners Associations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to strengthen oversight and regulations for homeowners associations (HOAs) in South Carolina. It seeks to provide clearer definitions of key terms like ‘board,’ ‘capital upgrade,’ and ‘declaration,’ and introduces new requirements for HOAs regarding seller disclosures, financial transparency, and member rights. Specifically, it adds Article 5 to Chapter 27, Title 27, focusing on enforcement, member appeals, and limitations on board actions.
Key provisions
- Defines key terms related to HOAs, including ‘board,’ ‘capital upgrade,’ ‘covenants,’ ‘declarant,’ and ‘governing documents.’
- Requires HOAs to provide a comprehensive ‘HOA Seller Packet’ to prospective buyers, detailing governing documents, financial information, and potential issues.
- Establishes a process for member complaints and appeals, including a requirement for board responses and potential department intervention.
- Mandates that HOAs maintain reserve accounts for future repairs and improvements, with a minimum funding level.
- Limits board actions and requires a supermajority vote for certain decisions, such as budget changes and dissolution.
- Creates a system for independent election committees to ensure fair elections.
- Prohibits the use of HOA funds for personal benefit and requires transparency in financial matters.
- Establishes a process for dissolving an HOA with a sixty-five percent member vote.
Who is affected
Bill text
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Sponsors
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1 on record
Primary sponsor
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