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2001 SESSION

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HB 2311 Property Owners Association Act; capital improvement fee.

Introduced by: V. Earl Dickinson | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Property Owners Association Act; capital improvement fee. Authorizes the board of directors of an association to impose a capital improvement fee on lots that are resold or transferred if the board determines the imposition of the fee is in the best interest of the association and the proceeds are used exclusively for new capital improvements or replacement of existing common elements. Under the bill, the association membership may, at a meeting held within 60 days of the notice of the imposition of the fee, vote to rescind or reduce the fee. The total amount of the capital improvement fee shall not exceed the annual assessment charged to the lot during the most recently completed fiscal year of the association or $1,000, whichever is higher. The bill requires that capital improvement fees collected by the association be maintained in a separate capital improvement account and prohibits a capital improvement fee from being imposed on certain gratuitous transfers between family members and where the owner of the lot transfers the lot to a trust entity.


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