Bill Text: AZ HB2155 | 2013 | Fifty-first Legislature 1st Regular | Introduced

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Bill Title: Homeowners' associations; reserve fund disclosure

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-01-23 - Referred to House GOV Committee [HB2155 Detail]

Download: Arizona-2013-HB2155-Introduced.html

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REFERENCE TITLE: homeowners' associations; reserve fund disclosure

 

 

 

State of Arizona

House of Representatives

Fifty-first Legislature

First Regular Session

2013

 

 

HB 2155

 

Introduced by

Representative Kavanagh

 

 

AN ACT

 

amending title 33, chapter 16, article 1, Arizona Revised Statutes, by adding section 33-1818; relating to planned communities.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 33, chapter 16, article 1, Arizona Revised Statutes, is amended by adding section 33-1818, to read:

START_STATUTE33-1818.  Disclosures regarding reserve fund study; corporation commission

A.  An association that is incorporated in this state shall include with its annual corporate filing an addendum entitled "disclosure regarding reserve fund study" and shall provide complete and accurate information in that addendum in substantially the following form:

 

disclosure regarding reserve fund study

 

__________________________

(name of association)

 

1.  this association has a reserve fund (check one):  Yes __

                                                      No____

 

2.  This association has a reserve fund study (check one):  yes__

                                                            No___

Note:  the lack of a current reserve fund study may create some risk for an owner in the association.

3.  If the association has either a reserve fund or a reserve fund study, provide the following information, as applicable:

(a)  The year‑end balance of the reserve fund as of this report:

                                                                $_______

(b)  The balance required to be 100% fully funded:        $_______

(c)  The percentage of full funding that the reserve fund currently has:      %_______

(d)  If under funded, the amount the reserve fund is underfunded:

                                                          $_______

(e)  If underfunded, each member's share of the underfunded amount:

                                                          $_______

(f)  The average amount of annual dues or assessments from each member (actual amounts may be more or less depending on how this association's assessments are calculated)     $_______/Year

(g)  The average amount from each member's dues that is paid into the reserve fund annually:                                                  $_______/Year

            submitted by____________________, __________________

                                    (Name and title)

                                          ______________________

                                          (date signed)

B.  The CORPORATION commission shall make the addendums filed available to the public by providing ready access to those filings on the commission's website.END_STATUTE