Bill Text: MI HB5197 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Housing; condominium; auditing requirements; modify. Amends sec. 57 of 1978 PA 59 (MCL 559.157).
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2011-12-07 - Printed Bill Filed 12/07/2011 [HB5197 Detail]
Download: Michigan-2011-HB5197-Introduced.html
HOUSE BILL No. 5197
December 6, 2011, Introduced by Reps. Clemente and Poleski and referred to the Committee on Local, Intergovernmental, and Regional Affairs.
A bill to amend 1978 PA 59, entitled
"Condominium act,"
by amending section 57 (MCL 559.157).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 57. The books, records, and contracts concerning the
administration and operation of the condominium project shall be
available for examination by any of the co-owners and their
mortgagees at convenient times and all books and records shall be
audited
or reviewed by independent accountants independently
examined
annually. Such audits need not be
certified. The
examination may be, but is not required to be, an audit or review
performed in accordance with the statements on auditing standards
or the statements on standards for accounting and review services,
respectively, of the American institute of certified public
accountants.
