DIGEST OF INTRODUCED BILL
Homeowners associations. Applies the following to a homeowners association (association) established after June 30, 2007: (1) Requires an association to maintain a current roster of all members of the association (members). (2) Requires an association to prepare an annual budget. (3) Requires the board of directors of an association (board) to address an item of business if more than 50% of the members petition the board to address the item. (4) Prohibits a board from entering into certain contracts. (5) Provides that the governing documents of an association must include grievance resolution procedures that provide for the final and binding arbitration of disputes. (6) Provides that the governing documents of an association must allow the termination of the association if at least 70% of the members agree to the termination. (7) Specifies that a penalty imposed by an association against a member is not enforceable as a lien against any real property owned by the member. (8) Prohibits an association from suspending the voting rights of a member for nonpayment of annual assessments unless the assessments are delinquent for more than two years. (9) Provides certain defenses to a member if the association brings a civil action against the member involving an act in furtherance of the member's right of petition or free speech. Allows an association established before July 1, 2007, to elect to be governed by this statute.