New Year, New Laws: Tighter Protection of HOA Funds in 2019

The most important new legislation changing how HOAs operate is Assembly Bill 2912. AB 2912 began with its purpose “to take important steps to protect [HOA members] from fraudulent activity by those entrusted with the management of the association’s finances.” Sponsored by the Community Associations Institute and the California Association of Community Managers, the bill received no credible opposition and passed both houses of the Legislature on unanimous votes.

Here are some of the ways that this new Legislation is changing the way HOAs handle their finances;

1. New insurance provision which includes having Fidelity Insurance cover reserves as well as the operating account.
2. The Committee and or the whole board now needs to state during the board meeting that they reviewed the financials prior to the meeting every month.
3. The Board must have a monthly resolution and sign/approve any bill over 10k or 5 % of the associations total which includes the operating and reserve accounts combined.
4. Owners must supply the Management Company with current mailing address and contact information.

If you want to be proactive and help improve the HOAs value, now is the time to consider serving on your board!
For Free Analyst of Your Current HOA Procedures, Please Fill Out Our “Request Form”.

Our Address

11075 Carmel Mountain Road,
Suite 200

  • San Diego CA 92129-1600

  • (858) 672-3100


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