MS HB636 | 2020 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on June 9 2020 - 100% progression
Action: 2020-06-09 - Died In Committee
Text: Latest bill text (Engrossed) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on June 9 2020 - 100% progression
Action: 2020-06-09 - Died In Committee
Text: Latest bill text (Engrossed) [HTML]
Summary
An Act To Regulate Managing Agents Of Homeowners' Associations Regarding Their Deposit And Management Of Association Funds; To Provide Certain Definitions For The Act; To Require Transfers Of Funds Above A Certain Amount To Be Authorized By Prior Written Board Approval; To Prohibit The Managing Agent From Comingling The Funds Of The Association With The Managing Agents Own Money Or With The Money Of Others That The Managing Agent Receives Or Accepts; To Provide That Currently Comingled Funds Shall Be Separated By A Certain Date; To Require The Managing Agent To Provide To The Homeowners' Association Certain Financial Information Relating To The Funds Of The Association Before Every Regular Meeting And Upon Request Of The Association; To Provide The Board Of A Homeowners' Association To Conduct Certain Periodic Financial Reviews; To Require Homeowners' Associations To Maintain Fidelity Bond Coverage For Its Directors And Officers; To Provide That If The Association Uses A Managing Agent Or Management Company, The Association's Fidelity Bond Coverage Shall Additionally Include Dishonest Acts By That Person Or Entity And Its Employees; To Provide That The Bond Requirement Shall Not Apply If A Majority Of The Members Of The Association Vote Not To Have It; And For Related Purposes.
Title
Homeowners' associations; regulate managing agents of and require financial reviews by.
Sponsors
Rep. Lee Yancey [R] |
Roll Calls
2020-03-04 - House - House Passed As Amended (Y: 112 N: 4 NV: 5 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2020-06-09 | Senate | Died In Committee |
2020-06-02 | Senate | DR - TSDPAA: JA To BF |
2020-05-12 | Senate | Referred To Judiciary, Division A;Business and Financial Institutions |
2020-03-06 | House | Transmitted To Senate |
2020-03-04 | House | Passed As Amended |
2020-03-04 | House | Amended |
2020-03-04 | House | Committee Substitute Adopted |
2020-02-25 | House | Title Suff Do Pass Comm Sub |
2020-02-06 | House | Referred To Banking and Financial Services |