HB 239 - AS INTRODUCED
2023 SESSION
23-0434
05/10
HOUSE BILL 239
AN ACT relative to condominium disclosure of financial information.
SPONSORS: Rep. Almy, Graf. 17
COMMITTEE: Commerce and Consumer Affairs
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ANALYSIS
This bill provides for regular disclosure of the financial records of a condominium association to unit owners.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
23-0434
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
AN ACT relative to condominium disclosure of financial information.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Condominium Act; Disclosure of Financial Information and Meeting Minutes to Unit Owners. RSA 356-B:37-e, II is repealed and reenacted to read as follows:
II.(a) Each unit owner shall have access to all condominium association financial information within 15 days of the unit owner's request. Examples include, but are not limited to, all association books, records, bills, expenses, bank statements and canceled checks, tax returns, and any contracts, mortgages, loans, and the terms of such loans, and any outstanding debts and balances of all accounts held by the association. Associations, or their contracted property managers, shall keep all financial information for a minimum of 5 years.
(b) A condominium board shall obtain an independent review of all books and records pertaining to the condominium at least once every 3 years, and furnish copies thereof to the owners. Any owner, at their own expense, may demand a more detailed audit of the books and records of the board or of the agent of the association keeping the association’s books for the board, provided that such comprehensive audit has not been completed during the previous 3 years.
(c) The individual accounts of unit owners shall not be included unless a lien for nonpayment of assessments or fees has been recorded, in which case, the account shall be disclosed pursuant to a request for financial information under this section. For audit purposes, the accounting of individual assessments, and any special assessments, shall also be disclosed, pursuant to a request, provided adequate personal privacy and account protection measures are in place.
2 Effective Date. This act shall take effect 60 days after its passage.