AB 596 (Daly). Common Interest Developments: Annual Budget Report.

New requirements for a HOA to disclose whether it is a FHA or VA-approved condominium project as part of the HOA’s annual budget report.

Current Status: Chaptered

FindHOALaw Quick Summary:

Existing law requires an association to prepare and distribute to all of its members an annual budget report. AB 596 (Daly) would amend, repeal and add Civil Code § 5300 to require the annual budget report to also include a statement describing the status of the common interest development as a Federal Housing Administration (FHA)-approved condominium project and as a federal Department of Veterans Affairs (VA)-approved condominium project.

*UPDATE: AB 596 was approved on August 12, 2015 and its changes to the law become effective on July 1, 2016.