HOUSE BILL 245
54th legislature - STATE OF NEW MEXICO - second session, 2020
Karen C. Bash and Natalie Figueroa and Joy Garratt
RELATING TO HOMEOWNER ASSOCIATIONS; REMOVING THE AUDIT REQUIREMENT FOR CERTAIN HOMEOWNER ASSOCIATIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 47-16-10 NMSA 1978 (being Laws 2013, Chapter 122, Section 10, as amended) is amended to read:
"47-16-10. FINANCIAL AUDIT.--At least every three years, [the board] boards of associations that have thirty or more lots and collect more than three thousand dollars ($3,000) in annual dues shall provide for a financial audit, review or compilation of the association's records in accordance with generally accepted accounting principles by an independent certified public accountant and shall provide that the cost thereof be assessed as a common expense. The audit, review or compilation shall be made available to lot owners within thirty calendar days of its completion."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2020.
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