Vote Smart's Synopsis:

Vote to pass a bill that establishes rules and procedures for HOA budget and expense approval in Arizona.

Highlights:

• Establishes rules and procedures for HOA budget and expense approval in Arizona (Sec. 1-6).

• Establishes rules and procedures for how an HOA board approves its annual budget and expenses (Sec. 1-6).

• Specifies that these boards are intended to address expenses in a community with shared amenities like swimming pools or parks (Sec. 1-6).

• Specifies that an HOA shall make a proposed budget available to every homeowner at least 48 hours before the board meets to approve (Sec. 1-6).

• Requires that before implementing the budget, the HOA board shall hold a special meeting where they can answer any questions from homeowners about the budget (Sec. 1-6).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 7).

Full Bill Text