09 LC
25 5510
House
Bill 528
By:
Representatives McCall of the
30th
and England of the
108th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 3 of Title 44 of the Official Code of Georgia Annotated, relating
to regulation of specialized land transactions, so as to require developers to
provide audits to homeowners in certain circumstances; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
3 of Title 44 of the Official Code of Georgia Annotated, relating to regulation
of specialized land transactions, is amended by adding a new article to read as
follows:
"ARTICLE
7
44-3-250.
Any
developer that manages or is responsible for a homeowners' association whose
annual assessment fee is $500.00 or more in a development or subdivision with 50
or more homes shall provide a certified audit to each homeowner not later than
60 days after the end of the year for which fees were assessed. This Code
section shall not apply to any development that has been made a property owners'
development in accordance with Article 6 of this chapter, the 'Georgia Property
Owners' Association
Act.'"
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.