09 HB528/SCSFA/1
SENATE
SUBSTITUTE TO HB 528
AS
PASSED SENATE
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 and condominium owners 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 directly manages a homeowners' or condominium owners' association
whose annual assessment fee is $500.00 or more in a development or subdivision
with 20 or more homes shall provide a report itemizing the expenses for such
homeowners' or condominium owners' association to each homeowner or condominium
owner 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laws and parts of laws in conflict with this Act are repealed.