09 LC
38 0933S
The
Senate Economic Development Committee offered the following substitute to HB
528:
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 directly manages a homeowners' 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'
association 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laws and parts of laws in conflict with this Act are repealed.