The bill amends the Horizontal Property Act to enhance the regulation of property owners' associations in Arkansas. Key changes include the expanded definitions of "co-owner" and "person" to include members of property owners' associations, as well as the introduction of new definitions such as "business day," "local government," and "property owners' association." The amendments also modify the requirements for bylaws, specifying that they must include provisions for fee structures and assessments, and clarify the process for modifying the system of administration within a horizontal property regime.

Additionally, the bill mandates that property owners' associations submit annual financial reports to co-owners and allows for audits by the Arkansas Legislative Audit if the association receives state funding or provides services typically performed by local governments. It also stipulates that modifications to the administration system must be approved according to the bylaws and that all financial records must be accessible to co-owners during business days. Overall, these changes aim to improve transparency and accountability within property owners' associations.

Statutes affected:
HB 1453: 18-13-102(2), 18-13-102(8), 18-13-102, 18-13-108(b), 18-13-109, 18-13-108, 18-13-110, 18-13-116(a)