House Bill No. 440 amends R.S. 9:3198(A)(3) to enhance the disclosure requirements for property transactions involving homeowners associations, property owners associations, condominium associations, and other planned communities. The bill mandates that the property disclosure statement inform the purchaser about any relevant associations and requires that all recorded association documents be provided to the purchaser no later than the time of closing. This change aims to ensure that buyers have access to important information regarding the governance and regulations of the community they are considering purchasing property in.

Additionally, the bill removes previous requirements for associations to conduct annual accounting and audits, streamlining the obligations of these organizations. The amendments also clarify that the disclosure statement must include information on how to request governing documents and details about any restrictive covenants and building restrictions related to the property. Overall, the bill seeks to improve transparency and protect the interests of homebuyers in planned communities.

Statutes affected:
HB440 Original: 9:2(5), 9:3198(3)
HB440 Engrossed: 9:3198(3)
HB440 Reengrossed: 9:3198(A)(3)