House Bill No. [insert bill number] aims to revise laws related to homeowners' associations in Montana by establishing new requirements for annual budget and financial reporting, as well as regulations on fee increases. The bill mandates that homeowners' associations produce an annual budget report by the end of their fiscal year, which must include an operating budget detailing estimated revenue and expenses. Additionally, an annual financial report must be generated within 30 days after the fiscal year ends, summarizing revenue and expenditures for categories totaling at least $50 annually, along with the ending balance of each fund. These reports must be sent to all property owners via mail and electronic mail within 15 days of their production date. Notably, associations with 10 or fewer parcels are exempt from these requirements.

Furthermore, the bill stipulates that homeowners' associations can only increase fees, dues, or other charges once annually and by a maximum of 15% or $100, whichever is greater, unless a majority or supermajority of property owners approve a larger increase. The proposed increase must be included in the annual budget report sent to property owners. The bill also clarifies the definition of a homeowners' association and allows for remote meetings, ensuring that associations can adapt to modern communication methods. Overall, the legislation aims to enhance transparency and accountability within homeowners' associations while providing certain exemptions for smaller associations.

Statutes affected:
LC Text: 35-2-114, 35-2-525
HB0232_1(1): 35-2-114, 35-2-525
HB0232_1(2): 35-2-114, 35-2-525
HB0232_1(3): 35-2-114, 35-2-525
HB0232_1(4): 35-2-114, 35-2-525
HB0232_1(5): 35-2-114, 35-2-525
HB0232_1(6): 35-2-114, 35-2-525
HB0232_1(7): 35-2-114, 35-2-525
HB0232_1: 35-2-114, 35-2-525
HB0232_2(1): 35-2-114, 35-2-525
HB0232_2(2): 35-2-114, 35-2-525
HB0232_2(3): 35-2-114, 35-2-525
HB0232_2(4): 35-2-114, 35-2-525
HB0232_2(5): 35-2-114, 35-2-525
HB0232_2(6): 35-2-114, 35-2-525
HB0232_2(7): 35-2-114, 35-2-525
HB0232_2(8): 35-2-114, 35-2-525
HB0232_2: 35-2-114, 35-2-525