This bill introduces new transparency and disclosure requirements for homeowners' associations (HOAs) by amending RSA 292:8-m. It mandates that HOAs retain detailed records, including financial statements, meeting minutes, and organizational documents, and makes these records accessible to shareholders or members upon request within five days. The bill also specifies that certain records may be withheld from inspection, such as personnel records and documents related to ongoing litigation. Additionally, it establishes that the board of directors and association committees can only hold executive sessions during regular or special meetings, prohibiting any final votes or actions during these sessions.

The enforcement of these new requirements will fall under the jurisdiction of the Consumer Protection and Antitrust Bureau within the Department of Justice, which currently lacks authority over HOA governance disputes. The bill anticipates an increase in complaints and investigations, leading to potential staffing needs for the Bureau, including two attorneys and a paralegal starting in FY 2027. The overall fiscal impact of the bill is indeterminable, but it is expected to increase expenditures significantly due to the anticipated workload. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 292:8-m
HB1523 text: 292:8-m