This bill introduces new disclosure requirements for homeowners' associations, amending RSA 292:8-m to enhance transparency and accountability. It mandates that associations retain detailed records, including financial statements, meeting minutes, and a list of members, among other documents. Homeowners or their authorized agents will have the right to examine and copy these records during reasonable business hours, provided they give five days' notice. However, certain records may be withheld from inspection, such as those related to personnel matters, ongoing litigation, or attorney-client communications. Additionally, associations may charge a reasonable fee for copying records, but they are not required to compile or synthesize information.

The bill also stipulates that homeowners' association boards can only hold executive sessions during regular or special meetings and prohibits final votes or actions during these sessions. It outlines specific purposes for which executive sessions may be held, such as consulting with an attorney or discussing contracts. Furthermore, if a board member or their family has a financial interest in a company seeking to contract with the association, the contract can only proceed if the interest is disclosed, approved by a majority vote, and the interested party recuses themselves from voting. The act is set to take effect on January 1, 2027.

Statutes affected:
Introduced: 292:8-m
As Amended by the House: 292:8-m
HB1523 text: 292:8-m