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 15 days' notice. However, certain records may be withheld from inspection, such as those related to personnel, ongoing litigation, or attorney-client communications. Additionally, associations may charge a reasonable fee for copies, 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. Specific purposes for executive sessions include consulting with attorneys and discussing contracts or personnel matters. 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
As Amended by the Senate: 292:8-m
HB1523 text: 292:8-m