Existing law requires the executive board of a unit-owners' association to make available for review the books, records and other papers of the association, including, without limitation: (1) the financial statement of the association; (2) the budgets of the association; (3) the study of the reserves of the association; and (4) all contracts to which the association is a party and all records filed with a court relating to a civil or criminal action to which the association is a party. Existing law also requires the executive board, upon written request, to provide copies of the financial statement, budgets and study of the reserves in electronic format, at no charge. If the association is unable to provide the records in electronic format, the executive board is authorized to charge a fee to cover the actual costs of preparing a copy, but the fee may not exceed 25 cents per page for the first 10 pages, and 10 cents per page thereafter. If the board fails to provide a copy of any of the requested records within 21 days, the executive board must pay a penalty of $25 for each day the executive board fails to provide the records. (NRS 116.31175) Section 1 of this bill adds to the list of records that must be provided to a unit's owner in electronic format, if the association is able to do so, all contracts to which the association is a party and all records filed with a court relating to a civil or criminal action to which the association is a party. Existing law also: (1) requires an association to keep financial records sufficiently detailed to comply with the requirements for disclosures in a resale package; and (2) provides that all financial and other records of the association must be maintained and made available for review at the business office of the association or another suitable location and made reasonably available for any unit's owner and his or her authorized agents to inspect, examine, photocopy and audit. (NRS 116.3118) Section 2 of this bill requires that, upon written request, such records must be provided in electronic format at no charge to a unit's owner. If the association is unable to provide the records in electronic format, section 2 authorizes the executive board to charge a fee to cover the actual costs of preparing a copy, but the fee may not exceed 25 cents per page for the first 10 pages, and 10 cents per page thereafter. Section 2 also provides that if the board fails to provide a copy of any of the requested records within 21 days, the executive board must pay a penalty of $25 for each day the executive board fails to provide the records.

Statutes affected:
As Introduced: 116.31175, 116.3118