Disclosure Of Fees And Financial Disclosures

TITLE 55 PROPERTY IN GENERAL CHAPTER 32 HOMEOWNER’S ASSOCIATION ACT 55-3205. DISCLOSURE OF FEES and financial disclosures. (1) A homeowner’s association or its agent shall provide a member and the member’s agent, if any, a statement of the member’s assessment account no more than five (5) business days after a written request by the member or the member’s agent is received by the manager, president, board member, or other agent of the homeowner’s association, or any combination thereof. The homeowner’s association will be bound by the amounts set forth within the statement of assessment account. The statement of assessment account shall include all outstanding assessments, charges, and fees, including any transfer fee, that are due and owing to the homeowner’s association, including any late fees or interest that may have accrued. Additionally, the homeowner’s association shall provide the amount of any transfer fee that may be charged upon a transfer of the property. No fee shall be charged by a homeowner’s association or its agent for providing a statement of the member’s assessment account. Charging a fee for any statement of the member’s assessment account required by this section is a violation of the Idaho consumer protection act, chapter 6, title 48 , Idaho Code. (2)  A homeowner’s association shall not charge a transfer fee unless the authority to do so is expressly stated in the declaration of covenants, conditions, and restrictions. The transfer fee shall be charged only by the homeowner’s association, and no portion of the transfer fee may be paid to or allocated to a third party, including any board member or the homeowner’s association’s agent or manager. On or before January 1 of each year, a homeowner’s association or its agent shall provide its members a disclosure of fees that will be charged to a member. Fees imposed by a homeowner’s association for the calendar year following the disclosure of fees shall not exceed the amount set forth on the annual disclosure, and no surcharge or additional fees shall be charged to any member in connection with any transfer of ownership of his property. (3)  A homeowner’s association or its agent shall provide a member and the member’s agent, if any, an updated financial disclosure no more than ten (10) business days after a request by the member or the member’s agent is received by the manager, president, board member, or other agent of the homeowner’s association, or any combination thereof. (4)  Within sixty (60) days of the close of the fiscal year, a homeowner’s association or its agent shall provide all members of the organization, and each member’s agent, if any, with an updated and reconciled financial disclosure for the fiscal year. (5)  Except as otherwise provided in this section, each homeowner’s association shall be subject to the records and reports requirements of the Idaho nonprofit corporation act under part 11, chapter 30, title 30 , Idaho Code.