WEST PALM BEACH, Fla. - Many homeowners are fed up with how their homeowners association, or HOA, is run.
New state laws are aimed to stop HOA dictatorships, and the rules are similar to ones already in place for condos.
Homeowners are allowed to look at HOA records. They're kept within 45 miles or the same county as the HOA.
The cost to get copies is dropping 50% to 25 cents a record.
But, the cost to run the HOA is increasing.
By mid November, all homeowners associations are required to register with the Department of Business and Professional Registration.
That will be an expense, and it's not the only one.
Attorney Michael Posner said, “A lot of associations are opposed to this. It adds a greater cost and greater burden on homeowners. For example, insurance is a requirement with condos and it's not with HOAs. Now we have a requirement for the first time for directors and officers. Fidelity insurance. That’s another expense to homeowners. The good thing is a lot of people think the state should regulate and they are going to get what they want. That's where we are heading.”
Posner said these new rules are similar to ones that already exist for condos and he expects more rules will follow to bring homeowners associations under as much regulation as a condo.
Posner gave us a summary of the new HOA legislation.
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