HB1453

House Bill 1453 amends the Arkansas Horizontal Property Act to update definitions and increase oversight of property owners' associations (POAs). It explicitly defines 'property owners' association' and incorporates these entities into various administrative sections of the law. The bill mandates that bylaws must specify processes for establishing or changing fee structures and assessments. It enhances transparency by requiring administrators to submit annual financial reports to co-owners and ensuring that financial records are accessible for examination during business days. Additionally, the bill subjects POAs to potential audits by the Arkansas Legislative Audit if they receive state funding or perform services typically handled by local governments. Finally, it allows for legislative audits of such associations upon approval by the Legislative Joint Auditing Committee.