A bill

TO AMEND THE south carolina CODE OF LAWS BY ADDING SECTION 27-30-135 SO AS to require A HOMEOWNERS ASSOCIATION to send copies of the annual operating budget and operating expenses to homeowners and to submit THE ANNUAL OPERATING BUDGET TO THE DEPARTMENT OF CONSUMER AFFAIRS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1.Article 1, Chapter 30, Title 27 of the S.C. Code is amended by adding:

Section 27-30-135.(A) The board of a homeowners association must send a copy of its annual operating budget to each homeowner no later than ten days after the beginning of the fiscal year.

(B) No later than ten days after the end of the first, second, or third quarter of a fiscal year, the board must send an updated copy of the annual operating budget to each homeowner showing:

(1) an itemized list of all expenditures made in the fiscal year; and

(2) the amount of funds collected as fines and the allocation of these funds.

(C) The board must file a copy of the annual operating budget and the quarterly updated copies of the annual operating budget with the Department of Consumer Affairs. The department must retain these records for no less than five years.

SECTION 2.This act takes effect upon approval by the Governor.

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