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2013 is a big year for community associations in New Mexico. Senate Bill 497, otherwise known as the Homeowners Association Act, was introduced by Senators McMillan, Baldanado, Stweard, and by Senate Majority Whip Tim Keller. This act does not apply to condos, which are already governed by the New Mexico Condominium Act, but does apply to all homeowners associations in the state. This act became law on July 1st of this year. Here are some highlights of the bill’s provisions:

• The bill grants legal authority to community associations by allowing them to exercise any powers outlined in their governing documents
• The Board of Directors for a community association is required to act on behalf of the association (in their best interests). They are also required to adopt a budget each year, and to provide a summary of that budget to the homeowners.
• Associations are required to make records, both financial and otherwise, available to a homeowner within ten days of a request. Additionally, associations are not allowed to charge a fee for the review of these records, though they can charge for copies made.
• The bill allows for absentee and proxy voting of the members of an HOA
• The bill outlines exactly when developers of an HOA are required to turn over control of the association to the owners.
• Purchasers of a home in an HOA are required to receive a disclosure packet containing all governing documents before the closing of the home.