SB 1007: Common interest developments: annual reports: assessments: discipline.

The bill aims to amend the Davis-Stirling Common Interest Development Act. It requires annual budget reports to include a high-level summary of what regular assessments fund and a statement about the compensation of a management company. The bill also requires a summary of annual budget or policy statements to include a high-level breakdown of what regular assessments fund. The bill prohibits increasing regular assessments without including specific information in the annual budget report. It also prohibits a board from imposing a regular assessment without the approval of the majority of quorum members, except for adjustments for inflation. Additionally, the bill requires the association to make physical evidence related to a violation available to the member at least 5 business days before a hearing or deadline for a response. The bill also requires notification of a meeting to consid…