Idaho Code 55-3205 – Disclosure of Fees and Financial Disclosures
Current as of: 2023 | Check for updates
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(1) A homeowner’s association or its agent must provide a member and the member’s agent, if any, a statement of the member’s account no more than five (5) business days after a request by the member or the member’s agent is received by the manager, president, board member, or other agent of the homeowner’s association, or any combination thereof. The statement of account must include, at a minimum, the amount of annual charges against the property, the date when said amounts are due, and any unpaid assessments or other charges due and owing from such member at the time of the request. The homeowner’s association will be bound by the amounts set forth within the statement of account. Charging a fee for any statement of the member’s account required by this section is a violation of the Idaho consumer protection act, chapter 6, title 48, Idaho Code.
(2) On or before January 1 of each year, a homeowner’s association or its agent must provide its members a disclosure of fees that will be charged to a member in connection with any transfer of ownership of his property. Fees imposed by a homeowner’s association for the calendar year following the disclosure of fees may not exceed the amount set forth on the annual disclosure, and no surcharge or additional fees may be charged to any member in connection with any transfer of ownership of his property.
Terms Used In Idaho Code 55-3205
- Board: means the entity that has the duty of governing the homeowner’s association and may be referred to as a board of directors, executive board, or any other such similar name. See Idaho Code 55-3203
- Financial disclosure: means the accounting records of the organization that are kept, disclosed, and made available for inspection in accordance with part 11, chapter 30, title 30, Idaho Code, and the governing documents of the homeowner’s association. See Idaho Code 55-3203
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Property: includes both real and personal property. See Idaho Code 73-114
(3) A homeowner’s association or its agent must provide a member and the member’s agent, if any, an up-to-date financial disclosure no more than ten (10) business days after a request by the member or the member’s agent is received by the manager, president, board member, or other agent of the homeowner’s association, or any combination thereof.
(4) Within sixty (60) days of the close of the fiscal year, a homeowner’s association or its agent must provide all members of the organization, and the member’s agent, if any, with an up-to-date and reconciled financial disclosure for the fiscal year.