Sec. 4. (a) This section does not apply to:
(1) a contract entered into by a board that would resolve, settle, or otherwise satisfy an act of enforcement against a homeowners association for violating a state or local law; or
(2) a contract under IC 36-9-27.8.
(b) A board may not enter into any contract that would result in a new assessment or the increase in an existing assessment payable by the affected members of the homeowners association in the amount of more than five hundred dollars ($500) per year for each affected member of the homeowners association unless:
(1) the board holds at least two (2) homeowners association meetings concerning the contract; and
(2) the contract is approved by the affirmative vote of at least two-thirds (2/3) of the affected members of the homeowners association.
(c) A board shall give notice of the first homeowners association meeting held under subsection (b):
(1) to each member of the homeowners association; and
(2) at least seven (7) calendar days before the date the meeting occurs.
As added by P.L.167-2009, SEC.2. Amended by P.L.139-2018, SEC.1.