A. All financial and other records of the association shall be made available during regular business hours for examination by a lot owner within ten business days of a written request.
B. The association shall not charge a fee for making financial and other records available for review. The association may charge a fee of not more than ten cents ($.10) per page for copies.
C. As used in this section, "financial and other records" includes:
(1) the declaration of the association;
(2) the name, address and telephone number of the association's designated agent;
(3) the bylaws of the association;
(4) the names and addresses of all association members;
(5) minutes of all meetings of the association's lot owners and board for the previous five years, other than executive sessions, and records of all actions taken by a committee in place of the board or on behalf of the association for the previous five years;
(6) the operating budget for the current fiscal year;
(7) current assessments, including both regular and special assessments;
(8) financial statements and accounts, including bank account statements, transaction registers, association-provided service or utility records and amounts held in reserve;
(9) the most recent financial audit or review, if any;
(10) all current contracts entered into by the association or the board on behalf of the association;
(11) current insurance policies, including company names, policy limits, deductibles, additional named insureds and expiration dates for property, general liability and association director and officer professional liability, and fidelity policies; and
(12) any electronic record of action taken by the board.
D. The failure of an association to provide access to the financial and other records within ten business days after receipt of a written request creates a rebuttable presumption that the association willfully failed to comply with the Homeowner Association Act. A lot owner that is denied access to financial and other records is entitled to the greater of the actual damages incurred for the association's willful failure to comply with this subsection or fifty dollars ($50.00) per calendar day, starting on the eleventh business day after the association's receipt of the written request.
History: Laws 2013, ch. 122, § 5; 2019, ch. 30, § 2.
ANNOTATIONSThe 2019 amendment, effective July 1, 2019, revised the records disclosure requirements, and added a penalty for failure of a homeowner association to timely make record disclosures to members; in Subsection A, after "made available", added "during regular business hours", and after "ten business days of", deleted "the" and added "a written"; in Subsection B, after "may charge a", deleted "reasonable", and after "fee", added "of not more than ten cents ($.10) per page"; in Subsection C, in Paragraph C(4), after "the names", added "and addresses", in Paragraph C(8), after "including", added "bank account statements, transaction registers, association-provided service or utility records and", and added Paragraph C(12); and added Subsection D.
Compiler's notes. — Laws 2013, ch. 122, §§ 1 through 14 were erroneously compiled as 47-7E-1 through 47-7E-14 NMSA 1978, and have been recompiled as 47-16-1 through 47-16-14 NMSA 1978 by the compiler.