We believe that section 326 of the Washington Uniform Common Interest Ownership Act (“WUCIOA”) eliminates any restriction on assessment increases within the CC&Rs of an existing HOA. Our legal argument is strongest in cases of a special assessment. However, the argument should also prove to be successful for dues increases contained within the regular budget….
Tag Archive: financial
Annual Audits
Can condominiums with fewer than 50 units vote to avoid having an annual audit? Only if their Declaration does not require an audit. The statute that requires both New and Old Act condominiums to conduct an annual audit provides that with a vote of 60% of the owners, the association can avoid that audit. The…
Compliance with the Red Flags Rule
The “Red Flags” Rule is a regulation which will go into effect December 31, 2010 and which will apply to all “financial institutions” and “creditors” with “covered accounts.” “Creditors” are defined as: any person who regularly extends, renews, or continues credit; any person who regularly arranges for the extension, renewal, or continuation of credit; or…
Tag Archive: financial
Does WUCIOA Eliminate Restrictions on Assessments in the CC&Rs of an Existing HOA?
We believe that section 326 of the Washington Uniform Common Interest Ownership Act (“WUCIOA”) eliminates any restriction on assessment increases within the CC&Rs of an existing HOA. Our legal argument is strongest in cases of a special assessment. However, the argument should also prove to be successful for dues increases contained within the regular budget….
Annual Audits
Can condominiums with fewer than 50 units vote to avoid having an annual audit? Only if their Declaration does not require an audit. The statute that requires both New and Old Act condominiums to conduct an annual audit provides that with a vote of 60% of the owners, the association can avoid that audit. The…
Compliance with the Red Flags Rule
The “Red Flags” Rule is a regulation which will go into effect December 31, 2010 and which will apply to all “financial institutions” and “creditors” with “covered accounts.” “Creditors” are defined as: any person who regularly extends, renews, or continues credit; any person who regularly arranges for the extension, renewal, or continuation of credit; or…