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New York Senate Bill S6648 Affects HOAs

New York Senate Bill S6648 Affects HOAs

HOA reform is top of mind these days. Laws in Florida, Illinois and other states have been passed recently that affect how HOAs are run, financial records accessibility, and so on. New York has jumped on the bandwagon with Senate Bill S6648. Read more about the law and how FRONTSTEPS software can help. 

New York Gov. Andrew Cuomo signed Senate Bill S6648 into law on October 23. The bill essentially gives a member of a homeowners association the right to review financial records and books related to its HOA dues expenditures. The law took effect immediately.
 
According to the legislation members of an incorporated homeowners association “shall also be entitled to review, upon request to the homeowners association’s governing board, invoices, ledgers, bank accounts, reconciliations, contracts and any documents related to the expenditure of homeowners association dues.”  Before this amendment, HOAs only had to furnish homeowners with a profit and loss statement (P and L) and a balance sheet. 

 

 
“Increasing transparency is critical for a truly engaged community,” said Matt DeWolf, FRONTSTEPS Vice President of Product. “Association dues come directly from the pockets of residents and the custodians should be open and honest about its use.”  
 
With FRONTSTEPS, sensitive documents, like financial records and account balances, are password protected so the public can’t access them but homeowners can.
 
“We want  residents and HOAs to engage with one another and build a more connected community,” added DeWolf.