l9n/ Mississippi

2020 Regular Session

House Bill 636

Homeowners' associations; regulate managing agents of and require financial reviews by.

Did not become law. It stopped in the Senate's Business and Financial Institutions Committee on June 9, 2020. The 2020 session has ended.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO REGULATE MANAGING AGENTS OF HOMEOWNERS' ASSOCIATIONS REGARDING THEIR DEPOSIT AND MANAGEMENT OF ASSOCIATION FUNDS; TO PROVIDE CERTAIN DEFINITIONS FOR THE ACT; TO REQUIRE TRANSFERS OF FUNDS ABOVE A CERTAIN AMOUNT TO BE AUTHORIZED BY PRIOR WRITTEN BOARD APPROVAL; TO PROHIBIT THE MANAGING AGENT FROM COMINGLING THE FUNDS OF THE ASSOCIATION WITH THE MANAGING AGENTS OWN MONEY OR WITH THE MONEY OF OTHERS THAT THE MANAGING AGENT RECEIVES OR ACCEPTS; TO PROVIDE THAT CURRENTLY COMINGLED FUNDS SHALL BE SEPARATED BY A CERTAIN DATE; TO REQUIRE THE MANAGING AGENT TO PROVIDE TO THE HOMEOWNERS' ASSOCIATION CERTAIN FINANCIAL INFORMATION RELATING TO THE FUNDS OF THE ASSOCIATION BEFORE EVERY REGULAR MEETING AND UPON REQUEST OF THE ASSOCIATION; TO PROVIDE THE BOARD OF A HOMEOWNERS' ASSOCIATION TO CONDUCT CERTAIN PERIODIC FINANCIAL REVIEWS; TO REQUIRE HOMEOWNERS' ASSOCIATIONS TO MAINTAIN FIDELITY BOND COVERAGE FOR ITS DIRECTORS AND OFFICERS; TO PROVIDE THAT IF THE ASSOCIATION USES A MANAGING AGENT OR MANAGEMENT COMPANY, THE ASSOCIATION'S FIDELITY BOND COVERAGE SHALL ADDITIONALLY INCLUDE DISHONEST ACTS BY THAT PERSON OR ENTITY AND ITS EMPLOYEES; TO PROVIDE THAT THE BOND REQUIREMENT SHALL NOT APPLY IF A MAJORITY OF THE MEMBERS OF THE ASSOCIATION VOTE NOT TO HAVE IT; AND FOR RELATED PURPOSES.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the House of Representatives

Its course

February 6 to June 9, 2020, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action9 actions on 7 days

In the House of RepresentativesFeb 6 to Mar 427 days

Banking and Financial ServicesFeb 6 to Feb 2519 days

In the SenateMar 4 to Jun 9 · stopped97 days

Judiciary, Division AMay 12 to Jun 221 days

Business and Financial InstitutionsJun 2 to Jun 9 · stopped7 days

Amendments

Each amendment offered, and what became of it.

  • House of Representatives floor amendmentAdopted

    Adopted Mar 4

Text

Each version as the Legislature printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislature published it is below.

In the House of Representatives Feb 6 – Mar 4

  1. Feb 6Referred to the House committee on Banking and Financial Services
  2. Feb 25Reported from committee in the House: title sufficient, do pass as a committee substitute
  3. Mar 4Committee substitute adopted in the House
  4. Amended in the House
  5. Passed the House as amended

In the Senate Mar 6 – Jun 9

  1. Mar 6Sent to the Senate
  2. May 12Referred to the Senate committees on Judiciary, Division A and on Business and Financial Institutions
  3. Jun 2Reported as amended from JA to BF in the Senate: title sufficient, do pass
  4. Jun 9Died in committee in the Senate
All 9 actions, as published
  1. Feb 6Referred To Banking and Financial ServicesHouse of Representatives
  2. Feb 25Title Suff Do Pass Comm SubHouse of Representatives
  3. Mar 4Committee Substitute AdoptedHouse of Representatives
  4. Mar 4AmendedHouse of Representatives
  5. Mar 4Passed As AmendedHouse of Representatives
  6. Mar 6Transmitted To SenateHouse of Representatives
  7. May 12Referred To Judiciary, Division A;Business and Financial InstitutionsSenate
  8. Jun 2DR - TSDPAA: JA To BFSenate
  9. Jun 9Died In CommitteeSenate