l9n/ Mississippi

2021 Regular Session

House Bill 953

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

Became law as Chapter 406, Laws of 2021, signed March 29, 2021, 70 days after it was filed.

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 COMMINGLING 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 COMMINGLED 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 AUTHORIZE SPECIAL OR REGULARLY SCHEDULED MEETINGS TO BE HELD BY ELECTRONIC TRANSMISSION OR BY OTHER MEANS OF REMOTE COMMUNICATION; 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

January 18 to March 29, 2021, 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 action14 actions on 11 days

In the House of RepresentativesJan 18 to Feb 1023 days

Banking and Financial ServicesJan 18 to Jan 2810 days

In the SenateFeb 10 to Mar 927 days

Business and Financial InstitutionsFeb 17 to Mar 213 days

Back in the House of RepresentativesMar 9 to Mar 2213 days

With the GovernorMar 22 to Mar 297 days

Amendments

Each amendment offered, and what became of it.

  • Senate committee amendmentAdopted

    Adopted Mar 9

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 Jan 18 – Feb 10

  1. Jan 18Referred to the House committee on Banking and Financial Services
  2. Jan 28Reported from committee in the House: title sufficient, do pass as a committee substitute
  3. Feb 10Committee substitute adopted in the House
  4. Passed the House

In the Senate Feb 12 – Mar 9

  1. Feb 12Sent to the Senate
  2. Feb 17Referred to the Senate committee on Business and Financial Institutions
  3. Mar 2Reported from committee in the Senate: title sufficient, do pass as amended
  4. Mar 9Amended in the Senate
  5. Passed the Senate as amended

Back in the House of Representatives Mar 10 – Mar 22

  1. Mar 10Returned to the House to concur in the Senate's amendments
  2. Mar 18Concurred in the House in the Senate's amendments
  3. Mar 22Enrolled bill signed in the House

To the Governor Mar 22 – Mar 29

  1. Mar 22Enrolled bill signed in the Senate
  2. Mar 29Approved by the Governor
All 14 actions, as published
  1. Jan 18Referred To Banking and Financial ServicesHouse of Representatives
  2. Jan 28Title Suff Do Pass Comm SubHouse of Representatives
  3. Feb 10Committee Substitute AdoptedHouse of Representatives
  4. Feb 10PassedHouse of Representatives
  5. Feb 12Transmitted To SenateHouse of Representatives
  6. Feb 17Referred To Business and Financial InstitutionsSenate
  7. Mar 2Title Suff Do Pass As AmendedSenate
  8. Mar 9AmendedSenate
  9. Mar 9Passed As AmendedSenate
  10. Mar 10Returned For ConcurrenceSenate
  11. Mar 18Concurred in Amend From SenateHouse of Representatives
  12. Mar 22Enrolled Bill SignedHouse of Representatives
  13. Mar 22Enrolled Bill SignedSenate
  14. Mar 29Approved by GovernorGovernor