SB339
AN ACT relating to common-interest communities; requiring the Real Estate Division of the Department of Business and Industry to audit the financial accounts of unit-owners' associations of common-interest communities under certain circumstances; requiring background investigations for candidates nominated for membership on executive boards of associations; revising provisions relating to reserve accounts; providing that certain actions related to common-interest communities are not subject to mandatory alternative dispute resolution processes and must be adjudicated as small claims; and providing other matters properly relating thereto. Close title AN ACT relating to common-interest communities; requiring the Real Estate Division of the Department of Business and Industry to audit the financial accounts of unit-owners' associations of common-interest communities under certain circumstances; requiring background investigations for candidates nominated for membership on executive boards of associations; revising provisions relating to reserve accounts; providing that certain actions related to common-interest communities are not subject to mandatory alternative dispute resolution processes and must be adjudicated as small claims; and providing other matters properly relating thereto.
Introduction Date
Wednesday, March 12, 2025
Primary Sponsor
View 1 Primary Sponsors Close Primary Sponsors Senator Carri
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AN ACT relating to common-interest communities; requiring the Real Estate Division of the Department of Business and Ind
Existing law requires the executive board of the unit-owners' association of a common-interest community to cause the annual review or audit of the financial statements of the association. (NRS 116.31144) Section 2 of this bill requires the Real Estate Division of the Department of Business and Industry to investigate and audit all financial accounts related to an association if the Division has reasonable cause to believe that the accounts or records of the association have not been maintained and that the investigation and audit is reasonably necessary to administer or enforce certain laws under the jurisdiction of the Division. Existing law establishes procedures related to the election or appointment of a member of the executive board. (NRS 116.31034) Section 3 of this bill requires candidates for membership on the executive board to undergo a background investigation conducted by the Division. Section 6 of this bill requires the candidate to submit a copy of the background investigation to the association for distribution to the units' owners during the election process or in a subsequent mailing under certain circumstances. Section 4 of this bill requires the Division to establish a training program for members of executive boards and requires members to take the training within 6 months after their election or appointment. Existing law requires the association to establish adequate reserves for the repair, replacement and restoration of the major components of
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