TITLE 55

PROPERTY IN GENERAL

CHAPTER 32

HOMEOWNER’S ASSOCIATION ACT

55-3205.  DISCLOSURE OF FEES and financial disclosures. (1) A homeowner’s association or its agent must provide a member and the member’s agent, if any, a statement of the member’s assessment account no more than five (5) business days after a written request by the member or the member’s agent is received by the manager, president, board member, or other agent of the homeowner’s association, or any combination thereof. The homeowner’s association will be bound by the amounts set forth within the statement of assessment account. The statement of assessment account shall include all outstanding assessments, charges, and fees, including any transfer fee, that are due and owing to the homeowner’s association, including any late fees or interest that may have accrued. Additionally, the homeowner’s association shall provide the amount of any transfer fee that may be charged upon a transfer of the property. No fee may be charged by a homeowner’s association or its agent for providing a statement of the member’s assessment account. Charging a fee for any statement of the member’s assessment account required by this section is a violation of the Idaho consumer protection act, chapter 6, title 48, Idaho Code.

(2)  A homeowner’s association may not charge a transfer fee unless the authority to do so is expressly stated in the declaration of covenants, conditions, and restrictions. The transfer fee may be charged only by the homeowner’s association, and no portion of the transfer fee may be paid to or allocated to a third party, including any board member or the homeowner’s association’s agent or manager. On or before January 1 of each year, a homeowner’s association or its agent must provide its members a disclosure of fees that will be charged to a member. Fees imposed by a homeowner’s association for the calendar year following the disclosure of fees may not exceed the amount set forth on the annual disclosure, and no surcharge or additional fees may be charged to any member in connection with any transfer of ownership of his property.

(3)  A homeowner’s association or its agent must provide a member and the member’s agent, if any, an up-to-date financial disclosure no more than ten (10) business days after a request by the member or the member’s agent is received by the manager, president, board member, or other agent of the homeowner’s association, or any combination thereof.

(4)  Within sixty (60) days of the close of the fiscal year, a homeowner’s association or its agent must provide all members of the organization, and each member’s agent, if any, with an up-to-date and reconciled financial disclosure for the fiscal year.

History:

[55-3205, added 2022, ch. 323, sec. 4, p. 1041; am. 2023, ch. 247, sec. 2, p. 764; am. 2024, ch. 162, sec. 2, p. 618.]