HB 2442 amends Arizona law to revise budget ratification requirements for homeowners' associations.

HB 2442 amends Arizona law to revise budget ratification requirements for homeowners' associations. The bill requires homeowners' associations to develop an annual operating budget based on a reasonably prudent estimate of common expenses. If the proposed budget results in an annualized assessment increase greater than the percentage change in the consumer price index, the budget must be ratified by the unit owners before implementation. The bill also outlines procedures for the removal of board members and the handling of special assessments and financing.

HB 2442 amends Arizona law to revise budget ratification requirements for homeowners' associations.

HB 2442 amends Arizona law to revise budget ratification requirements for homeowners' associations. The bill requires homeowners' associations to develop an annual operating budget based on a reasonably prudent estimate of common expenses. If the proposed budget results in an annualized assessment increase greater than the percentage change in the consumer price index, the budget must be ratified by the unit owners before implementation. The bill also outlines procedures for the removal of board members and the handling of special assessments and financing.