Virginia HB621 amends the Property Owners' Association Act to enhance disclosure requirements for property owners' associations.
Virginia HB621 modifies the Property Owners' Association Act by expanding the disclosure requirements for property owners' associations. This includes detailed statements about restrictions on renting, tax deductions, pending sales, financial status, insurance coverage, and compliance with local ordinances. The bill also mandates the disclosure of any declarant control over association business and the filing of annual reports with the Common Interest Community Board.
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