HOMEOWNERS are facing $100 HOA fines thanks to a new law heading toward a governor’s desk – but it’s actually good news.
Legislators are limiting the amount boards can charge residents for questionable projects in an effort to halt heartless foreclosures.
Minnesota Governor Tim Walz will decide whether SF 1750 will bring homeowners much needed protections from overreaching HOAs.
Boards across the state have sparked neighborhood chaos by randomly ordering bizarre improvements – & expecting homeowners to foot the bill.
At least one unlucky resident was put in foreclosure thanks to a hefty assessment fee, the Minnesota Reformer reported last year.
Under the new legislation, which was just passed by the state Senate, HOAs fines would be capped at $100.
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But penalties would increase for repeat violators, health and safety issues, property damage, or illegal rentals, the legislation states.
Board members and property managers would also have to disclose their financial relationships and remove themselves from any neighborhood moves that would benefit them.
And HOAs would be forced to hand out budgets to residents before board meetings.
“The reforms in this bill will rein in abusive HOAs by empowering residents with more information, more rights, and more protections,” said State Senator Eric Lucero, a Republican.
“This bill is a true bipartisan compromise – in addition to adding consumer protections, nearly every concern raised in good faith was addressed.”
Minnesota isn’t the only state cracking down on HOAs – another new law is doubling a homeowner dues rule to $4,000.
