88R483 DRS-D
 
  By: Shaheen H.B. No. 1252
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the audit of the financial records of certain property
  owners' associations.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 209, Property Code, is amended by adding
  Section 209.00501 to read as follows:
         Sec. 209.00501.  ANNUAL AUDIT OF ASSOCIATION FINANCIAL
  RECORDS; PROVISION TO ASSOCIATION MEMBERS. (a) A property owners'
  association shall:
               (1)  annually obtain an independent audit of the
  association's financial records; and
               (2)  provide a copy of the audit to each member of the
  association.
         (b)  An audit required by this section shall be performed by
  a certified public accountant if required by:
               (1)  the association's bylaws;
               (2)  a vote of the board; or
               (3)  a majority vote of the members of the association
  voting at a meeting of the association.
         SECTION 2.  This Act takes effect September 1, 2023.