(1) A homeowners association shall retain within this state the documents, information and records delivered to the association under ORS 94.616 and all other records of the association for not less than the period specified for the record in ORS 65.771 or any other applicable law except that:
(a) The documents specified in ORS 94.616 (3)(o), if received, must be retained as permanent records of the association.
(b) Proxies and ballots must be retained for one year from the date of determination of the vote.
(2) All assessments, including declarant subsidies, shall be deposited in the name of the association in a separate federally insured account at a financial institution, as defined in ORS 706.008, other than an extranational institution. All expenses of the association shall be paid from the association account.
(3) The association shall keep financial records sufficiently detailed for proper accounting purposes. Within 90 days after the end of the fiscal year, the board of directors shall:
(a) Prepare or cause to be prepared an annual financial statement consisting of a balance sheet and income and expenses statement for the preceding fiscal year; and
(b) Distribute to each owner and, upon written request, any mortgagee of a lot, a copy of the annual financial statement.
(4) Subject to section 24, chapter 803, Oregon Laws 2003, the association of a planned community that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (3) of this section to be reviewed within 180 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
(5) The association of a planned community created on or after January 1, 2004, or the association of a planned community described in ORS 94.572 that has annual assessments of $75,000 or less shall cause the most recent financial statement required by subsection (3) of this section to be reviewed in the manner described in subsection (4) of this section within 180 days after the association receives a petition requesting review signed by at least a majority of the owners.
(6) An association subject to the requirements of subsection (4) of this section may elect, on an annual basis, not to comply with the requirements of subsection (4) of this section by an affirmative vote of at least 60 percent of the owners, not including the votes of the declarant with respect to lots owned by the declarant.
(7)(a) The association shall provide, within 10 business days of receipt of a written request from an owner, a written statement that provides:
(A) The amount of assessments due from the owner and unpaid at the time the request was received, including:
(i) Regular and special assessments;
(ii) Fines and other charges;
(iii) Accrued interest; and
(iv) Late payment charges.
(B) The percentage rate at which interest accrues on assessments that are not paid when due.
(C) The percentage rate used to calculate the charges for late payment or the amount of a fixed charge for late payment.
(b) The association is not required to comply with paragraph (a) of this subsection if the association has commenced litigation by filing a complaint against the owner and the litigation is pending when the statement would otherwise be due.
(8) The association shall make the documents, information and records described in subsections (1) and (3) of this section and all other records of the association reasonably available for examination and, upon written request, available for duplication by an owner and any mortgagee of a lot that makes the request in good faith for a proper purpose, except that records kept by or on behalf of the association may be withheld from examination and duplication to the extent the records concern:
(a) Personnel matters relating to a specific identified person or a person’s medical records.
(b) Contracts, leases and other business transactions that are currently under negotiation to purchase or provide goods or services.
(c) Communications with legal counsel that relate to matters specified in paragraphs (a) and (b) of this subsection.
(d) Disclosure of information in violation of law.
(e) Documents, correspondence or management or board reports compiled for or on behalf of the association or the board of directors by its agents or committees for consideration by the board of directors in executive session held in accordance with ORS 94.640 (7).
(f) Documents, correspondence or other matters considered by the board of directors in executive session held in accordance with ORS 94.640 (7).
(g) Files of individual owners, other than those of a requesting owner or requesting mortgagee of an individual owner, including any individual owner’s file kept by or on behalf of the association.
(9) The association shall maintain a copy, suitable for the purpose of duplication, of the following:
(a) The declaration and bylaws, including amendments or supplements in effect, the recorded plat, if feasible, and the association rules and regulations currently in effect.
(b) The most recent financial statement prepared pursuant to subsection (3) of this section.
(c) The current operating budget of the association.
(d) The reserve study, if any, described in ORS 94.595.
(e) Architectural standards and guidelines, if any.
(10) The association, within 10 business days after receipt of a written request by an owner, shall furnish the requested information required to be maintained under subsection (9) of this section.
(11) The board of directors, by resolution, may adopt reasonable rules governing the frequency, time, location, notice and manner of examination and duplication of association records and the imposition of a reasonable fee for furnishing copies of any documents, information or records described in this section. The fee may include reasonable personnel costs for furnishing the documents, information or records. [1981 c.782 §48; 1999 c.677 §21; 2001 c.756 §20; 2003 c.569 §15; 2003 c.803 §20a; 2007 c.340 §1]
Note: Section 24, chapter 803, Oregon Laws 2003, provides:
Sec. 24. The requirements of ORS 94.670 (4) first apply:
(1) Commencing with the fiscal year following the turnover meeting required by ORS 94.616 for the association of a planned community created under ORS 94.550 to 94.783 prior to January 1, 2004, if the turnover meeting has not yet occurred on January 1, 2004.
(2) Commencing with the fiscal year beginning in calendar year 2004 for the association of a planned community created under ORS 94.550 to 94.783 if the turnover meeting required by ORS 94.616 has occurred on or before January 1, 2004.
(3) Commencing with the fiscal year following the turnover meeting required by ORS 94.616 for the association of a planned community created under ORS 94.550 to 94.783 on or after January 1, 2004.
(4) Commencing with the fiscal year following the year in which owners assume responsibility for administration of a planned community described in ORS 94.572 if the owners have not assumed responsibility for administration of the planned community on January 1, 2004.
(5) Commencing with the fiscal year beginning in calendar year 2004 for the association of a planned community described in ORS 94.572 if the owners have assumed responsibility for administration of the planned community on or before January 1, 2004. [2003 c.803 §24]Section: Previous 94.657 94.658 94.660 94.661 94.662 94.665 94.667 94.670 94.673 94.675 94.676 94.677 94.680 94.685 94.690 Next
Last modified: August 7, 2008