CIRP Transparency
Do you have any information about the CIRP Transparency requirements and if HOAs will have to file by the end of this year?
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Currently, all HOA board members and major affiliated agencies like management companies have to file the very simple disclosure information prior to the end of the year. This law applies to all corporations including all HOA’s or Condominiums incorporated as non-profit corporations.
CAI worked hard to organize all these associations as NPC to attempt to escape the constitutional protection for the homeowners; now, they are fighting to exempt these communities from the requirements of the law. At least they are claiming to be fighting the law. But guess what CAI primarily protect the attorneys that pay the dues for that organization and this will simply make more money for attorneys.
From my perspective, I see it as useless regulation brought on by liberal Legislators and administration to burden corporations simply. If anyone is tired of this type of useless federal regulations, then you have a say in that matter on November 5. Vote all the idiots out, and vote for common sense legislators and administration.
Dennis
Hi, Dennis.
Does CIRP have anything to do with the FinCEN corporate transparency act reporting/BOI report? Do property managers/management companies qualify as an individual with substantial control in Condos/HOA’s like the board members do? Just curious.
Pamela,
The state statutes for these communities do not address resignation and allow the association to define their own bylaws relative to that issue. If the bylaws provide no guidance than the general rule of thumb is that resignation become effective on the date specified in the resignation letter. The resigned board member cannot rescind that resignation after the effective date and may not be appointed to a board position until after his original term would have expired. When a board member can’t decide if he/she wants to resign than how do any of the homeowners have any faith that any other decision that board member will make will be in their best interest.
Dennis