Bill Text: MI HB4355 | 2013-2014 | 97th Legislature | Engrossed
Bill Title: Housing; condominium; auditing requirements; modify. Amends sec. 57 of 1978 PA 59 (MCL 559.157).
Spectrum: Bipartisan Bill
Status: (Passed) 2013-10-16 - Assigned Pa 134'13 With Immediate Effect [HB4355 Detail]
Download: Michigan-2013-HB4355-Engrossed.html
HB-4355, As Passed Senate, October 2, 2013
SUBSTITUTE FOR
HOUSE BILL NO. 4355
A bill to amend 1978 PA 59, entitled
"Condominium act,"
by amending section 57 (MCL 559.157).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
57. (1) The books, records, and contracts, and financial
statements concerning the administration and operation of the
condominium project shall be available for examination by any of
the
co-owners and their mortgagees at convenient times. and
all
books
and records shall be audited or reviewed by independent
accountants
annually. Such audits need not be certified.
(2) Except as provided in subsection (3), an association of
co-owners with annual revenues greater than $20,000.00 shall on an
annual basis have its books, records, and financial statements
independently audited or reviewed by a certified public accountant,
House Bill No. 4355 (H-3) as amended June 4, 2013
as defined in section 720 of the occupational code, 1980 PA 299,
MCL 339.720. The audit or review shall be performed in accordance
with the statements on auditing standards or the statements on
standards for accounting and review services, respectively, of the
American institute of certified public accountants.
(3) An association of co-owners may opt out of the
requirements of subsection (2) on an annual basis by an affirmative
vote [of a majority of its members by any means permitted under] the
association's bylaws.
Enacting section 1. This amendatory act takes effect on the
expiration of 90 days after the date it is enacted into law.
