72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 2864
 
LC 1569/HB 2864-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2864
 
                    By COMMITTEE ON JUDICIARY
 
                            April 23
 
  On page 1 of the printed bill, line 2, after the semicolon
insert 'creating new provisions; and'.
  Delete lines 21 through 27 and insert:
  ' (f) A financial statement. The financial statement:
  ' (A) Must consist of a balance sheet and an income and expense
statement for the preceding 12-month period or the period
following the recording of the declaration, whichever period is
shorter; and
  ' (B) Must be reviewed, in accordance with the Statements on
Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants, by an
independent certified public accountant licensed in the State of
Oregon if the annual assessments of an association exceed
$75,000;'.
  On page 3, delete lines 10 through 32 and insert:
  ' (4) Subject to section 6 of this 2003 Act, the association of
a planned community that has annual operating 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 the effective date of this 2003 Act or the association of a
planned community described in ORS 94.572 that has annual
operating expenses 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.'.
  On page 5, delete lines 10 through 17 and insert:
  ' (g) A financial statement. The financial statement:
  ' (A) Must consist of a balance sheet and an income and expense
statement for the preceding 12-month period or the period
following the recording of the declaration, whichever period is
shorter.
  ' (B) Must be reviewed, in accordance with the Statements on
Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants, by an
independent certified public accountant licensed in the State of
Oregon if the annual assessments of an association of unit owners
exceed $75,000.'.
  On page 6, delete lines 19 through 38 and insert:
  ' (4) Subject to section 8 of this 2003 Act, the association of
unit owners of a condominium that has annual operating
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 unit owners of a condominium that has
annual operating expenses 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 board of directors
receives the petition requesting review signed by at least a
majority of the owners.
  ' (6) An association of unit owners 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.'.
  On page 7, after line 29, insert:
  '  { +  SECTION 5. + }  { + Section 6 of this 2003 Act is added
to and made a part of ORS 94.550 to 94.783. + }
  '  { +  SECTION 6. + }  { + 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 the
effective date of this 2003 Act if the turnover meeting has not
yet occurred on the effective date of this 2003 Act.
  ' (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 the effective date of this
2003 Act.
  ' (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 the
effective date of this 2003 Act.
  ' (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 the effective date of this 2003 Act.
  ' (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 the
effective date of this 2003 Act. + }
  '  { +  SECTION 7. + }  { + Section 8 of this 2003 Act is added
to and made a part of ORS chapter 100. + }
  '  { +  SECTION 8. + }  { + The requirements of ORS 100.480 (4)
first apply:
  ' (1) Commencing with the fiscal year following the turnover
meeting for the association of unit owners of a condominium
created prior to the effective date of this 2003 Act if the
turnover meeting has not yet occurred on the effective date of
this 2003 Act.
  ' (2) Commencing with the fiscal year beginning in calendar
year 2004 for the association of unit owners of a condominium
created prior to the effective date of this 2003 Act if the
turnover meeting has occurred on or before the effective date of
this 2003 Act.
  ' (3) Commencing with the fiscal year following the turnover
meeting for the association of unit owners of a condominium
created on or after the effective date of this 2003 Act. + } ' .
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