Current Minnesota law does not offer any protections for homeowners in a HOA. It is an unregulated industry that often involves unethical business practices that impact the financial well-being of homeowners. Among the many things that create a financial risk to homeowners are management companies are not required to be licensed and there is no reporting requirement for the board to disclose how finances are being managed.
Representative Novotny will discuss how to engage the legislature as well as local officials in helping to establish some protections for homeowners, as well as to identify what best practices some associations use.
Discussion
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