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Sec. 4. (a) This section does not apply to:
(1) a contract entered into by a board that would resolve, settle, or otherwise satisfy an act of enforcement against a homeowners association for violating a state or local law; or
(2) a contract under IC 36-9-27.8.
(b) A board may not enter into any contract that would result in a new assessment or the increase in an existing assessment payable by the affected members of the homeowners association in the amount of more than five hundred dollars ($500) per year for each affected member of the homeowners association unless:
(1) the board holds at least two (2) homeowners association meetings concerning the contract; and
(2) the contract is approved by the affirmative vote of at least two-thirds ( 2/3 ) of the affected members of the homeowners association.
(c) A board shall give notice of the first homeowners association meeting held under subsection (b):
(1) to each member of the homeowners association; and
(2) at least seven (7) calendar days before the date the meeting occurs.
Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-25.5-3-4 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-25-5-3-4.html
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