What are the rules for operating an HOA business?

In Washington, the rules for operating a Homeowners Association (HOA) business are outlined in the Washington State Condominium Act and include: 1. Adoption of Bylaws: The HOA must have bylaws which must be followed in order to operate their business. These bylaws must describe the purpose of the HOA and be voted on by the membership. 2. Management Company Selection: The HOA must select a management company to manage the HOA’s business operations. The management company must be properly licensed, insured, and bonded in order to provide services. 3. Collection of Dues: The HOA must establish a system for collecting dues and other fees. This includes setting up procedures for collecting delinquent dues, late fees, and interest charges. 4. Election of Officers: The HOA must hold elections every year to elect new Board of Directors. These directors oversee the management of the HOA’s business and make decisions that affect the HOA. 5. Financial Management: The HOA must manage its finances in an open and accountable manner. This includes creating a budget, developing an accounting system, and filing an annual financial report. 6. Maintenance and Repair: The HOA must ensure that the common areas of the property are maintained and kept up to date. This includes fixing broken equipment, landscaping, and making minor repairs. 7. Dispute Resolution: The HOA must have a dispute resolution system in place in order to handle any disputes between members. This system should ensure that disputes are resolved in a fair and reasonable manner. By following these rules, HOAs can ensure that their business operations are conducted in an efficient and effective manner.

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What are the rules for operating an HOA business?

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