What is the role of the state in overseeing HOAs?

In Washington, the state plays an important role in overseeing homeowners associations (HOAs). The Washington State Legislature has given authority to the Washington State Department of Financial Institutions to regulate HOAs. According to the Department, HOAs must comply with state laws and regulations governing their operation. The Washington State Department of Financial Institutions is responsible for licensing and registering HOAs, regulating HOAs, and overseeing the financial affairs of HOAs. HOAs must register with the Department if the association includes at least three lots or units in a development or if the association is a condominium or cooperative housing association. The Department reviews the association’s governing documents, financial statements, and other documents associated with the HOA before approval. Once the HOA is registered, the Department is tasked with overseeing the association’s finances. They ensure that the HOA is following all regulations and that membership dues are being collected. Inspections may be conducted to ensure that the HOA is in compliance with the law. The Department also has the authority to take action if the association is found to be in violation of the law. The Department is responsible for providing support to HOAs in the form of education and resources. The Department also frequently provides information on general topics, such as HOA governance, elections, and management. The Department may also investigate complaints about HOAs that are not in compliance with the law. Overall, the state of Washington plays an important role in overseeing HOAs. The Washington State Department of Financial Institutions is charged with regulating, registering, and inspecting HOAs. They also provide educational resources and investigate complaints about HOA compliance.

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What is the role of the state in overseeing HOAs?

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