February 28, 2013, Introduced by Reps. Clemente and Poleski and referred to the Committee on Regulatory Reform.
A bill to amend 1978 PA 59, entitled
"Condominium act,"
by amending section 57 (MCL 559.157).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
57. (1) The books, records, and contracts, and financial
statements concerning the administration and operation of the
condominium project shall be available for examination by any of
the
co-owners and their mortgagees at convenient times. and
all
books
and records shall be audited or reviewed by independent
accountants
annually. Such audits need not be certified.
(2) Except as provided in subsection (3), an association of
co-owners with annual revenues greater than $100,000.00 shall on an
annual basis have its books, records, and financial statements
independently audited or reviewed by a certified public accountant,
as defined in section 720 of the occupational code, 1980 PA 299,
MCL 339.720. The audit or review shall be performed in accordance
with the statements on auditing standards or the statements on
standards for accounting and review services, respectively, of the
American institute of certified public accountants.
(3) An association of co-owners may opt out of the
requirements of subsection (2) on an annual basis by the
affirmative vote of a majority of its members in attendance at a
properly called meeting.