55-79.93:1 - Annual report by unit owners' association
§ 55-79.93:1. Annual report by unit owners' association.
A. The unit owners' association shall file an annual report in a form and atsuch time as prescribed by regulations of the agency. The filing of theannual report required by this section shall commence upon the termination ofthe declarant control period pursuant to § 55-79.74. The annual report shallbe accompanied by a fixed fee in an amount established by the agency.
B. The agency may accept copies of forms submitted to other state agencies tosatisfy the requirements of this section if such forms contain substantiallythe same information required by the agency.
C. The unit owners association shall also remit to the agency an annualpayment as follows:
1. The lesser of:
a. $1,000 or such other amount as established by agency regulation; or
b. Five hundredths of one percent (0.05%) of the unit owners' association'sgross assessment income during the preceding calendar year.
2. For the purposes of clause b of subsection C, no minimum payment shall beless than $10.00.
D. The annual payment shall be remitted to the State Treasurer and shall beplaced to the credit of the Common Interest Community Management Fundestablished pursuant to § 55-529.
(1993, c. 958; 2008, cc. 851, 871; 2009, c. 557.)