The Homeowner Association Act requires transparency. NMSA 47-16-7 requires the board to adopt a budget annually and distribute it within 30 days. NMSA 47-16-17 sets meeting-notice rules, NMSA 47-16-5 gives members record-access rights, and most HOAs run as nonprofit corporations under New Mexico nonprofit law.
Under NMSA 47-16-7, the board (or owners) 'shall adopt a budget annually,' and within 30 days of adoption 'shall provide a copy of the budget to all the lot owners,' with a statement listing all fees and fines that may be charged. NMSA 47-16-17 requires written notice of an annual or special meeting 'not less than ten and no more than fifty days before the meeting,' and notice of board meetings, with proposed policy resolutions, 'at least forty-eight hours in advance'; written minutes of all meetings must be kept. NMSA 47-16-5 requires disclosure of records to members, including meeting minutes for the prior five years, the budget, current assessments, financial statements, insurance policies and current contracts. NMSA 47-16-10 addresses financial audits, and incorporated associations also follow New Mexico nonprofit-corporation governance.
No fixed monetary penalty in the Act. Owners may enforce budget, meeting-notice and record-disclosure duties through the dispute-resolution process and, under NMSA 47-16-14, recover attorney fees and costs in an action to enforce the Act's requirements.
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