Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
At least every three years, the board shall provide for a financial audit, review or
compilation of the association's records in accordance with generally accepted
accounting principles by an independent certified public accountant and shall provide
that the cost thereof be assessed as a common expense. The audit, review or
compilation shall be made available to lot owners within thirty calendar days of its
completion.
History: Laws 2013, ch. 122, § 10; 2019, ch. 30, § 5.
ANNOTATIONS
The 2019 amendment, effective July 1, 2019, changed the annual audit requirement to
every three years; deleted Subsection A, which required an annual financial audit;
deleted subsection designation "B"; in the first sentence of the subsection, deleted
"Unless otherwise provided in the community documents, in an association managing a
development consisting of fewer than one hundred lots, upon a majority vote of all of the
lot owners" and added "At least every three years", and after "association's records",
added "in accordance with generally accepted accounting principles by an independent
certified public accountant".
Compiler's notes. — Laws 2013, ch. 122, §§ 1 through 14 were erroneously compiled
as 47-7E-1 through 47-7E-14 NMSA 1978, and have been recompiled as 47-16-1
through 47-16-14 NMSA 1978 by the compiler.