CAI-NJ October 2020

applicable, or personally delivered to each member/resident by mail, personal delivery, or electronically. Adequate notice of board meetings shall be given seven (7) days prior to the meeting, provided it is not an emergency meeting. Said notices must be preserved by the board for at least two (2) years. • Votes that take place at a closed (executive) meeting will not be bind- ing. All matters that require a binding vote must be taken up at an open meeting even if the matter is included under one of the existing four statuto- ry exceptions to the taking of bind- ing votes in open meetings, which include contract negotiations and litigation; personnel matters; matters of attorney-client privilege and mat- ters of personal privacy.

- For confidential matters, the board should use language that does not disclose any confiden- tial information during the open meeting, such as matters con- cerning the approval of actions in collection cases, litigation strategies and the like. • All electronic meeting recordings must include with it a written record of what matters were deliberated, what matters were voted on and the record of each vote. Members of the community must be afforded access to the association’s electron- ic recording and the written record. • Minutes of each board meeting must be made available to association members in a “timely manner” before the next meeting and may be identi- fied as “draft” or “unapproved.”

The new regulations set forth a process for the filing of complaints for non-compliance with the regulations and under the new regulations the DCA has the authority to levy fines against any party that does not adhere to these new rules, presumably includ- ing board members and managers. The fines may be up to $50,000 per violation, making it all the more important that associations are aware of the precise nature of what must be implemented. Common interest com- munities across New Jersey should reach out to their legal representatives to appreciate the full impact these new regulations will have on them and to receive guidance on adopting policies ensuring compliance. n

CAI-NJ Community Trends

Laidlaw Wealth Management Helping Homeowners Associations With Liquidity Solutions

Laidlaw Wealth Management Partner, John Busco recently helped a New Jersey Homeowners Association with a well-timed liquidity solution. Many times, associations find themselves with short term needs to fund scheduled improvements or necessary repairs where issuing assessments to residents is not an option. It is at these times access to an experienced lending team is invaluable. Please contact me for more information.

John A. Busco - Founding Partner Laidlaw Wealth Management, LLC. jbusco@laidlawam.com www.laidlawam.com

81 E. Water St. Suite 3 C 521 Fifth Ave. 12 th Fl Toms River NJ 08753 New York NY 10175 732-310-0627 212-953-4945

Laidlaw Wealth Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed agents in all appropriate jurisdictions.

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