these exemptions apply to most homeowner associations  “reporting party.”





    owner as any individual “who, directly or indirectly, either exercises substantial control over such reporting company or owns or controls at least 25 percent of the ownership  include all members of the Board of Directors and the 


Each reporting party will need  owner report.


It is unclear whether a management company would be   control of the reporting company if the individual directs,  decisions made by the reporting company. Depending on the scope of the authority granted to a management company, the management company may be included as a 


Depending on the scope of authority granted to a management company, it may need to be included.


 company must provide the reporting company’s: (1) full legal name; (2) any trade name or “doing business as” name; (3) complete current address; (4) the state the company was     identifying number, e.g. passport, driver's license, state I.D.;


 identifying number.


Reporting Violations


A reporting company which fails to submit or update a   than $10,000.00, or imprisonment for not more than two  prohibits the application of other available criminal or civil provisions to the extent they are applicable.


A reporting company which fails to submit or update a  


It is important that representatives of homeowner  the CTA and prepare the necessary reporting information accordingly. Given the potential for severe penalties, I would recommend that homeowner associations have their  prior to the report’s submittal to avoid any penalties or other less obvious issues.


Given the severe penalties, associations should have their attorneys review their report pior to submittal.


Submission Deadline SCAN ME


Community Associations Institute (CAI) has been working with coalitions, Members of Congress, and the Department of Treasury to urge for a   reporting for community associations. As of today, the  associations are not exempted. For more information, visit www.caionline.org/Advocacy/Priorities/CTA.


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