Civil Engineers Now Authorized to Conduct SB 326 Inspections
David Wankel, Esq. of Iger Wankel & Bonkowski, LLP
With the deadline to complete the “Balcony Bill” inspections for community associations that are responsible for the maintenance of elevated load- bearing components looming on December 31st of this year, the California Legislature has enacted AB 2114. This emergency legislation adds civil engineers to the list of providers that are authorized to conduct the required inspections.
Many associations that are scrambling to complete the required inspections are finding that inspectors are booked, are too few in number, and are too expensive due to the high demand for their services. To combat these known problems, the Legislature has added civil engineers to the list of authorized inspectors to address the lack of availability of inspectors and the high cost of compliance.
This bill was chaptered on July 15, 2024, and takes effect immediately.
Corporate Transparency Act Updates
Richard Williamson of San Lorenzo & Stadium Lofts Community Associations
An association’s requirement to file a Beneficial Owner Information Report (“BOIR”) with the Department of Treasury’s Financial Crimes Enforcement Network before the January 1, 2025 deadline still applies at the time of print. Here are some updates on what is currently required:
• The BOIR form was updated May 29, 2024. Board members can file the BOIR themselves. Associations are not required to use third party companies to file.
• Board members do not need to create a FinCEN ID to file.
• Social Security numbers are not needed to file.
• An image of a State-issued driver’s license or passport is now required to be submitted along with the identifying document information.
• For associations incorporated after January 1, 2025, or those with a change in beneficial owners (i.e., new board members), updated information must be submitted within 30 days.
You can find out more information by going to:
https://www.fincen.gov/boi, or find step-by-step filing instructions at
https://boiefiling.fincen.gov/help.
www.caioc.org
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