Ind. Code § 32-25.5-3-3.2 – Failure to achieve quorum at annual budget meeting during first five years after first sale of lot or unit by developer; adoption of annual budget for ensuing year; allowable amount; express provisi

(a) This section applies to a homeowners association within the first five (5) years after the first sale of a lot or unit within the homeowners association from a developer to a person that is not affiliated with the developer.
(b) If the number of members of the homeowners association in attendance at a meeting held under section 3(d) of this chapter do not constitute a quorum as defined in the governing documents of the homeowners association, the board may adopt an annual budget for the homeowners association for the ensuing year in an amount that does not exceed one hundred ten percent (110%) of the amount of the last approved homeowners association annual budget.
(c) The governing documents of the homeowners association must expressly allow a board to adopt a budget in the manner described in subsection (b) without a quorum.
(d) The governing documents of a homeowners association may not allow a budget to be increased under this section after the expiration of the fifth year following the first sale of a lot or unit by a developer to a person that is not affiliated with the developer.

As added by P.L.53-2026, SEC.4.