Ind. Code § 32-25.5-3-3.3 – Failure to achieve quorum at annual budget meeting after expiration of fifth year after first sale of lot or unit by developer; adoption of annual budget for ensuing year; allowable amount; express

(a) This section applies to a homeowners association 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.
(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 the lesser of:
1. (1) one hundred five percent (105%) of the amount of the last approved homeowners association budget; or
2. (2) the last approved homeowners association budget increased by the average increase of the Consumer Price Index, published by the United States Bureau of Labor Statistics, for housing in the midwest region for the prior twelve (12) months.
(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.

As added by P.L.53-2026, SEC.5.