Homeowners' Associations Organization and Reporting Act.

HB 993 requires homeowners' associations (HOAs) in North Carolina that collect assessments, impose fines, or enforce architectural guidelines to formally incorporate as corporations or LLCs and file annual reports with the Secretary of State. The report must include contact details for board members, management agents, registered office information, and a link to the property's recorded documents. Failure to submit the report by April 15 each year suspends the HOA’s ability to collect assessments or enforce fees until corrected. This applies to all HOAs managing condominiums or planned communities meeting the specified criteria, directly affecting their operational compliance and financial authority.