Our initial scan found 3 potential issues in your governing documents.
We checked the 2 public PDFs on Hidden Valley Lake POA’s website against current Indiana and federal HOA law—and more issues may exist depending on the documents you load.
✓Association Bylaws✓Rules & Enforcement Policies+ Add up to 10 PDFs in Full Analysis
“and upon such terms as the Board deems necessary for capital improvements or operating needs, and to pledge, mortgage, or assign future assessment revenues as security therefor without a vote of the…”
Under Ind. Code § 32-25.5-3-5(a)-(b), a homeowners association board may NOT borrow money during any calendar year on behalf of the association in an amount that exceeds the greater of: (1) $5,000 during any calendar year.
Or (2) if the association operated under an annual budget in the previous calendar year, an amount equal to at least 10% of the previous annual budget of the association, UNLESS the borrowing is approved by the affirmative vote of a majority of the members voting by paper ballot or proxy at a meeting called for that purpose.
Sample Discussion Wording for HOA Counsel
For Board & Counsel Review
Amend Bylaws Article VII, Section 4 (Borrowing Money and Pledging Assets) to conform with Ind. Code § 32-25.5-3-5 (Indiana Homeowners Associations Act - Borrowing Limits) prior to board adoption..
REMAINING INITIAL FINDINGS & FULL DOCUMENT SET
2 Additional Issues Flagged in Initial Scan
Unlock exact page coordinates, statutory citations, and counsel discussion notes for all 2 remaining issues—plus load up to 10 PDFs for complete review.
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