Question:
Hi – I have a question… Can an HOA Board simply decide to open a seperate bank account and it be without the management company as signer and in turn make themselves the signer and name that the new main operating account?
Shouldn’t there be oversight over the potential of a couple rogue board members?
Thank you for your time and assistance
– Daniel
Answer:
Hi Daniel,
California law does not require homeowners associations to have their management company as a signer on bank accounts. That being said, you should check your association’s governing documents to understand what kind of internal controls are required by your HOA.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
