2013 House Bill 4355 / Public Act 134

Revise condominium audit standards

Introduced in the House

Feb. 28, 2013

Introduced by Rep. Paul Clemente (D-14)

To allow a majority of a condominium association's members to choose not to obtain an annual audit if the association has annual revenues of less than $100,000, and instead only require that a certified public accountant review the books.

Referred to the Committee on Regulatory Reform

May 14, 2013

Reported without amendment

With the recommendation that the substitute (H-3) be adopted and that the bill then pass.

June 4, 2013

Substitute offered

To lower the threshold for the proposed option to condo associations with less than $20,000 in annual revenue.

The substitute passed by voice vote

Amendment offered by Rep. Paul Clemente (D-14)

To clarify the means by which the association votes on the proposed option.

The amendment passed by voice vote

June 5, 2013

Passed in the House 108 to 1 (details)

To allow a majority of a condominium association's members to choose not to obtain an annual audit if the association has annual revenues of less than $20,000, and instead only require that a certified public accountant review the books.

Received in the Senate

June 6, 2013

Referred to the Committee on Regulatory Reform

Sept. 24, 2013

Reported without amendment

With the recommendation that the bill pass.

Oct. 2, 2013

Passed in the Senate 37 to 0 (details)

To allow a majority of a condominium association's members to choose not to obtain an annual audit if the association has annual revenues of less than $20,000, and instead only require that a certified public accountant review the books.

Signed by Gov. Rick Snyder

Oct. 15, 2013