SB 988 - This act creates the Missouri Commission of Homeowners Associations. The Commission shall consist of seven members appointed by the governor. No person shall serve as a board member of a homeowners association without certification by the Commission. In order to receive certification an applicant must pay a fee and meet certain educational requirements. Serving as a board member without certification is a misdemeanor, and members may be held personally liable for actions performed in violation of the act.
Under the act, homeowners associations must complete financial and procedural audits based on the size of the homeowners association. For expenditures over $3,000, a homeowners association must review at least three bids.