SB 481 - This act establishes the "Missouri Homeowners' Association Act". The act shall apply to all planned communities, as defined in the act, and all events and circumstances related to planned communities on and after January 1, 2026. The act shall not be construed to invalidate planned communities' existing governing documents or plats. Nothing in the act shall modify rights of a declarant, as defined in the act, or the holder of a security interest recorded prior to the planned community. The act shall not be varied by agreement, and rights conferred under the act shall not be waived. Each lot, as defined in the act, shall constitute a separate parcel of real estate, assessed and taxed consistent with its restricted use. Common ground and property of the association shall not be subject to taxation. (Section 442.626). The act specifies standards and procedures for amending the declarations creating a planned community, and for appealing the amendments. (Section 442.631). An owners' association shall be organized prior to conveyance of the first lot in a planned community, and shall be incorporated as a mutual benefit nonprofit corporation within 1 year of transfer of control from the declarant. The act provides for the owners' association to be governed by a board of directors, and specifies election procedures. (Section 442.636). The act further lays out procedures for establishing the association's budget and assessments on lot owners; provides that any provision in the association's governing documents specifying a maximum assessment or maximum assessment increase shall be void; and details procedures for recovering delinquent assessments through the courts, including actions against tenants. (Section 442.641). Lastly, the act includes provisions regarding binding arbitration, and regarding nonbinding dispute resolution between lot owners. (Section 442.646). This act is similar to HB 1177 (2025), HB 2270 (2024), and SB 1324 (2024). ERIC VANDER WEERD