[WSBARP] Corporate Transparency Act

[Randy Boyer]

Listmates,

This new Act is causing havoc with HOAs.  The law is not clear on who are the parties that need to disclose.  Some say Board members, some attorney state that it could be interpreted as al Owners in the HOA.  The law requires personal information including drivers licenses, etc.  It is hard enough to get owners to serve as a Board Member.  I am now seeing many small developments not having an HOA at all.  Primarily in Seattle who does not require HOAs on most short plats.

State law, though, requires all subdivisions and condos to have an HOA.  To be required to file under CTA the HOA has to be filed with the Secretary of State.  Is anyone considering forming an unincorporated HOA to avoid CTA.  In the past I have always had filed HOA in order to reduce individual liability to property owners.  I don’t think RCW 64.90 requires the HOA to be filed but many lenders want so see that. In subdivision many jurisdictions require to see the HOA filed.

I am just looking to see if a way can be found to not have HOAs file under the CTA.  I heard there might be a bill in Congress to exempt HOA, but who knows if that will get any traction.

Randy
Randy M. Boyer                                                 ______
Attorney, WSBA# 8665
Law Office of Randy M. Boyer, Inc. P.S. 
7017 196th St. S.W.  Lynnwood, Washington 98036
( 425.712.3107|   Fax 425.778.2274
mail to: randyedlynlaw at gmail.com <mailto:randyedlynlaw at gmail.com>
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