In addition to imposing cybersecurity insurance and data protection requirements for homeowners associations’ online assessment payment processors, SB378, which was adopted this session and went into law earlier this year, helps HOA protect homeowners’ private information and streamlines the email notification process.
Pursuant to SB 378, that was adopted this session and went into law earlier this year, entities processing homeowner payment transactions are now required to maintain a minimum of $5 million dollars in cyber-security insurance “that provides coverage for losses arising out of or relating to data breaches, unauthorized intrusions into an information system, computer viruses, ransomware, identity theft and similar exposures.”
Assembly Bill 309 allows HOAs to utilize electronic voting for elections and recalls. It also allows HOAs to use autopay and opens the door to development of new management transition requirements.
Assembly Bill 309 allows HOAs to utilize electronic voting for elections and recalls. It also allows HOAs to use autopay and opens the door to development of new management transition requirements.