In 2021 the Legislature enacted Miss. Code Ann. §§79-11-751 to -759, entitled Regulation of Homeowners Associations Management Agents and the Management of Association Assets. This legislation was enacted in response to the alleged embezzlement of money from multiple homeowners’ associations by an association management company. Among other things, the legislation imposed additional requirements on boards of directors of homeowners’ associations to review and approve bank statements and transfers of funds. Many homeowners’ associations complained that the limitations were too restrictive and interfered with their ability to conduct routine business. In HB 933, the Legislature made changes to the 2021 statutes to delete the requirement that approval of transfers of funds by boards be in writing, require boards to review only the most recent reconciliations of its operating and reserve accounts, allow a board to get insurance rather than a fidelity bond, and allow a board rather than the members of the association to vote not to require a fidelity bond.
Rod Clement’s practice is concentrated in commercial real estate and secured transactions. He regularly represents purchasers and developers of shopping centers, office buildings and distribution centers, and represents lenders and borrowers in financings. Recent projects that he has worked on include development of solar power farms and student housing, purchase of healthcare facilities, and sales and financings of multi-family properties. He also has extensive experience with judicial and non-judicial foreclosures and receiverships. Rod is a member of and has served on the board of directors of both the American College of Real Estate Lawyers and the American College of Mortgage Attorneys. He currently is serving on ACREL’s Member Selection Committee. Rod has been listed in Band 1 of Chambers USA in Real Estate since Chambers began covering Mississippi. He has been listed in The Best Lawyers in America®in Real Estate and Land Use and Zoning for over 15 years. Best Lawyers named him “Lawyer of the Year” in Real Estate Law in Jackson in 2011, 2014 and 2018 and in Land Use and Zoning Law in 2013, 2016 and 2019. He is one of only two attorneys in Mississippi listed in International Who’s Who Legal: Real Estate for 2013-2015. He also is listed in Mid-South Super Lawyers.