Q: I am writing to seek your opinion on a transparency issue arising under Nevada Revised Statutes 116.31088(4) regarding homeowners association board disclosure obligations following regulatory settlements.

Our HOA board recently concluded a settlement agreement with the Nevada Real Estate Division, resulting in penalties of $3,089.60 imposed on the association and several thousands of dollars in legal fees to our HOA attorney. The settlement resolved what appears to have been procedural compliance violations identified by NRED.

NRS 116.31088(4) explicitly states: “If any civil action in which the association is a party is settled, the executive board shall disclose the terms and conditions of the settlement at the next regularly scheduled meeting of the executive board after the settle

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