Sec. 4. (a) This section does not apply to: (1) a contract entered into by a board that would resolve, settle, or otherwise satisfy an act of enforcement against a homeowners association for violating a state or local law; or (2) a contract under IC 36-9-27.8 . (b) A board may not enter into any contract that would result in a new assessment or the increase in an existing assessment payable by the affected members of the homeowners association in the amount of more than five hundred dollars ($500) per year for each affected member of the homeowners association unless: (1) the board holds at least two (2) homeowners association meetings concerning the contract; and (2) the contract is approved by the affirmative vote of at least two-thirds (2/3) of the affected members of the homeowners association. (c) A board shall give notice of the first homeowners association meeting held under subsection (b): (1) to each member of the homeowners association; and (2) at least seven (7) calendar days before the date the meeting occurs.
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