South Carolina Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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FAQ
What does fiduciary mean? Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy, and efficient. Board members, as stewards of public trust, must always act for the good of the organization, rather than for the benefit of themselves.
However, in South Carolina, an HOA or COA does have the power to foreclose when homeowners fail to pay their dues. An HOA or COA can even foreclose for unpaid fines and fees that may owed due to violations of HOA or COA's rules and regulations.
Got a complaint about your HOA or community management? File it here. You can also email scdca@scconsumer.gov or call 803-734-4200 or toll-free in South Carolina: 1-800-922-1594 for more information.
While the role of a management company is to offer a helping hand, the board should still retain all decision-making tasks. HOA management company duties include assisting with administrative work, executive board decisions, and communicating with residents.
Duty of loyalty requires HOA board members to act in good faith to promote the best interests of the entire association. HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest.
If your HOA is unresponsive to written communication, the first thing you want to do is take every action to contact the directors by phone. If you get no answers, find out if they are holding a meeting and attend it. If they still don't address your concern, you might need to seek legal advice.
Unlike North Carolina, where daily fines for violations of the covenants are capped at $100, South Carolina does not have a similar statutory limitation. It does not have a Planned Community Act.
The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty and the duty of obedience, as mandated by state and common law. It's vitally important that all board directors understand how their duties fall into each category of fiduciary duties.
Federal Laws - In addition to state law regulations, the federal government has laws that govern the operation and management of common interest communities in the state of South Carolina. South Carolina Homeowners Association Act, S.C. Code Ann. § 27-30-110, et.