SECTION 1. Subsection (c) of section 10 of chapter 183A of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by adding the following paragraph:-

Any party responsible for keeping records pursuant to this subsection who fails to comply with any provision of this subsection shall be punished by a fine of not more than $1000; provided, however, that any appointed manager or managing agent who violates this subsection shall be prohibited from entering into any new contracts for management services with a corporation, trust or unincorporated association located within the commonwealth for a period of 6 months from the date of said violation.

SECTION 2. Subsection (d) of said section 10 of said chapter 183A of the General Laws, as so appearing, is hereby amended by striking out the first paragraph and inserting in place thereof the following paragraph:-

The party responsible for keeping the records in clause (4) of subsection (c) shall:

(1) prepare a financial report, which shall include a balance sheet, income and expense statement and a statement of funds available in the various funds of the organization, within 120 days of the end of the fiscal year;

(2) submit a copy of the financial report to the office of the attorney general within 30 days of its completion;

(3) make a copy of the financial report available to all unit owners within 30 days of its completion;

(4) make a copy of the financial report available upon request to any mortgagee holding a recorded mortgage on a unit in the condominium; and

(5) cause the financial report to be reviewed by an independent certified public accountant in the manner set forth in this subsection.

SECTION 3. Said subsection (d) of said section 10 of said chapter 183A of the General Laws, as so appearing, is hereby further amended by adding the following paragraph:-

Any party responsible for preparing a financial report pursuant to this subsection who fails to comply with any provision of this subsection shall be punished by a fine of not more than $1000; provided, however, that any appointed manager or managing agent who violates this subsection shall be prohibited from entering into any new contracts for management services with a corporation, trust or unincorporated association located within the commonwealth for a period of 6 months from the date of said violation.

SECTION 4. Subsection (f) of said section 10 of said chapter 183A of the General Laws, as so appearing, is hereby amended by adding the following paragraph:-

A manager or managing agent who fails to comply with any provision of this subsection shall be punished by a fine of not more than $1000 and prohibited from entering into any new contracts for management services with a corporation, trust or unincorporated association located within the commonwealth for a period of 6 months from the date of said violation.

SECTION 5. Section 10 of chapter 183A of the General Laws, as so appearing, is hereby amended by adding the following subsection:-

(o)  The attorney general shall enforce subsections (c), (d) and (f) and shall have the authority to promulgate rules and regulations and investigate claims of noncompliance relative to the enforcement of said subsections.