Enacts GS 47C-113.1, requiring the executive boards, on behalf of their respective condominium unit owners' associations, to obtain and maintain a crime and fidelity insurance policy if the association has annual assessments for common expenses of at least $25,000 or with $25,000 or more of total funds invested or on deposit. Requires the policy to provide coverage of 125% of the total funds on deposit or invested by the executive board plus 125% of the annual budget of the association. Caps the required policy amount at $1 million. Further details the purpose of the policy and policy requirements. Requires that any management agent or company hired by the association who is authorized to disburse funds from association accounts to be covered by a crime and fidelity insurance policy. Defines a management agency or company as a person who, for compensation or the expectation of compensation, performs at least two of the six specified functions, including negotiating contracts or coordinating or arranging for services or the purchase of property and good for or on the behalf of the association. Caps this coverage at $2 million, providing for coverage of the total annual budgets of all clients of the management agent or company. Further details policy requirements. Requires that when an insurance policy described in the statute is not reasonably or commercially available, the association must annually notify all unit owners by hand-delivered or prepaid US mail. Amends GS 47C-1-102, making new GS 47C-2-113.1 also applicable to all condominiums created in the State on or before the specified date in 1986.

Amends GS 47C-3-118 to remove the provision allowing a more extensive compilation, review, or audit of the association's books and records for the current or immediately preceding year to be required by a majority vote of the executive board, or the majority of the unit owners at an annual or special meeting. 

Enacts new GS 47C-3-118.1, requiring the executive board to provide for an annual independent financial audit conducted by a licensed CPA of the association if the association has annual revenues or expenditures or total account balances of $150,000 or more. Requires completion within one year after the end of the fiscal year, and requires availability to the unit owners within 30 days of completion. Prohibits the audit from being performed by an entity that has affiliation with any member of the executive board or a management agent or company retained by the board. 

Enacts GS 47F-3-113.1, establishing insurance requirements of planned community lot owners' associations that mirror those enacted in new GS 47C-3-113.1 applicable to condominium unit owners' associations. Amends GS 47F-3-118 to make changes to the association record provisions in the same manner as GS 47C-3-118 was amended. 

Enacts GS 47F-3-118.1, establishing identical provisions regarding financial audits of planned community lot owners' associations as those enacted in GS 47C-3-118.1 for condominium unit owners' associations. 

Amends GS 47F-1-102, making new GS 47F-3-113.1 and new GS 47F-118.1 applicable to planned communities created before January 1, 1999.

Effective January 1, 2022, except that the new audit requirements apply to fiscal years beginning on or after the effective date of the act.