Sec. 1. The attorney general may bring an action against a board of a homeowners association or an individual member of a board of a homeowners association if the attorney general finds that any of the following apply:
(1) The association's funds have been knowingly or intentionally misappropriated or diverted by a board member.
(2) A board member has knowingly or intentionally used the board member's position on the board to commit fraud or a criminal act against the association or the association's members.
(3) A proxy was exercised, or was allowed to be exercised, in violation of IC 32-25.5-3-10.
(4) A violation of IC 32-25.5-3-3 has occurred.