(1) Before a homeowners association may take action to increase an annual budget in any single year, the homeowners association must provide notice to homeowners at least forty-eight hours in advance of the meeting in which a decision to raise the annual budget is made. Notice of the meeting may be through posting notice:
(a) in a conspicuous place in a common area in the community;
(b) on an Internet website maintained by the homeowners association;
(c) by electronic mail; or
(d) through methods provided in the association's bylaws that ensure actual notice.
(2) The provisions of this section do not apply to a homeowners association that is incorporated under the South Carolina Nonprofit Corporation Act found in Chapter 31, Title 33.