(1) The association is subject to examination and regulation by the commissioner.
(2) The board of directors shall submit, to the commission by no later than April 30 of each year: (a) a financial report for the preceding calendar year in a form approved by the commissioner; and (b) a report of the association's activities during the preceding calendar year.
(a) a financial report for the preceding calendar year in a form approved by the commissioner; and
(b) a report of the association's activities during the preceding calendar year.