Concerning reserve accounts and studies for condominium associations.
Summary
Requires a residential condominium association, unless doing so would impose an unreasonable hardship, to: (1) prepare an initial reserve study based upon a visual site inspection conducted by a reserve study professional; (2) update the study annually; and (3) arrange for a visual site inspection every three years by a reserve study professional.
Encourages, but does not require, a residential condominium association to establish a reserve account, supplemental to the association's annual operating budget, to fund major maintenance, repair, and replacement of common elements.
Requires a condominium public offering statement or resale certificate to include: (1) a copy of the current reserve study, or (2) a disclosure to the potential buyer stating that the association does not have a reserve study.
From the House Bill Report (SB 6215), written by the Legislature's nonpartisan staff. Read the full report ↗