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2002 SESSION

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SB 523 Condominium and Property Owners' Association Acts.

Introduced by: William C. Mims | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Condominium and Property Owners’ Association Acts; reserves for capital components. Provides that except to the extent otherwise provided in the governing document for condominiums or property owners’ associations and unless such governing documents impose more stringent requirements, these associations are required to (i) conduct at least once every five years a study to determine the necessity and amount of reserves required to repair, replace and restore the capital components; (ii) review the results of that study at least annually to determine if reserves are sufficient; and (iii) make any adjustments the executive organ deems necessary to maintain reserves, as appropriate. The bill also requires these associations to provide a copy or summary of the reserve study report to prospective purchasers. "Capital components" are defined as items, whether or not a part of the common elements, for which the unit owners' association has the obligation for repair, replacement or restoration and for which the executive organ determines funding is necessary. The bill is a recommendation of the Housing Study Commission.


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