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2002 SESSION
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.
FULL TEXT
- 01/09/02 Senate: Presented & ordered printed, prefiled 01/09/02 026519266 pdf
- 01/31/02 Senate: Committee substitute printed 022982500-S1 pdf
- 02/06/02 Senate: Printed as engrossed 022982500-ES1 pdf
- 03/06/02 Senate: Bill text as passed Senate and House (SB523ER) pdf
- 04/04/02 Governor: Acts of Assembly Chapter text (CHAP0459) pdf
AMENDMENTS
HISTORY
- 01/09/02 Senate: Presented & ordered printed, prefiled 01/09/02 026519266
- 01/09/02 Senate: Referred to Committee on General Laws
- 01/30/02 Senate: Reported from General Laws with sub (11-Y 2-N 1-A)
- 01/31/02 Senate: Committee substitute printed 022982500-S1
- 02/01/02 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/01/02 Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
- 02/04/02 Senate: Passed by for the day
- 02/05/02 Senate: Passed by for the day
- 02/06/02 Senate: Read second time
- 02/06/02 Senate: Reading of substitute waived
- 02/06/02 Senate: Committee substitute agreed to 022982500-S1
- 02/06/02 Senate: Reading of amendments waived
- 02/06/02 Senate: Amendments by Sen. Mims agreed to
- 02/06/02 Senate: Engrossed by Senate - committee sub w/amds. 022982500-S1
- 02/06/02 Senate: Printed as engrossed 022982500-ES1
- 02/07/02 Senate: Read third time and passed Senate (37-Y 2-N)
- 02/07/02 Senate: VOTE: PASSAGE (37-Y 2-N)
- 02/07/02 Senate: Communicated to House
- 02/13/02 House: Placed on Calendar
- 02/13/02 House: Read first time
- 02/13/02 House: Referred to Committee on General Laws
- 02/18/02 House: Assigned to General Laws sub-committee: 1
- 02/26/02 House: Reported from General Laws (22-Y 0-N)
- 02/27/02 House: Read second time
- 02/28/02 House: Read third time
- 02/28/02 House: Passed House BLOCK VOTE (98-Y 0-N)
- 02/28/02 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 03/06/02 Senate: Bill text as passed Senate and House (SB523ER)
- 03/07/02 Senate: Enrolled
- 03/07/02 House: Signed by Speaker
- 03/07/02 Senate: Signed by President
- 04/02/02 Governor: Approved by Governor-Chapter 459 (effective 7/1/02)
- 04/04/02 Governor: Acts of Assembly Chapter text (CHAP0459)