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2022 SESSION
22105165DBe it enacted by the General Assembly of Virginia:
1. § 1. A. The Department of Professional and
Occupational [ Regulation's Office of the Common Interest Community
Ombudsman Regulation ] shall establish a work group to study
the adequacy of current laws addressing standards for structural integrity and
for maintaining reserves to repair, replace, or restore capital components in
common interest communities. In conducting such study, the work group shall
consider the following: (i) the development of common interest communities,
including initial budget reserve funding, the filing of "as built"
plans and specifications with the locality and delivery of such plans to the
association of such common interest community, along with other transition
documents, and increasing requirements for the issuance of certificates of
occupancy; (ii) governing documents; (iii) reserve study requirements,
including requirements for the frequency of such studies, the qualification of
persons conducting such studies, and disclosure of such studies to purchasers
and existing owners; (iv) budget requirements; (v) the authority of association
boards to budget for reserves, expend funds for reserve projects, make special
or additional assessments, and borrow funds to pay for projects; (vi) liability
of associations and executive boards; (vii) inspections, including the
authority of local governments to require inspections, funding for inspections,
the scope, nature, and schedule of inspections, and qualifications of building
inspectors; (viii) insurance coverage, including the scope of coverage,
availability of products, adequacy or need for new or alternate products,
feasibility of insurance inspections, and cost; (ix) education of association
board members and owners; (x) judicial remedies, including an option to
petition a court to authorize an assessment or alternative funding; and (xi)
common interest community association management, including manager
qualifications and self-management versus professional management.
B. The work group shall be composed of representatives of (i) the Common Interest Community Board, (ii) local governments, (iii) local and state building officials, (iv) common interest community property owners, (v) developers and builders, (vi) common interest community managers, (vii) community association attorneys, (viii) reserve specialists, (ix) professional engineers, (x) auditors, (xi) representatives of financial institutions, (xii) insurance professionals, (xiii) attorneys with experience representing individuals with property or personal injury claims; (xiv) the Office of the Common Interest Community Ombudsman; and (xv) volunteer community leaders.
C. The Department of Professional and Occupational [ Regulation's
Office of the Common Interest Community Ombudsman Regulation ] shall
report the work group's findings and provide recommendations, including any
legislative recommendations, to the Chairs of the House Committee on General
Laws and the Senate Committee on General Laws and Technology no later than
April 1, 2023.