Added Co-Sponsor Rep. Diane Blair-Sherlock
Summary
The bill adds a duty for any common‑interest community with major shared components to hire a qualified professional to prepare a reserve study and to update that study at least every five years. The latest study must be given to any prospective buyer who asks for it, while associations with 15 units or fewer are exempt from the study requirement but must still follow budgeting rules. It also expands the information that boards must provide at resale and sets new meeting, record‑keeping and fee rules for master associations.
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