Condominiums and Homeowners Associations - Reserve Studies - Exemptions

Summary

The bill removes the requirement for residential condominiums to conduct reserve studies if their council decides to fund major common‑element repairs through a special assessment that gets at least an 80% affirmative vote from unit owners in good standing. All other condominiums and homeowners associations must still follow the detailed reserve‑study and funding‑plan requirements. The change is meant to give qualifying condos more flexibility in financing large repairs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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