Bill Text: HI HB2118 | 2018 | Regular Session | Amended
Bill Title: Relating To Condominiums.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2018-04-27 - Received notice of discharge of conferees (Hse. Com. No. 691). [HB2118 Detail]
Download: Hawaii-2018-HB2118-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2118 |
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TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO CONDOMINIUMS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 514B-105, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Subject to any approval requirements and
spending limits contained in the declaration or bylaws, the association may
authorize the board to borrow money for the repair, replacement, maintenance,
operation, or administration of the common elements and personal property of
the project, or the making of any additions, alterations, and improvements
thereto; provided that written notice of the purpose and use of the funds is
first sent to all unit owners and owners representing fifty per cent of the
common interest vote or give written consent to the borrowing[.];
provided further that in the event of a government mandate for the installation
of equipment or improvements to the common elements for the health and safety
of residents or apartment owners and where at least twenty per cent of the unit
owners reside outside of the United States, the board shall not be required to
obtain the consent of the owners to the borrowing. In connection with the borrowing, the board
may grant to the lender the right to assess and collect monthly or special
assessments from the unit owners and to enforce the payment of the assessments
or other sums by statutory lien and foreclosure proceedings. The cost of the borrowing, including, without
limitation, all principal, interest, commitment fees, and other expenses
payable with respect to the borrowing or the enforcement of the obligations
under the borrowing, shall be a common expense of the project. For purposes of this section, the financing
of insurance premiums by the association within the policy period shall not be
deemed a loan and no lease shall be deemed a loan if it provides that at the
end of the lease the association may purchase the leased equipment for its fair
market value."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on January 1, 2050.
Report Title:
Condominiums; Fire Sprinklers
Description:
Allows a condominium board to borrow money for the installation of equipment for the health and safety of residents and apartment owners in the event of a government mandate without the consent of owners where at least twenty percent of owners reside outside of the United States. (HB2118 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
