Bill Text: HI HB803 | 2024 | Regular Session | Introduced
Bill Title: Relating To Condominium Reserve Requirements.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [HB803 Detail]
Download: Hawaii-2024-HB803-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
803 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to condominium reserve requirements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"(a) The
budget required under section 514B‑144(a) shall include at least the
following:
(1) The estimated revenues and operating expenses of
the association;
(2) Information as to whether the budget has been
prepared on a cash or accrual basis;
(3) The total replacement reserves of the association
as of the date of the budget;
(4) The estimated replacement reserves the
association will require to maintain the property based on a reserve study
performed by the association; provided that the reserve study shall [be]:
(A) Include the estimated costs of fire
safety equipment or installations that meet the requirements of a life safety
evaluation required by the applicable county for any building located in a county
with a population greater than five hundred thousand;
(B) Be reviewed by an independent
reserve study preparer; [provided further that the reserve study shall be]
and
(C) Be reviewed or updated at least
every three years;
(5) A general explanation of how the estimated
replacement reserves are computed;
(6) The amount the association must collect for the
fiscal year to fund the estimated replacement reserves; and
(7) Information as to whether the amount
the association must collect for the fiscal year to fund the estimated
replacement reserves was calculated using a per cent funded or cash flow
plan. The method or plan shall not
circumvent the estimated replacement reserves amount determined by the reserve
study pursuant to paragraph
(4)."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Condominium;
Fire Safety Equipment; Fire Safety Installation; Replacement Reserves
Description:
Requires condominiums to include the estimated cost of fire safety equipment or installations as part of their estimated replacement reserves.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
