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GA HB1641

Bill

Official Source

Status

Introduced

4/4/2022

Primary Sponsor

Marvin Lim

Click for details

Origin

House of Representatives

2021-2022 Regular Session

AI Summary

  • Condominium association annual budgets must include a line item for payments into a repair and replacement reserve fund
  • The minimum reserve contribution is 15% of the annual budget if the board maintains 4 or more listed building components/systems, 10% for 3 or more, and 5% for 2 or fewer
  • Listed components and systems include hallways, stairwells, roofs, windows, exterior walls, elevators, HVAC systems, swimming pools, exercise facilities, clubhouses, parking garages, masonry bridges, bulkheads, and docks
  • If the condominium's accountant certifies that reserve funds exceed the fully funded requirement, the board must refund or credit the surplus to unit owners
  • Amends Code Section 44-3-80 of the Official Code of Georgia Annotated, relating to allocation of common expenses and assessments for condominiums

Legislative Description

Property; condominium associations include certain amounts in annual budget for repairs and replacement; require

Last Action

House Hopper

4/4/2022

Full Bill Text

No bill text available