HI SB2164

Requires developers to notify condominium owners and prospective purchasers of amendments to project documents (declaration, bylaws, condominium map, public report, or unit designations) for condominiums created after July 1, 2006.

Amendments that effect a material change to a condominium project trigger a purchaser's right of rescission under section 514B-87.

Requires developers to collect and deposit one percent of the total sales price of each residential apartment into escrow for the estimated replacement reserve fund, to be transferred to the association at the first association meeting.

Requires developers to deposit 180 days of operating capital (based on annual maintenance fees and monthly estimated costs) into escrow for transfer to the association at the first association meeting.

Requires developers to disclose in the public report the amount designated for the replacement reserve fund and provide a detailed list of all capital equipment installed, including cost, installation date, and manufacturer's estimated life-span.