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HI HB1822
Bill
Status
1/18/2018
Primary Sponsor
Mark Hashem
Click for details
AI Summary
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Establishes an automatic fire sprinkler system revolving fund administered by the Department of Budget and Finance to provide low-interest loans for installing fire sprinkler systems in residential high-rise buildings constructed before 1975.
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Fund revenues include loan repayments with interest and fees, legislative appropriations, federal grants, investment earnings, and private or voluntary contributions.
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Department of Budget and Finance shall provide loans at a simple interest rate (rate not specified in text) to unit owners and associations for sprinkler installation costs, including water meter costs and permitting fees for individual units or common elements.
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No loans shall be authorized until January 1, 2019, with funds appropriated from general revenues for fiscal year 2018-2019 (amount not specified in text).
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Act takes effect on January 1, 2050.
Legislative Description
Relating To Condominiums.
Condominiums
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Ing, McDermott, Nakamura, Souki, Todd excused (6).
2/15/2018