HI SB855

Authorizes condominium associations to provide a summary of required budget information rather than full details in their budgets.

Allows reserve studies to forecast loans or special assessments to fund life safety equipment and installations required by county life safety evaluations in counties with populations exceeding 500,000.

Permits condominium associations to use third-party contractors to conduct reserve studies on behalf of the association, with managing agents holding industry reserve study designations not considered to have conflicts of interest.

Requires detailed disclosure in reserve study explanations including the qualifications and conflicts of interest of study preparers, omitted property components, planned increases in reserve contributions, and comparisons of actual versus budgeted contributions.

Takes effect July 1, 2050.