HI HB1647

Requires condominium association boards to deposit at least 10% of all revenues each fiscal year (excluding replacement reserve assessments) into the total replacement reserves fund.

Requires associations to assess unit owners to achieve either 50% of estimated replacement reserve assessments or 100% when using a cash flow plan.

Grants the Real Estate Commission authority to enforce the minimum 10% deposit requirement and allows unit owners to file complaints with the Commission instead of pursuing legal action.

Holds board members personally liable and subject to a fine for failing to deposit the minimum 10% into the total replacement reserves fund (specific fine amount left blank in bill).

Takes effect July 1, 2024.