HI HB70

Requires condominium association budget summaries to contain all required information as a standalone document without referring readers to other portions of the budget.

Mandates budget summaries include eight specific details: estimated revenues and operating expenses, cash or accrual basis disclosure, fire safety equipment costs, replacement reserves fund balance, estimated replacement reserves assessments, computation methodology with qualifications of reserve study preparers, annual collection amounts, and funding plan type used.

Clarifies that unit owners have standing to bring enforcement actions against their association's board for violations of budget summary and replacement reserves requirements and may seek injunctive relief.

Expands liability protection to include any entity or person making good faith effort to calculate estimated replacement reserves assessments, removing prior language limiting protection to specific association personnel.

Takes effect upon approval and implements requirements from Act 62 (2022) and Act 199 (2023) regarding reserve study transparency and accuracy.