S.B. 1046 Summary

• Requires managing agents of condominium associations to notify unit owners and the Real Estate Commission in writing when the association fails to comply with budget and replacement reserves requirements under Chapter 514B.

• Applies only to managing agents whose contracts include budgetary and replacement reserve responsibilities and provide authority to correspond with unit owners.

• Amends Hawaii Revised Statutes Section 514B-148 to add new reporting obligations for managing agents regarding association fiscal compliance.

• Becomes effective July 1, 2050.