HI HB1053

Authorizes condominium association boards to borrow or reallocate funds from replacement reserve funds to pay for association-wide operating expenses, provided the reserve fund maintains at least 50% of required estimated replacement reserves

Requires written notice to all unit owners explaining the purpose of the borrowing, with consent from owners representing at least 50% of the common interest

Mandates a repayment schedule of maximum one year for borrowed or reallocated funds, unless reserves exceed 100% of estimated replacement reserves

Prohibits borrowing reserve funds designated for repair and maintenance projects occurring within one year, or for expenses that primarily benefit board members, officers, or their families

Addresses unprecedented insurance premium increases facing condominium associations due to global insurance industry issues and catastrophic weather events; effective July 1, 3000