HI HB1824

Condominium associations with fewer than 20 units may waive the triennial requirement for an independent reserve study preparer to review their reserve study by majority vote of unit owners present at a duly noticed meeting.

Associations electing to waive the independent review must continue preparing and disclosing annual reserve information to unit owners and must record the waiver vote in association records.

The waiver applies only to a single three-year period, and associations are prohibited from waiving the independent reserve study review requirement for two consecutive three-year periods.

Managing agents with industry reserve study designations are not considered to have a conflict of interest when conducting reserve studies.

Effective date is July 1, 3000 (placeholder date indicating the bill requires further amendment before implementation).