HI HB2162

Condominium associations must deposit at least 10% of all annual revenues (excluding estimated replacement reserve assessments) into the total replacement reserves fund each fiscal year.

Unit owners may file complaints with the Real Estate Commission if the board fails to meet the minimum 10% deposit requirement, as an alternative to bringing legal action.

The Real Estate Commission is granted authority to enforce the minimum deposit requirement for replacement reserves.

Board members who fail to deposit the required minimum 10% into replacement reserves will be held personally liable and subject to a fine (amount not specified in bill).

Associations must continue to separately fund either 50% of estimated replacement reserve assessments or 100% when using a cash flow plan.