MD SB63

Requires cooperative housing corporations, condominiums, and homeowners associations to deposit reserve funds by the last day of each fiscal year and develop funding plans in consultation with qualified professionals using methods such as component, cash flow, baseline, or threshold funding approaches

Extends the timeline for governing bodies to attain recommended reserve funding levels from 3 to 5 fiscal years after completing an initial reserve study

Allows governing bodies to deviate from reserve funding requirements by two-thirds majority vote upon determining financial hardship, limited to 1 fiscal year with possible renewals, while maintaining minimum funding for health, safety, structural integrity, and essential systems

Requires governing bodies to annually review reserves and the most recent reserve study to determine adequate funding, and to review funding plan compliance at each annual meeting

Permits reserves to be used for purposes outside the funding plan if funds are repaid to the reserve fund within 5 years of use