MD SB787

Reserve studies for cooperative housing corporations and condominiums must only identify components with repair or replacement costs exceeding $10,000, rather than all components

Requirements apply only to buildings with four or more stories used for habitation or properties containing four or more single-family units

Updated reserve studies required every 10 years instead of every 5 years after the initial study

Governing bodies have 10 fiscal years (increased from 3 years) following an initial reserve study to attain the recommended annual reserve funding level

Expands who may prepare reserve studies to include licensed electricians, plumbers, and Maryland Home Improvement Commission licensees, in addition to existing qualified professionals