MD HB1201

Residential condominiums may opt out of mandatory reserve study requirements if unit owners holding at least 80% of votes in good standing approve funding repairs through special assessments instead

Homeowners associations with 50 or fewer homes are exempt from reserve study requirements

HOAs comprising only single-family homes on lots that cannot be subdivided are exempt from reserve study requirements

HOAs whose only common element maintenance responsibility is private roads are exempt from reserve study requirements

Effective date: October 1, 2026