MD HB1615

Allows cooperative housing corporations and condominiums to use reserve funds for purposes outside their funding plan only during emergencies, adding a new restriction to existing law

Requires a two-thirds affirmative vote of members in good standing (for co-ops) or unit owners in good standing (for condominiums) to approve emergency use of reserve funds

Maintains existing requirement that any reserve funds used outside the funding plan must be repaid within 5 years

Applies to both cooperative housing corporations (under Corporations and Associations Article) and condominiums (under Real Property Article)

Takes effect October 1, 2026