Hawaii HB117 amends condominium association laws to adjust reserve fund requirements and fiduciary duties.

Hawaii HB117 modifies condominium association laws by adjusting the reserve fund requirements and fiduciary duties of board members. The bill mandates that associations assess unit owners to fund either 50% or 100% of estimated replacement reserves assessments, depending on the use of a cash flow plan. It also stipulates that the balance of the total replacement reserves fund must be at least a certain percentage of the tax-assessed value of the project.

Hawaii HB117 amends condominium association laws to adjust reserve fund requirements and fiduciary duties.

Hawaii HB117 modifies condominium association laws by adjusting the reserve fund requirements and fiduciary duties of board members. The bill mandates that associations assess unit owners to fund either 50% or 100% of estimated replacement reserves assessments, depending on the use of a cash flow plan. It also stipulates that the balance of the total replacement reserves fund must be at least a certain percentage of the tax-assessed value of the project.