Hawaii HB1824 allows small condominium associations to waive third-party reserve study reviews every three years.

Hawaii HB1824 modifies the reserve study requirements for condominium associations. It allows associations with fewer than twenty units to waive the requirement for a third-party reserve study review every three years if a majority of unit owners vote to do so. This change aims to provide financial flexibility for small associations while maintaining transparency and owner protections. The associations must still prepare and disclose annual reserve information to unit owners and document the waiver decision.

Hawaii HB1824 allows small condominium associations to waive third-party reserve study reviews every three years.

Hawaii HB1824 modifies the reserve study requirements for condominium associations. It allows associations with fewer than twenty units to waive the requirement for a third-party reserve study review every three years if a majority of unit owners vote to do so. This change aims to provide financial flexibility for small associations while maintaining transparency and owner protections. The associations must still prepare and disclose annual reserve information to unit owners and document the waiver decision.