Hawaii HB2162 amends condominium association rules to require a minimum deposit into the total replacement reserves fund and establish personal.

Hawaii HB2162 modifies condominium association regulations by mandating that associations deposit at least ten percent of their revenues into the total replacement reserves fund each fiscal year. The bill also holds board members personally liable and subject to fines if they fail to meet this deposit requirement. Additionally, it grants unit owners the right to bring actions against associations for violations and seek injunctions for compliance. The Act takes effect upon approval.

Hawaii HB2162 amends condominium association rules to require a minimum deposit into the total replacement reserves fund and establish personal.

Hawaii HB2162 modifies condominium association regulations by mandating that associations deposit at least ten percent of their revenues into the total replacement reserves fund each fiscal year. The bill also holds board members personally liable and subject to fines if they fail to meet this deposit requirement. Additionally, it grants unit owners the right to bring actions against associations for violations and seek injunctions for compliance. The Act takes effect upon approval.