Hawaii HB849 amends condominium association financial practices, including borrowing, audits, and fee increases.

Hawaii HB849 modifies condominium association financial practices by requiring notice to unit owners before borrowing for repairs or improvements, and mandates a majority vote or written consent. It also mandates annual audits and unannounced cash balance verifications by certified public accountants, with forensic audits every three years. The bill specifies that the cost of borrowing is a common expense and mandates the board to notify unit owners of fee increases at least 30 days prior. The association must provide annual audits and unaudited financial statements to unit owners.

Hawaii HB849 amends condominium association financial practices, including borrowing, audits, and fee increases.

Hawaii HB849 modifies condominium association financial practices by requiring notice to unit owners before borrowing for repairs or improvements, and mandates a majority vote or written consent. It also mandates annual audits and unannounced cash balance verifications by certified public accountants, with forensic audits every three years. The bill specifies that the cost of borrowing is a common expense and mandates the board to notify unit owners of fee increases at least 30 days prior. The association must provide annual audits and unaudited financial statements to unit owners.