HB849

Hawaii HB849 amends condominium association financial practices, including audit requirements and borrowing authorizations.

Hawaii HB849 modifies condominium association financial practices by allowing associations with fewer than twenty units to waive annual audits and cash balance verifications if a majority of unit owners vote to do so. It mandates that boards provide unit owners with copies of annual audits and forensic audits within specified timeframes. The bill also authorizes boards to borrow money for repairs and improvements, subject to certain conditions and majority owner approval. Additionally, it requires boards to notify unit owners of maintenance fee increases at least thirty days in advance.