SB2300 amends Hawaii Revised Statutes to revise reserve study requirements for condominium associations.

SB2300 amends Hawaii Revised Statutes to revise reserve study requirements for condominium associations. The bill mandates that the annual operating budget summary include details such as the estimated revenues and expenses, the basis of the budget preparation, and the estimated costs of fire safety equipment. It also requires disclosure of any omitted components of association property from the reserve study and the basis for such omissions. The bill further specifies that the reserve study must be reviewed by an independent reserve study preparer at least every three years.

SB2300 amends Hawaii Revised Statutes to revise reserve study requirements for condominium associations.

SB2300 amends Hawaii Revised Statutes to revise reserve study requirements for condominium associations. The bill mandates that the annual operating budget summary include details such as the estimated revenues and expenses, the basis of the budget preparation, and the estimated costs of fire safety equipment. It also requires disclosure of any omitted components of association property from the reserve study and the basis for such omissions. The bill further specifies that the reserve study must be reviewed by an independent reserve study preparer at least every three years.