Hawaii SB793 mandates that homeowner associations maintain fully funded reserve accounts for property maintenance and repairs.

Hawaii SB793 amends state statutes to require all existing homeowner associations to maintain fully funded reserve accounts. This ensures that associations can cover future expenses smoothly and protects unit owners from sudden large assessments or increased dues. The bill mandates that associations prepare annual operating budgets and reserve studies, detailing estimated replacement reserves assessments. These assessments must be funded by unit owners, with a requirement to collect 100% of the estimated reserves.

Hawaii SB793 mandates that homeowner associations maintain fully funded reserve accounts for property maintenance and repairs.

Hawaii SB793 amends state statutes to require all existing homeowner associations to maintain fully funded reserve accounts. This ensures that associations can cover future expenses smoothly and protects unit owners from sudden large assessments or increased dues. The bill mandates that associations prepare annual operating budgets and reserve studies, detailing estimated replacement reserves assessments. These assessments must be funded by unit owners, with a requirement to collect 100% of the estimated reserves.