SB793

Hawaii SB793 mandates fully funded reserve accounts for homeowner associations to ensure they can cover necessary repairs and maintenance.

Hawaii SB793 aims to ensure that homeowner associations have fully funded reserve accounts to cover necessary repairs and maintenance. The bill requires associations to have reserve studies performed by independent entities every three years. It mandates that associations fund 100% of estimated replacement reserves assessments, with new associations exempt until after their first annual meeting. The bill also requires monthly damages and repairs reports to unit owners, detailing any damages, estimated repair costs, and other financial details.