Maryland SB615 regulates reserve accounts and reserve studies for common ownership communities in specific counties.

Maryland SB615 mandates reserve studies and reserve accounts for cooperative housing corporations, condominiums, and homeowners associations in certain counties. It requires an initial reserve study by October 1, 2023, and updated studies every few years thereafter. The studies must identify components needing repair or replacement, their costs, and the annual reserve amount needed. The bill also allows for financial hardship determinations that can temporarily alter reserve funding requirements.

Maryland SB615 regulates reserve accounts and reserve studies for common ownership communities in specific counties.

Maryland SB615 mandates reserve studies and reserve accounts for cooperative housing corporations, condominiums, and homeowners associations in certain counties. It requires an initial reserve study by October 1, 2023, and updated studies every few years thereafter. The studies must identify components needing repair or replacement, their costs, and the annual reserve amount needed. The bill also allows for financial hardship determinations that can temporarily alter reserve funding requirements.