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Legislative Year: 2022 Change
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Bill Detail: HB22-1387

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Title Common Interest Communities Reserve Funds
Status House Considered Senate Amendments - Result was to Concur - Repass (05/10/2022)
Bill Subjects
  • Housing
House Sponsors B. Titone (D)
M. Bradfield (R)
Senate Sponsors K. Priola (R)
R. Fields (D)
House Committee Transportation and Local Government
Senate Committee State, Veterans and Military Affairs
Date Introduced 04/18/2022
Summary

The bill requires mandatory reserve studies for common interest
communities that have major shared components, including common
elements or property that the unit owners' association (association) is
responsible for maintaining, repairing, or replacing.
The bill:
  • Specifies the level of reserve study required and the

necessary components of the reserve study at each level;
  • Requires the declarant to obtain reserve studies
commencing with the development of the common interest
community and to provide reserve studies to potential
purchasers of units in the common interest community in
the seller's disclosures; and
  • Requires the declarant to provide a reserve study at the
time the declarant turns the common interest community
property over to the association, along with reserve funds
recommended by the reserve study.
The bill defines emergent life circumstances and authorizes an
association's executive board to obtain additional funding from unit
owners to address dangerous conditions if the reserve funds are not
sufficient to address the conditions.
The bill limits the investment of reserve funds in financial
instruments that are not insured by a federal agency.
The bill takes effect July 1, 2024.

Committee Reports
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Fiscal Notes Fiscal Notes (04/21/2022) (most recent)  
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