Effective Date: August 12th 2026
Key points:
- Reserve Studies:
- Requires declarants to commission and pay for a 30 year reserve study before transferring control of a planned community or condominium association.
- Association Disclosures:
- Requires associations to make the most recent reserve study available to unit owners as part of annual disclosures.
- Management Company Transfers:
- Requires former HOA management companies to transfer association records, accounts, passwords, and property within 45 days after termination or nonrenewal.
- The legislation attempts to increases financial planning transparency for HOAs and strengthens requirements for management company transitions and record transfers.
