Hawaii 2023 Regular Session

Hawaii House Bill HB803 Compare Versions

Only one version of the bill is available at this time.

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1	1	HOUSE OF REPRESENTATIVES H.B. NO. 803 THIRTY-SECOND LEGISLATURE, 2023 STATE OF HAWAII A BILL FOR AN ACT relating to condominium reserve requirements. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3	HOUSE OF REPRESENTATIVES H.B. NO. 803
4	4	THIRTY-SECOND LEGISLATURE, 2023
5	5	STATE OF HAWAII
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7	7	HOUSE OF REPRESENTATIVES
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9	9	H.B. NO.
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11	11	803
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13	13	THIRTY-SECOND LEGISLATURE, 2023
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17	17	STATE OF HAWAII
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31	31	A BILL FOR AN ACT
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37	37	relating to condominium reserve requirements.
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43	43	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47	47	SECTION 1. Section 514B-148, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: "(a) The budget required under section 514B‑144(a) shall include at least the following: (1) The estimated revenues and operating expenses of the association; (2) Information as to whether the budget has been prepared on a cash or accrual basis; (3) The total replacement reserves of the association as of the date of the budget; (4) The estimated replacement reserves the association will require to maintain the property based on a reserve study performed by the association; provided that the reserve study shall [be]: (A) Include the estimated costs of fire safety equipment or installations that meet the requirements of a life safety evaluation required by the applicable county for any building located in a county with a population greater than five hundred thousand; (B) Be reviewed by an independent reserve study preparer; [provided further that the reserve study shall be] and (C) Be reviewed or updated at least every three years; (5) A general explanation of how the estimated replacement reserves are computed; (6) The amount the association must collect for the fiscal year to fund the estimated replacement reserves; and (7) Information as to whether the amount the association must collect for the fiscal year to fund the estimated replacement reserves was calculated using a per cent funded or cash flow plan. The method or plan shall not circumvent the estimated replacement reserves amount determined by the reserve study pursuant to paragraph (4)." SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 3. This Act shall take effect upon its approval. INTRODUCED BY: _____________________________
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49	49	SECTION 1. Section 514B-148, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
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51	51	"(a) The budget required under section 514B‑144(a) shall include at least the following:
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53	53	(1) The estimated revenues and operating expenses of the association;
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55	55	(2) Information as to whether the budget has been prepared on a cash or accrual basis;
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57	57	(3) The total replacement reserves of the association as of the date of the budget;
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59	59	(4) The estimated replacement reserves the association will require to maintain the property based on a reserve study performed by the association; provided that the reserve study shall [be]:
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61	61	(A) Include the estimated costs of fire safety equipment or installations that meet the requirements of a life safety evaluation required by the applicable county for any building located in a county with a population greater than five hundred thousand;
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63	63	(B) Be reviewed by an independent reserve study preparer; [provided further that the reserve study shall be] and
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65	65	(C) Be reviewed or updated at least every three years;
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67	67	(5) A general explanation of how the estimated replacement reserves are computed;
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69	69	(6) The amount the association must collect for the fiscal year to fund the estimated replacement reserves; and
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71	71	(7) Information as to whether the amount the association must collect for the fiscal year to fund the estimated replacement reserves was calculated using a per cent funded or cash flow plan. The method or plan shall not circumvent the estimated replacement reserves amount determined by the reserve study pursuant to paragraph (4)."
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73	73	SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
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75	75	SECTION 3. This Act shall take effect upon its approval.
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79	79	INTRODUCED BY: _____________________________
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81	81	INTRODUCED BY:
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83	83	_____________________________
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89	89	Report Title: Condominium; Fire Safety Equipment; Fire Safety Installation; Replacement Reserves Description: Requires condominiums to include the estimated cost of fire safety equipment or installations as part of their estimated replacement reserves. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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95	95	Report Title:
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97	97	Condominium; Fire Safety Equipment; Fire Safety Installation; Replacement Reserves
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101	101	Description:
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103	103	Requires condominiums to include the estimated cost of fire safety equipment or installations as part of their estimated replacement reserves.
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111	111	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.