STAND. COM. REP. NO. 2081
RE: S.B. No. 855
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-Second State Legislature
Regular Session of 2023
State of Hawaii
Your Committee on Finance, to which was referred S.B. No. 855, S.D. 1, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO CONDOMINIUM RESERVE REQUIREMENTS,"
begs leave to report as follows:
(1) Authorize a condominium association to provide a summary of the required information in its budget;
(2) Authorize a condominium association's reserve study to forecast a loan or special assessment to fund life safety equipment or installations for buildings located in a county with a population greater than five hundred thousand;
(3) Authorize a condominium association to use an independent reserve study preparer to conduct a reserve study on behalf of the condominium; and
(4) Clarify the information to be included in the explanation of how the estimated replacement reserves assessments for an association are computed.
Your Committee received testimony in support of this measure from the Hawaii Council of Associations of Apartment Owners; Community Associations Institute Legislative Action Committee, Hawaii Chapter; and six individuals. Your Committee received comments on this measure from Hui ‘Oia‘i‘o and two individuals.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 855, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 855, S.D. 1, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
KYLE T. YAMASHITA, Chair