New law for Homeowners' Associations starting 1-1-07.

Attention Homeowners involved in Homeowners Associations:

Starting January 1, 2007, the standard-form operating budget that a homeowner's association is required to provide its members must be expanded to include the following additional information: (1) any deficiency in reserve funding on a per unit basis; (2) any decision (including a justification) for deferring or not undertaking the repair or replacement of any major component with a remaining life of 30 years or less; and (3) any outstanding loans of more than one year made by the association. Furthermore, the reserve study an association conducts every three years must be expanded to include a reserve funding plan indicating how the association intends to fund its obligation to repair or replace major components with a remaining life of 30 years or less. Beginning January 1, 2009, a summary of the reserve funding plan must be distributed to all members. Source: Assembly Bill No. 2100.

Lorraine
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