RELATING TO CONDOMINIUM RESERVES.

The detailed budget summary requirements were expanded to include specific details about reserve study qualifications, omitted components, planned assessment increases, and prior year assessment variances.

The 'good faith' defense, which previously protected associations from liability if they made a good faith effort to calculate reserves, was removed for associations that omit the required budget summary.

Unit owners are now explicitly granted legal standing to bring actions against associations that fail to comply with budget and reserve study requirements.

The burden of proof for compliance violations is now placed on the association, requiring them to prove they have substantially complied with the law when challenged.

The effective date of the Act was set to July 1, 2050.

Budget summaries must now contain all required information directly within the document, rather than allowing associations to refer readers to other parts of the budget or reserve study.

Removed the 'good faith' defense that previously protected association boards from liability when their reserve estimates were incorrect, provided they had adopted a budget with the required summary.

Clarified that unit owners have standing to sue associations that fail to substantially comply with budget summary requirements, and shifted the burden of proof to the association to demonstrate compliance.

Changed the effective date from 'upon approval' to July 1, 3000, which appears to be a placeholder or error that will need correction.