Condominiums and Homeowners Associations - Reserve Studies - Exemptions

HB 1201 exempts certain condominiums and homeowners associations from Maryland’s reserve study requirements under specific conditions. It allows condominiums to skip the reserve study process if their council of unit owners approves funding repairs through a special assessment with 80% owner approval. The bill also establishes phased implementation dates for new condominiums based on county and effective date (e.g., Prince George’s County condos established after October 1, 2020, must follow updated rules). This change modifies existing law to reduce administrative burdens for qualifying associations while maintaining reserve study standards for others.