AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

HB 7851 requires condominium associations to conduct structural surveys and reserve studies, fund reserves at 15% of annual operating costs, and develop repair plans. It directly affects condominium associations by mandating these financial and structural planning requirements. Key provisions include regular structural assessments, annual reserve studies to ensure adequate funding, and specific 15% reserve contribution rates. The bill aims to improve long-term property maintenance and financial transparency for condo owners.