AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

SB 2692 requires condominium associations to conduct structural surveys and reserve studies, fund reserves at a minimum of 15% of annual operating expenses, and create long-term repair plans. This directly affects all condominium associations managing residential properties, mandating proactive financial and structural planning. Key provisions include annual assessments of common areas' condition, setting aside 15% of operating funds for future repairs, and developing detailed maintenance schedules. The bill aims to ensure associations have sufficient funds and planning in place for major repairs before they become urgent or costly. It does not change current voting rules or involve other government entities.