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Sponsor seeks stronger reserve-account rules and mandatory funding plans for co-ops, condos and HOAs
Summary
Sen. Muse's office presented SB63 (cross-file of HB292) seeking to strengthen reserve-account funding for cooperative housing corporations, condominiums and homeowners associations by requiring timely deposits, professional reserve studies, annual reviews and mandatory funding plans to avoid sudden assessments and deferred maintenance.
Senate Bill 63, presented by a legislative intern for Sen. Anthony Muse and described as the cross-file of House Bill 292, would improve reserve-account practices across Maryland's common-interest communities — including cooperative housing corporations, residential condominiums and homeowners associations.
"SB 63 bills upon existing reserve funding requirements to ensure…
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