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Senate narrows HOA reserve-access bill after floor amendment to exclude board members
Utah State Senate · February 3, 2021
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Summary
Senators amended and passed a bill allowing homeowners associations limited access to reserve funds during statewide emergencies, clarifying that the 10% threshold cannot include board members and requiring at least 48 hours' notice to owners.
The Utah Senate on Feb. 3 amended and passed first substitute Senate Bill 75 to create a narrow exception allowing homeowners associations to tap reserve funds in limited circumstances such as a statewide emergency.
Senator Kevin Fillmore, the bill sponsor, said the measure provides an option for associations to use reserves to pay…
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