Senate adopts bill requiring 30-year reserve studies for new common‑interest communities
House Bill 1099 requires developers to commission independent 30-year reserve studies for newly built common‑interest communities and to provide those studies to buyers 24 hours before closing; supporters said the change protects consumers from large surprise assessments.
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The Senate adopted House Bill 1099 on March 24, requiring developers of new common‑interest communities to commission an independent 30‑year reserve study before the first unit is sold and to provide that study to prospective buyers at least 24 hours before closing. Sponsors and proponents framed the bill as both a consumer protection and affordability measure.
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