Bill > SB0863

This bill amends the Tennessee Code Annotated, Title 66, Chapter 27, to require a board of directors for a unit owners' association to either update a reserve study or conduct a reserve study if certain conditions are met. A "reserve study" is defined as an analysis of the remaining useful life and estimated cost to replace each separate system and component of the common elements, conducted by a reserve specialist, licensed engineer, or architect. The bill requires boards that oversee common elements exceeding $10,000 in aggregate replacement cost to update their reserve study every five years or conduct a new study by January 1, 2025 if they have not done so since January 1, 2020. The board must make the reserve study available to all owners and review the reserve funding annually.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0863&ga=113