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MI HB5019
MI HB5019Housing: condominium; requirements for an association of co-owners to conduct a reserve study and establish a reserve funding plan; modify. Amends sec. 105 of 1978 PA 59 (MCL 559.205).
summary
Introduced
09/19/2023
09/19/2023
In Committee
09/19/2023
09/19/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to amend 1978 PA 59, entitled"Condominium act,"by amending section 105 (MCL 559.205).
AI Summary
This bill amends the Condominium Act to require associations of co-owners to conduct an initial reserve study to identify the common elements they are responsible for maintaining and the estimated costs of future repairs or replacements. After the initial study, the associations must update the reserve study at least once every 5 years. The bill also requires the associations to establish a reserve funding plan based on the reserve study and provide an annual written notice to the co-owners about the reserve fund balance. The bill gives the administrator the authority to establish minimum standards for reserve funds through rulemaking.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Bill Electronically Reproduced 09/19/2023 (on 09/20/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-HB-5019 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-5019.htm |
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