House Bill 09-1359
This piece of legislation requires that HOAs implement a new Reserve Study Policy. In essence, this new policy must address four issues: (1) When a reserve study has been done or will be done, as well as how a new study will be completed. (2) Whether the study will be based on a physical and financial analysis. (3) How the Association plans to fund the work recommended in the plan. (4) Finally, HB 09-1359 requires that all Executive Board Members shall have available to them all available information relevant to the Association’s operation, including reports of details monthly expenditures, contracts with which the Association is a party, and copies of communications, reports, and opinions to and from officers of the Association.