We believe that all associations should use a reserve study to plan help for the future expenses they will invariably face. Over the last five years a number of states have taken the proactive step in developing reserve study related legislation. The latest addition to the list of states which have taken steps to implement legislation is Maryland. Maryland attempted to introduce legislation that would require condominium and homeowner associations to conduct reserve studies. The attempt failed, but is still on the horizon.
MARYLAND RESERVE STUDY
Maryland’s may not require Associations to conduct reserve studies, but that should not stop your Association from looking further at the benefits of doing so. We recommend you call a Reserve Specialist to talk further about the requirements and the general process of undertaking a reserve study. Call us if you have questions or would like to talk more on this topic.
UPDATE : A new Bill was introduced in January 2020 to again address the need for the regular review of reserve accounts and reserve studies. We will wait and see if the HB 254 is successful…