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Alabama

State Legislation

Alabama Uniform Condominium Act

Alabama Homeowners’ Association Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

State statues outline that associations may adopt and amend budgets for revenues and reserves and collect assessments for common expenses [Section 35-8A-302]. Additionally, offering statements need to include a budget [Section 35-8A-403 & 35-20-13] and statement of the amount included in the budget for repairs and replacement.” – RSG

Alaska

State Legislation

Common Interest Ownership

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

State statues outline that public offering statements must contain a statement of the amount included in the budget as a reserve for repair and replacement including the estimated cost of repair or replacement cost and the estimated useful life of the asset to be repaired or replaced [Section 34.08.530].” – RSG

Arizona

State Legislation

Arizona Condominium Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

State statues note that associations may adopt budgets for reserves and collection assessments for common expenses from unit owner [Section 33-1242].

A copy of the most recent reserve study of the association, if any, should also be provided to individuals who purchase a property within a planned community with fewer than fifty units [Section 33-1260].” – RSG

Arkansas

State Legislation

Arkansas Horizontal Property Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Arkansas has not yet instituted legislation in relation to the reserve or reserve studies. ” – RSG

California

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Colorado

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Connecticut

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Delaware

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Florida

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Georgia

State Legislation

Georgia Condominium Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Georgia has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Hawaii

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Idaho

State Legislation

Idaho Condominium Property Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Idaho has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Illinois

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Indiana

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Iowa

State Legislation

Iowa Horizontal Property (Condominiums}

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Iowa has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Kansas

State Legislation

Kansas Apartment Ownership Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Kansas has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Kentucky

State Legislation

Kentucky Condominium Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Kentucky has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Louisiana

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Maine

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Maryland

State Legislation

Maryland Condominium Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

As part of the documents to be delivered by unit owner to purchaser (resale of unit), a copy of the current budget of the condominium including the current reserve study report or a summary of the report, a statement of the status and amount of any reserve or replacement fund, or a statement that there is no reserve fund must be provided [Section 11-135].

Maryland has not yet introduced specific legislation in relation to the reserve or reserve studies. ” – RSG

Massachussetts

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Michigan

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Minnesota

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Mississippi

State Legislation

Mississippi Condominium Law

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Mississippi has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Missouri

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Montana

State Legislation

Montana Unit Ownership Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Montana has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Nebraska

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Nevada

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

New-Hampshire

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

New-Jersey

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

New-Mexico

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

New-York

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

North-Carolina

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

North-Dakota

State Legislation

North Dakota Condominium Ownership

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

North Dakota has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Ohio

State Legislation

Ohio Condominium Property Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Ohio requires associations to ‘adopt and amend budgets for revenues, expenditures, and reserves in an amount adequate to repair and replace major capital items in the normal course of operations without the necessity of special assessments, provided that the amount set aside annually for reserves shall not be less than ten per cent of the budget for that year unless the reserve requirement is waived annually by the unit owners exercising not less than a majority of the voting power of the unit owners association’ [Section 5311.081].

Outside of the requirement above, no further reserve related legislation has been passed. ” – RSG

Oklahoma

State Legislation

Oklahoma Unit Ownership Estate Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Oklahoma has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Oregon

State Legislation Alabama Uniform Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association needs to adopt and amend budgets for reserves. They need to collect assessments for common expenses and regulate the use, maintenance, repair and replacement of common elements.” – Reserve Study Group

Pennsylvania

State Legislation

Pennsylvania Real and Personal Property Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Pennsylvania has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Rhode-Island

State Legislation

Rhode Island Condominium Ownership Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Rhode Island has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

South-Carolina

State Legislation

South Carolina Horizontal Property Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

South Carolina has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

South-Dakota

State Legislation

South Dakota Condominium Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

South Dakota has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Tennessee

State Legislation

Tennessee Horizontal Property Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Tennessee has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Utah

State Legislation

Utah Condominium Ownership Act

Reserve Study Required : EVERY 6 YEARS

Reserve Funds Required : YES

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Utah adopted legislation that requires associations to conduct a reserve study at least once every six years. An association shall annually provide unit owners a summary of the most recent reserve study or update [57-8-7.5)” – RSG

Vermont

State Legislation

Vermont Condominium Ownership Act

Vermont Uniform Common Interest Ownership Act

Reserve Study Required : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Vermont has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Virginia

State Legislation

Virginia Condominium Act

Reserve Study Required : EVERY 5 YEARS

Reserve Funds Required : YES

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Virginia adopted legislation that requires associations to conduct a reserve study at least once every five years. Review the results of the study at least once every year . Annually provide a general statement describing the procedures used for the estimation and accumulation of cash reserves and the extent to which the association is funding its reserve obligations consistent with the study (55-79.83:1)” – RSG

Washington

State Legislation

Washington Uniform Common Interest Ownership Act

Washington Condominium Act

Washington Homeowners’ Association Act

Reserve Study Required : ANNUALLY

Reserve Funds Required : YES

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Significant changes to the legislation surrounding reserve funds and studies have been instituted over the last decade. We recommend you visit the Washington State Page for more information – Washington State” – RSG

Washington-DC

State Legislation

District of Columbia Condominium Act

Reserve Study Required : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

State statues outline that public offering statements must contain a statement of the amount included in the budget as a reserve for repair and replacement including the estimated cost of repair or replacement cost [Section 42-1904.04]” – RSG

West-Virginia

State Legislation

West Virginia Condominiums & Unit Act

Reserve Study Required : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

West Virginia has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG

Wisconsin

State Legislation

Wisconsin Condominium Ownership Act

Reserve Study Required : N/A

Reserve Funds Required : YES

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Legislation states that a condominium created on or after November 1, 2004, shall establish a reserve account and execute a reserve account statement.” – RSG

Wyoming

State Legislation

Wyoming Condominium Act

Reserve Study Required  : N/A

Reserve Funds Required : YES

 

Our summary: “An association should periodically undertake a reserve study and review their funding strategy to ensure reserves will adequately address anticipated repair, replacement and major maintenance projects.

Wyoming has not yet introduced legislation in relation to the reserve or reserve studies. ” – RSG