Bill HB 3060 was introduced in February 2020 to address the need for property owner associations to plan, update and fund for replacement costs that exceed $50,000. The legislation if passed will require associations to conduct a reserve study every 5 years and annually review and budget for reserves. We will monitor to see how the Bill progresses, although it is a giant step in the right direction.
You can read about the bill at the Oklahoma State Legislature.