Common interest communities; dissemination of annual budget, reserve for capital components. (SB1538)

Introduced By

Sen. Scott Surovell (D-Mount Vernon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Common interest communities; dissemination of annual budget; reserve for capital components. Requires common interest communities under the Condominium Act, the Property Owners' Association Act, and the Virginia Real Estate Cooperative Act (the Acts) to make available to members either the common interest community's annual budget or a summary of the annual budget prior to the beginning of each fiscal year. The bill requires that the five-year cash reserve study required under the Acts include a statement that outlines the amount of the reserves recommended in such study as well as the amount of current cash available for replacement of the reserves. The bill also requires the Common Interest Community Board to prepare guidelines for the development of reserve studies for capital components. This bill is a recommendation of the Virginia Housing Commission. Amends § 55-471.1, § 55-514.1, § 55-79.83:1, of the Code of Virginia. Read the Bill »

Status

01/08/2019: Awaiting a Vote in the General Laws and Technology Committee

History

DateAction
01/08/2019Prefiled and ordered printed; offered 01/09/19 19101161D
01/08/2019Referred to Committee on General Laws and Technology
01/14/2019Impact statement from DPB (SB1538)

Hearing Scheduled

This bill is scheduled to be heard in the Senate General Laws and Technology committee on 01/21/2019. It meets on Monday, 45 minutes after adjournment—Senate Room A.

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)