Cooperative Housing Corporations, Condominiums, and Homeowners Associations - Funding of Reserve Accounts and Preparation of Fun

FinalHow bills become law

Now law

This is now an official law, recorded in the state's law books.

Stage 6 of 6Signature

6
Sponsors: 4
Votes: May 13 ’25
Last action

The governor signed it. Nothing left to watch.

Official text

Take action on this

In plain words

AI summary

Written by AI from the bill text. Check the official text before relying on it.

Description

Requiring that certain funds for certain reserve accounts be deposited on or before the last day of each fiscal year; requiring the governing body of a cooperative housing corporation, a residential condominium, or a homeowners association to prepare a certain funding plan subject to certain requirements; authorizing a reasonable deviation from certain reserve funding requirements following a certain financial hardship determination; requiring that certain updated reserve studies be prepared by a certain person; etc.

Subjects

ElectriciansContractors -see also- Construct; Electricians; etc.ArchitectsTimePlumbingHeating and CoolingUtilities -see also- Recycl; Refuse; Sewage; Teleph; WaterPrices -see also- Consumer Price IndexEngineersHealth -see also- COVID19; EnvHlth; MedCon; etc.Building Maintenance and RepairStudies -see also- Commitees & Commissions; ReportsSafety -see also- Occupational SafetySewageCaswell countyResidential Property -see also- Apartments; CondominiumsBudgets -see also- Capital BudgetsReal PropertyCondominiumsContracts -see also- ProcurementStandards and Best PracticesVoting -see also- Absentee and Mail-In VotingNoticesRecords -see also- Land Records; Vital RecordsHomeowners AssociationsMeetings -see also- Hearings; Open Government

Progress

IntroducedJan 9, 2025
Sent to committeeJan 15, 2025
Passed the first chamberMar 4, 2025
PassedMar 6, 2025
Passed both chambersApr 7, 2025
Became lawMay 13, 2025

From official state and federal legislative records. Informational only, not legal advice.