Mr. President:
The Business and Labor Committee reports a favorable recommendation on S.B. 64,
HOMEOWNER ASSOCIATION RESERVE ACCOUNT AMENDMENTS, by Senator S.
Urquhart, with the following amendments:
Respectfully,
Curtis S. Bramble
Voting: 4-0-3
1. Page
7, Lines 201 through 211
:
201
(6)
An
}
Each year that a new or updated reserve analysis is completed,
an
association of unit owners shall:
202
(a)
annually,
}
at the annual meeting of unit owners or at a special meeting of
unit
203
owners:
204
(i) present the reserve [study] analysis; [and]
205
(ii) [provide an opportunity for unit owners to] discuss reserves and [to] the reserve
206
analysis; and
207
(iii) vote [on], by a majority of unit owners
and, if so,
208
how to fund it and in what amount] in the manner and amount suggested in the reserve
analysis
209
or in some other manner and amount; and
210
(b) prepare and keep minutes of each meeting held under Subsection (6)(a) and
211
indicate in the minutes any decision relating to funding a reserve fund.
2. Page
11, Line 331 through Page 12, Line 340
:
331
(6)
An
}
Each year that a new or updated reserve analysis is completed,
an
association shall:
332
(a)
annually,
}
at the annual meeting of lot owners or at a special meeting of
lot owners:
333
(i) present the reserve [study] analysis; [and]
334
(ii) [provide an opportunity for lot owners to] discuss reserves and [to] the reserve
335
analysis; and
336
(iii) vote [on], by a majority of lot owners
and, if so,
337
how to fund it and in what amount] in the manner and amount suggested in the reserve
analysis
338
or in some other manner and amount; and
339
(b) prepare and keep minutes of each meeting held under Subsection (6)(a) and
340
indicate in the minutes any decision relating to funding a reserve fund.
Committee Chair
3 SB0064.SC1.wpd bhowe/BRH CRG/BRH 2/15/13 8:00 am
Bill Number
*SB0064*
SB0064