MC 3-21 Montgomery County - Cooperative Housing Corporations, Condominiums, and Homeowners Associations - Reserve Studies
Requested by: Delegate Crutchfield
Co-Sponsors: Delegate Stewart
Synopsis: FOR the purpose of requiring the governing body of certain cooperative housing corporations in Montgomery County to have a reserve study conducted of the common elements of the cooperative housing corporation by a certain date and at certain intervals under certain circumstances; requiring the reserve study conducted of the common elements of a cooperative housing corporation in Montgomery County to meet certain criteria; requiring the annual budget of a cooperative housing corporation in Montgomery County to include certain information if a reserve study indicates a need to budget for reserves; requiring the governing body of a cooperative housing corporation in Montgomery County to provide reserve funds in the annual budget for the cooperative housing corporation in accordance with a reserve study conducted under this Act; establishing that the governing body of a cooperative housing corporation in Montgomery County has the authority to increase a certain assessment notwithstanding certain provisions; altering the content of the annual budget of certain condominiums in Montgomery County; requiring the governing body of certain condominiums in Montgomery County to have a reserve study conducted of the common elements of the condominium by a certain date and at certain intervals under certain circumstances; requiring the reserve study conducted of the common elements of a condominium in Montgomery County to meet certain criteria; requiring the governing body of a condominium in Montgomery County to provide reserve funds in the annual budget for the condominium in accordance with a reserve study conducted under this Act; establishing that the board of directors of a condominium in Montgomery County has the authority to increase a certain assessment notwithstanding certain provisions; altering the content of the annual budget of certain homeowners associations; requiring the governing body of certain homeowners associations in Montgomery County to have a reserve study conducted of the common areas of a homeowners association by a certain date and at certain intervals under certain circumstances; requiring the reserve study conducted of the common areas of a homeowners association in Montgomery County to meet certain criteria; requiring the governing body of a homeowners association in Montgomery County to provide reserve funds in the annual budget for the homeowners association in accordance with a reserve study conducted under this Act; establishing that the governing body of a homeowners association in Montgomery County has the authority to increase a certain assessment notwithstanding certain provisions; altering certain definitions; providing for the application of this Act; and generally relating to reserve studies and annual budgets of cooperative housing corporations, condominiums, and homeowners associations in Montgomery County.
Full Text: View as PDF here
House Bill Number: HB 567
Files:
Status:
Montgomery County House Delegation
10/29/20: Assigned to the Education, Elections, and Housing Committee
12/8/20: Montgomery County Delegation Bill Hearing - 7:00 p.m.
12/15/20: Education, Elections, and Housing Committee Meeting - Favorable with amendment (4-1)
1/7/21: Montgomery County House Delegation Meeting - Favorable with amendment (23-1)
3/26/21: Montgomery County Senate Delegation Meeting - Favorable as amended in House (7-0)
House
1/20/21: First Reading Environment and Transportation Committee
2/16/21: Environment and Transportation Committee Public Hearing - 1:30 p.m.
3/18/21: Favorable with Amendments Report by Environment and Transportation Committee
3/18/21: Favorable with Amendments Report Adopted Second Reading Passed
3/19/21: Third Reading Passed (121-14)
4/12/21: Returned Passed
Senate
3/19/21: First Reading Judicial Proceedings Committee
3/30/21: Judicial Proceedings Committee Public Hearing - 1:00 p.m.
4/10/21: Favorable Report by Judicial Proceedings Committee
4/12/21: Favorable Report Adopted Second Reading Passed
4/12/21: Third Reading Passed (46-0)
Final Outcome
5/30/21: Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 433