HB 1099: Protect Financial Condition of Homeowners Associations

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

The act requires the declarant of a new planned community or condominium, prior to transfer of control from the declarant to the association of a planned community or condominium, to obtain and pay for a reserve study for the planned community or condominium. The study must estimate the projected costs of maintaining, repairing, or replacing the common elements or property of the planned community or condominium over a 30-year period. The reserve study must be conducted by an independent reserve study professional or other qualified professional with knowledge of industry standards and that has no business relationship with or financial interest in the declarant and is not a affiliate of the declarant.     When an association, other than a self-managed association, changes association management companies, the former association management company shall, within 45 days, deliver to the new association management company or the association, at no charge to the association, all association property, records, money, accounts, information, and other items or information specified in the act (property and records).     Unless otherwise agreed in writing, the former association management company shall pay the association $250 for each business day that it fails to timely return the association's property and records and is liable for all interest and late fees on late payments made by the association due to the former association management company's failure to turn over the property and records, as well as any other damages incurred by the association. In a civil action to recover the property and records or the payments owed to the association for the former association management company's failure to turn over the property and records, if the court finds that the former association management company's violation was willful, the former association management company shall be liable for treble the association's actual damages, plus reasonable attorney fees and court costs.(Note: This summary applies to this bill as enacted.)

Sponsors

Sponsors by party (alphabetical): Democratic 14

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. April 13, 2026Governor Signed
2. April 2, 2026Sent to the Governor
3. April 1, 2026Signed by the Speaker of the House
4. April 1, 2026Signed by the President of the Senate
5. March 25, 2026Senate Third Reading Passed - No Amendments
6. March 24, 2026Senate Second Reading Passed - No Amendments
7. March 19, 2026Senate Committee on Local Government & Housing Refer Unamended to Senate Committee of the Whole
8. March 3, 2026Introduced In Senate - Assigned to Local Government & Housing
9. February 26, 2026House Third Reading Passed - No Amendments
10. February 25, 2026House Third Reading Laid Over Daily - No Amendments
11. February 24, 2026House Committee of the Whole Amendment - Change from Passed to Lost
12. February 24, 2026House Second Reading Special Order - Passed with Amendments - Committee

Showing 12 most recent of 15 actions. Full history