Bill Text: HI HB2118 | 2018 | Regular Session | Introduced
Bill Title: Relating To Condominiums.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2018-04-27 - Received notice of discharge of conferees (Hse. Com. No. 691). [HB2118 Detail]
Download: Hawaii-2018-HB2118-Introduced.html
|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2118 |
|
TWENTY-NINTH LEGISLATURE, 2018 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
relating to condominiums.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 514B-105, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Subject to any approval requirements and
spending limits contained in the declaration or bylaws, the association may
authorize the board to borrow money for the repair, replacement, maintenance,
operation, or administration of the common elements and personal property of
the project, or the making of any additions, alterations, and improvements
thereto; provided that written notice of the purpose and use of the funds is
first sent to all unit owners and owners representing fifty per cent of the
common interest vote or give written consent to the borrowing[.];
provided further that in the event of a legislative mandate for the
installation of equipment or improvements to the common elements for the health
and safety of residents and where at least twenty per cent of the unit owners
reside outside of the United States, the board shall not be required to obtain
the consent of the owners to the borrowing.
In connection with the borrowing, the board may grant to the lender the
right to assess and collect monthly or special assessments from the unit owners
and to enforce the payment of the assessments or other sums by statutory lien
and foreclosure proceedings. The cost of
the borrowing, including, without limitation, all principal, interest,
commitment fees, and other expenses payable with respect to the borrowing or
the enforcement of the obligations under the borrowing, shall be a common
expense of the project. For purposes of
this section, the financing of insurance premiums by the association within the
policy period shall not be deemed a loan and no lease shall be deemed a loan if
it provides that at the end of the lease the association may purchase the
leased equipment for its fair market value."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
|
INTRODUCED BY: |
_____________________________ |
|
|
|
Report Title:
Condominiums; Fire Sprinklers
Description:
Allows a condominium board to borrow money for the installation of equipment for the health and safety of residents in the event of a legislative mandate without the consent of owners where at least twenty percent of owners reside outside of the United States.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
