Maryland’s Reserve Study Law
We believe that all associations should use a reserve study to plan help for the future expenses they will invariably face. Over the last five years a number of states have taken the proactive step in establishing requirements for reserve studies. The latest addition to the list of states considering the introduction of reserve study related legislation is Maryland. In 2017, Maryland considered but did not pass legislation that would have required condominium and homeowner associations to conduct reserve studies. The bill would have required all associations to undertake a reserve study before October 1, 2018 and then every 5 years thereafter.
MARYLAND RESERVE STUDY
House Bill 651 (HB651) would have mandated the need to periodically undertake a reserve study, although we believe it is a prudent course of action to do so even without legislation. We recommend you call a Reserve Specialist to talk further about the benefits and the general process of undertaking a reserve study. Call us if you have questions or would like to talk more on this topic. To read more – http://buff.ly/2obQ2zS