Report Title:

Condominium Property Regimes; AOAO Records

Description:

Requires a condominium association board to make the association's business and financial records available for review by owners for so long as those records are maintained by the association. (CD1)

THE SENATE

S.B. NO.

1349

TWENTY-THIRD LEGISLATURE, 2005

S.D. 1

STATE OF HAWAII

H.D. 1

C.D. 1

A BILL FOR AN ACT

 

RELATING TO CONDOMINIUM PROPERTY REGIMES.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 514A-83.5, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:

"(c) Financial statements, general ledgers, the accounts receivable ledger, accounts payable ledgers, check ledgers, insurance policies, contracts, and invoices of the association of apartment owners for the [current and prior year] duration those records are kept by the association and delinquencies of ninety days or more shall be available for examination by apartment owners at convenient hours at a place designated by the board; provided[:] that:

(1) [That the] The board may require owners to furnish to the association a duly executed and acknowledged affidavit stating that the information is requested in good faith for the protection of the interests of the association, or its members, or both; and

(2) [That owners] Owners pay for administrative costs in excess of eight hours per year.

Copies of these items shall be provided to any owner upon the owner's request[,]; provided that the owner [pay] pays a reasonable fee for [duplicating,] duplication, postage, stationery, and other administrative costs associated with handling the request."

SECTION 2. Section 2 of Act 164, Session Laws of Hawaii 2004, is amended by amending subsection (c) of section -154 to read as follows:

"(c) Financial statements, general ledgers, the accounts receivable ledger, accounts payable ledgers, check ledgers, insurance policies, contracts, and invoices of the association for the [current and prior year] duration those records are kept by the association and delinquencies of ninety days or more shall be available for examination by unit owners at convenient hours at a place designated by the board; provided that:

(1) The board may require owners to furnish to the association a duly executed and acknowledged affidavit stating that the information is requested in good faith for the protection of the interests of the association or its members or both; and

(2) Owners shall pay for administrative costs in excess of eight hours per year.

Copies of these items shall be provided to any owner upon the owner's request[,]; provided that the owner pays a reasonable fee for [duplicating,] duplication, postage, stationery, and other administrative costs associated with handling the request."

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2005; provided that section 2 shall take effect on the effective date of section 2 of Act 164, Session Laws of Hawaii 2004.