| Passed by the Senate April 19, 2009 YEAS 46 ________________________________________ President of the Senate Passed by the House April 7, 2009 YEAS 98 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 5461 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 61st Legislature | 2009 Regular Session |
READ FIRST TIME 02/19/09.
AN ACT Relating to reserve account and study requirements for condominium associations; and adding a new section to chapter 64.34 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 64.34 RCW
to read as follows:
(1) A condominium association with ten or fewer unit owners is not
required to follow the requirements under RCW 64.34.380 through
64.34.390 if two-thirds of the owners agree to exempt the association
from the requirements.
(2) The unit owners must agree to maintain an exemption under
subsection (1) of this section by a two-thirds vote every three years.
(3) Notwithstanding subsections (1) and (2) of this section, a
disclosure that the condominium association does not have a reserve
study must be included in a unit's public offering statement as
required under RCW 64.34.410 or resale certificate as required under
RCW 64.34.425.