5461-S AMH JUDI H2862.2

SSB 5461 - H COMM AMD
By Committee on Judiciary

ADOPTED 04/07/2009

Strike everything after the enacting clause and insert the following:

"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."

Correct the title.

EFFECT:  The amendment makes the following changes:
     (1) Requires a condominium association to take a vote by two-thirds every three years to maintain its exemption from reserve account and study requirements.
     (2) Clarifies that a unit's public offering statement or resale certificate must contain a disclosure that the association does not have a reserve study, despite the association's exemption from reserve account and study requirements.
     (3) Restructures changes made by the bill for clarity.

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