CERTIFICATION OF ENROLLMENT

SUBSTITUTE SENATE BILL 5461

Chapter 307, Laws of 2009

61st Legislature
2009 Regular Session



CONDOMINIUM ASSOCIATIONS--RESERVE ACCOUNT AND STUDY REQUIREMENTS



EFFECTIVE DATE: 07/26/09

Passed by the Senate April 19, 2009
  YEAS 46   NAYS 0

BRAD OWEN
________________________________________    
President of the Senate
Passed by the House April 7, 2009
  YEAS 98   NAYS 0

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


 
CERTIFICATE

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.

THOMAS HOEMANN
________________________________________    
Secretary
Approved April 30, 2009, 11:30 a.m.








CHRISTINE GREGOIRE
________________________________________    
Governor of the State of Washington
 
FILED
May 1, 2009







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE SENATE BILL 5461
_____________________________________________

AS AMENDED BY THE HOUSE

Passed Legislature - 2009 Regular Session
State of Washington61st Legislature2009 Regular Session

By Senate Financial Institutions, Housing & Insurance (originally sponsored by Senator Haugen)

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.


         Passed by the Senate April 19, 2009.
         Passed by the House April 7, 2009.
         Approved by the Governor April 30, 2009.
         Filed in Office of Secretary of State May 1, 2009.