A new Hawaii state law has been passed help regulate how condominium association boards manage their properties and finances. Financial records, association membership lists, and contracts for property management and maintenance must now be delivered to any owner within 30 days of their written request. This is especially important for the state of Hawaii which has approximately 1,591 registered condo associations an more than 150,000 condominium units. State senator Rosalyn Barker, the chairwoman of the Senate Committee on Commerce and Consumer Protection, stated, "These owners should not have to go to court or mediation to exercise their rights to these documents, records and information."
Technically, condominium owner's rights to these documents are not new, but were scattered in different sections of state condo law and at times seemed to contradict themselves. The new law incorporates all of the document descriptions into one section of the law and adds the 30-day delivery requirement. Condo associations an management firms can charge $1 per page to cover administrative and duplication costs. Documents may also be delivered electronically or made available for free via download on the internet.
Source: Honolulu Star Advertiser, 7-13-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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