A bill to amend 1978 PA 59, entitled “Condominium act,” by amending section 105 (MCL 559.205).
Requires condominium associations to conduct an initial reserve study shortly after the amendment takes effect or within certain time frames depending on when the condominium project was established, with subsequent studies or updates at least every five years. These studies, prepared by qualified individuals, are essential for associations responsible for the maintenance, replacement, and repair of common elements, subject to specific budget or unit count criteria.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
