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New Utah Law Requires Reserves (SB 278)

posted Apr 3, 2010 9:44 PM by Burke Nielsen   [ updated Apr 3, 2010 9:58 PM ]
The State Legislature has recently passed a law requiring Community Associations to conduct a Reserve 
Study.  below are a few of the main points of the bill
  • All associations must have a Reserve Analysis by July 1, 2012
  • The Analysis must be reviewed at least every 2 years and updated no less than every 5 years
  • Reserve funds must be spent on reserve items unless approve by 60% of association members
  • A Reserve Fund must be established separate from the associations general operating account
I have attached the final version of the bill that was passed
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v.2
sb0278-final.pdf
(28k)
Burke Nielsen,
Apr 3, 2010 9:46 PM

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