Legislation - SB0576

Title: Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds
Sponsored by: Senator Jennings
Status: In the Senate - First Reading Judicial Proceedings
Analysis

Synopsis

Providing that reserve funds of a cooperative housing corporation or condominium may be used for purposes other than those specified in the funding plan in an emergency and if the use of funds is approved by an affirmative vote of the members or unit owners having at least two-thirds of the votes in the cooperative housing corporation or the council of unit owners, respectively.

Committees

Original:: Judicial Proceedings

Details

Bill File Type: Regular

Effective Date(s): October 1, 2026

History

Legislation History
Chamber Senate Calendar Date 2/04/2026 Legislative Date 2/04/2026 Action First Reading Judicial Proceedings Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	2/04/2026	2/04/2026	First Reading Judicial Proceedings
			Text - First - Cooperative Housing Corporations and Condominiums - Emergency Use of Reserve Funds

File Code

Subjects

Statutes