Housing: condominium; requirements for an association of co-owners to conduct a reserve study and establish a reserve funding plan; modify. Amends sec. 105 of 1978 PA 59 (MCL 559.205).

This bill requires condominium associations to conduct a reserve study, which is an assessment of their financial needs for future repairs and maintenance. It also mandates the establishment of a reserve funding plan to ensure that there are sufficient funds set aside for these future expenses. The goal is to promote better financial planning and stability for condominium communities.

Supporters of the bill argue that it will enhance financial transparency and accountability within condominium associations. By ensuring that associations are prepared for future maintenance costs, the legislation aims to protect homeowners' investments and improve the overall quality of living in these communities.

Critics may contend that this bill imposes additional financial burdens on condominium associations, which could lead to increased fees for homeowners. They might argue that the requirements for reserve studies and funding plans could be overly bureaucratic and may not be necessary for all associations, particularly smaller ones.