RELATING TO CONDOMINIUM RESERVES.

The effective date was changed from July 1, 3000, to July 1, 2050, ensuring the law applies to future budgets.

The requirement for a detailed budget summary was clarified to explicitly include replacement reserve balances and fire safety costs as distinct items.

The 'good faith defense' was removed, preventing associations from avoiding penalties by claiming they were unaware of the summary requirements.

The legal standard for unit owners to sue was changed from requiring 'substantial' compliance to simply requiring 'compliance,' lowering the barrier for owners to take legal action.

Mandates that the detailed budget summary must contain all required information directly, prohibiting references to other parts of the budget or reserve study.

Adds specific requirements for the budget summary, including disclosure of whether the budget uses cash or accrual basis, estimated fire safety costs, current reserve fund balance, and a detailed explanation of how reserve assessments are calculated.

Removes the 'good faith' defense for associations that omit the required budget summary, making them liable for errors in their estimates.

Clarifies that unit owners have standing to sue for non-compliance and that the association bears the burden of proving it has substantially complied with the law.

Changes the effective date to July 1, 3000, which appears to be a placeholder date.