Senate Bill No. 200 - Condominiums; Binding Arbitration; Condominium Education Trust Fund Fee

Description: This bill allows for annual condominium education trust fund fees to be used for binding arbitration of condominium disputes.

Summary:

Section 1 - Amends Section 514B-71 of the Hawaii Revised Statutes to establish a condominium education trust fund for educational purposes related to condominium management, improving administration of associations, and resolving association disputes.
Section 2 - Amends Section 514B-72 of the Hawaii Revised Statutes to require projects or associations with more than five units to pay a condominium education trust fund fee within a year of the first unit purchase or first meeting, and every odd-numbered year thereafter. Additionally, an additional annual fee is required to be dedicated to supporting mediation or binding arbitration of condominium disputes.
Section 3 - Amends Act 187, Session Laws of Hawaii 2013, to clarify the use of additional amounts paid into the condominium education trust fund for educational purposes.
Section 4 - Indicates that new statutory material is underscored.
Section 5 - States that this Act will take effect upon approval.

Introduced By: N/A

Please note that the above summary is for informational purposes only and is not legislation or evidence of legislative intent.