What is the name of your state (only U.S. law)? Delaware
I just found out that our Condo Board is atempting to avoid new Delaware State
Condo law, in regards to our Reserves. Here's a link (with the new law they are attempting to say they are in compliance with by using underhanded tactics)
===================
CHAPTER 22. UNIT PROPERTIES Subchapter VIII. Miscellaneous
§ 2245. Compliance phase-in.
Anything in this title to the contrary notwithstanding, if the amount held by a condominium in its repair and replacement reserve as of October 1, 2009, in lieu thereof,
(1) Constitutes less than 25% of the level of funding required for a fully funded reserve as defined in § 2202(19) of this title, then the council shall have 3 years to make the repair and replacement reserve fully funded (as defined in § 2202(19) of this title);
(2) Constitutes 25% or more, but less than 50%, of the level defined as fully funded, then the council shall have 2 years to make the repair and replacement reserve fully funded (as defined in § 2202(19) of this title); or
(3) Constitutes 50% or more, but less than 70%, of the level defined as fully funded, then the council shall have 1 year to make the repair and replacement reserve fully funded (as defined in § 2202(19) of this title).
==========================================
I've heard that they took a recent update to our community's Reserve study
and had our Management Company switch numbers around to make it appear they are in compliance with the new law. The Board claims the Management Company is only providing them with "different options" to follow in regards to the Reserves. They don't want to follow the numbers provided in the update
to the Professional Study because that would require a much larger contribution to the Reserve Fund.
I believe the Board & our Mangement Compant are acting illegally. Could one of our legal experts confirm that these actions are illegal? Is there a Delaware State Agency that I could report this situation to that would take action against our Board to get them to comply with the new law?
Any help/advice is greatly appreciated.
I just found out that our Condo Board is atempting to avoid new Delaware State
Condo law, in regards to our Reserves. Here's a link (with the new law they are attempting to say they are in compliance with by using underhanded tactics)
===================
CHAPTER 22. UNIT PROPERTIES Subchapter VIII. Miscellaneous
§ 2245. Compliance phase-in.
Anything in this title to the contrary notwithstanding, if the amount held by a condominium in its repair and replacement reserve as of October 1, 2009, in lieu thereof,
(1) Constitutes less than 25% of the level of funding required for a fully funded reserve as defined in § 2202(19) of this title, then the council shall have 3 years to make the repair and replacement reserve fully funded (as defined in § 2202(19) of this title);
(2) Constitutes 25% or more, but less than 50%, of the level defined as fully funded, then the council shall have 2 years to make the repair and replacement reserve fully funded (as defined in § 2202(19) of this title); or
(3) Constitutes 50% or more, but less than 70%, of the level defined as fully funded, then the council shall have 1 year to make the repair and replacement reserve fully funded (as defined in § 2202(19) of this title).
==========================================
I've heard that they took a recent update to our community's Reserve study
and had our Management Company switch numbers around to make it appear they are in compliance with the new law. The Board claims the Management Company is only providing them with "different options" to follow in regards to the Reserves. They don't want to follow the numbers provided in the update
to the Professional Study because that would require a much larger contribution to the Reserve Fund.
I believe the Board & our Mangement Compant are acting illegally. Could one of our legal experts confirm that these actions are illegal? Is there a Delaware State Agency that I could report this situation to that would take action against our Board to get them to comply with the new law?
Any help/advice is greatly appreciated.