In recent years many states, including California, Oregon, Hawaii, Utah, Virginia and Washington, have introduced laws which mandate the requirement for condominium and homeowner associations to have reserve studies prepared on a regular cycle (1 to 6 years). Other states such as Montana and North Dakota have no specific legislation in place. However, even when there is no legal requirement it is still prudent to have a reserve study prepared on a regular basis.
For information on specific state requirements we recommend that you check with your local regulating agencies.
