Is There A Legal Requirement To Get A Reserve Study?

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.