RCW 64.34.392: Reserve account and study—Exemption

RCWs > Title 64 > Chapter 64.34 > Section 64.34.392

These documents are currently being revised to incorporate the changes made during the 2024 Legislative Session. Please consult the Sections Affected Table for changes made during the 2024 Legislative Session.

64.34.390 << 64.34.392 >> 64.34.394

PDFRCW 64.34.392

Reserve account and study—Exemption—Disclosure.

*** CHANGE IN 2024 *** (SEE 5796-S.SL) ***

(1) Except as provided in RCW 64.90.080 and 64.90.545, a condominium association with ten or fewer unit owners is not required to follow the requirements under RCW 64.34.380 through 64.34.390 if two-thirds of the owners agree to exempt the association from the requirements.

(2) The unit owners must agree to maintain an exemption under subsection (1) of this section by a two-thirds vote every three years.

(3) Notwithstanding subsections (1) and (2) of this section, a disclosure that the condominium association does not have a reserve study must be included in a unit's public offering statement as required under RCW 64.34.410 or resale certificate as required under RCW 64.34.425.

[ 2019 c 238 § 221; 2009 c 307 § 1.]