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Effective Date of New Reserve Law Questioned

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Q: Our condominium association just held a vote to less than fully fund reserves for the 2024 budget. It passed by a majority of the quorum, but not a majority of the entire voting interests.

There seems to be some question as to whether the recent statute change to “majority of the entire voting interests” applies to a vote that took place in November of 2023. I understand we can still waive reserves for structural items until the 2026 budget but didn’t think that affected the threshold change to the waiver vote in the meantime. I would appreciate your explaining how this law change is applicable to 2023 votes for 2024 budgets. (K.C., via e-mail)

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