California Civil Code

§ 5550

CIV § 5550 Effective Jan 1, 2025Div. 4 · Part 5 · Ch. 7 · Art. 3

Statute text

(a)At least once every three years, the board shall cause to be conducted a reasonably competent and diligent visual inspection of the accessible areas of the major components that the association is obligated to repair, replace, restore, or maintain as part of a study of the reserve account requirements of the common interest development, if the current replacement value of the major components is equal to or greater than one-half of the gross budget of the association, excluding the association’s reserve account for that period. The board shall review this study, or cause it to be reviewed, annually and shall consider and implement necessary adjustments to the board’s analysis of the reserve account requirements as a result of that review.

(b)The study required by this section shall at a minimum include:

(1)Identification of the major components that the association is obligated to repair, replace, restore, or maintain that, as of the date of the study, have a remaining useful life of less than 30 years.

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Legislative history

Amended by Stats. 2024, Ch. 288, Sec. 2. (SB 900) Effective January 1, 2025.