SB 7042 (Regulated Industries Committee) does the following:

•Incorporates all the required milestone inspections in CS/SB 1702

•Requires condominium and cooperative associations with a residential building that is three stories or more in height to conduct a reserve study at least once every three years

•Provides guidelines for an association or developer to waive reserves

•Requires unit developer and non-developer unit owners to give prospective buyers of a unit a copy of the most recent reserve study and milestone inspection report before the applicable voidability period

•Expands unit owner access to records and provides additional disclosures relating to the funding of reserves. (Branch)