AB 1516. Committee on Housing and Community Development. Housing.

Technical changes to the Reserve Funding Disclosure form that is provided to a HOA’s members pursuant to Civil Code Section 5570. The word “funding” to be replaced with “funded” in two (2) locations.

Current Status: Chaptered

FindHOALaw Quick Summary:

Existing law requires an association to prepare and distribute to all of its members an annual budget report and the Assessment and Reserve Funding Disclosure form pursuant to Civil Code § 5570. (See “Reserve Disclosures.”) AB 1516 would make technical changes to that form. Specifically, the word “funding” will be replaced with the word “funded” in two (2) locations on the form. (See Civ. Code § 5570(a)(7).)

*UPDATE: AB 1516 was approved on September 28, 2015 and its changes to the law become effective on January 1, 2016.

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from the California Legislature's website