Did you know that Michigan’s HB 5019, a new bill pending in the Michigan House, aims to bring significant changes to the way condominium associations manage their reserve funds? Currently, Michigan law requires that condominium associations maintain a reserve fund for major repairs and the replacement of common elements. The state administrative code mandates that this reserve fund must be at least 10% of the association’s current annual budget, ensuring that funds are available for substantial repairs and replacements. The bylaws must also include a statement urging associations to carefully analyze their specific needs to determine if more than the minimum reserve amount is necessary.   Read the article…………………………….