§ 5502. — 5502. (Amended by Stats. 2021, Ch. 270, Sec. 2.)

California § 5502.

• Jurisdiction: California
• Code CIV: Civil Code - CIV
• Div. 4.: DIVISION 4. GENERAL PROVISIONS
• Part 5.: PART 5. Common Interest Developments
• Ch. 7.: CHAPTER 7. Finances
• Art. 1.: ARTICLE 1. Accounting

Text

(a)
Notwithstanding any other law, transfers shall not be authorized from the association’s reserve or operating accounts without prior written approval from the board of the association unless the amount of the transfer is less than the following:
(1)
The lesser of five thousand dollars ($5,000) or 5 percent of the estimated income in the annual operating budget, for associations with 50 or less separate interests.
(2)
The lesser of ten thousand
dollars ($10,000) or 5 percent of the estimated income in the annual operating budget, for associations with 51 or more separate interests.
(b)
This section applies in addition to any other applicable requirements of this part.

Legislative History

Amended by Stats. 2021, Ch. 270, Sec. 2. (AB 1101) Effective January 1, 2022.