Washington § 64.38.065 - Reserve account and study. (Effective until January 1, 2028.)

Full text of Washington Revised Code of Washington § 64.38.065 — Reserve account and study. (Effective until January 1, 2028.), with citation guidance and answers to common questions.

§ 64.38.065. Reserve account and study. (Effective until January 1, 2028.)

(1) An association is encouraged to establish a reserve account with a financial institution to fund major maintenance, repair, and replacement of common elements, including limited common elements that will require major maintenance, repair, or replacement within thirty years. If the association establishes a reserve account, the account must be in the name of the association. The board of directors is responsible for administering the reserve account.
(2) Except as provided in RCW 64.90.080 and 64.90.545, unless doing so would impose an unreasonable hardship, an association with significant assets shall prepare and update a reserve study, in accordance with the association's governing documents and this chapter. The initial reserve study must be based upon a visual site inspection conducted by a reserve study professional.
(3) Except as provided in RCW 64.90.080 and 64.90.545, unless doing so would impose an unreasonable hardship, the association shall update the reserve study annually. At least every three years, an updated reserve study must be prepared and based upon a visual site inspection conducted by a reserve study professional.
(4) The decisions relating to the preparation and updating of a reserve study must be made by the board of directors in the exercise of the reasonable discretion of the board. The decisions must include whether a reserve study will be prepared or updated, and whether the assistance of a reserve study professional will be utilized.
[ 2019 c 238 s 223; 2011 c 189 s 9.]

Notes

Effective date—2011 c 189: "This act takes effect January 1, 2012." [ 2011 c 189 s 15.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 64.38.065

What does Revised Code of Washington § 64.38.065 cover?

Section 64.38.065 ("Reserve account and study. (Effective until January 1, 2028.)") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

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