[1] The law, passed in response to the Surfside condominium collapse, is most notable for expanding the existing law on reserve studies, which only applied to Montgomery County and Prince George's County, to the entire state, requiring community associations three fiscal years to "attain the annual reserve funding level" recommended by the study and giving the board of directors of each association the power to "increase assessments" to fund such a study, overriding any bylaws or other governing documents capping assessment increases.

"[21] Holmes has been described as a "staunch supporter" of greater oversight of HOAs and condo associations[22] and a "housing guru" in the Maryland General Assembly.

[32] Previously, in June 2021, the Baltimore Sun editorial board voiced their support for making the reserve study law, applicable to Prince George's and Montgomery counties, apply statewide, arguing that unit owners will sleep better when there are "periodical assessments of maintenance needs," but said that it should not be "unduly burdensome.

"[36] Scott Silverman of the CAI argued that despite the financial burden, the law is "something that ultimately we believe will prevent catastrophic loss," while noting that "there is nowhere else to go for the money but the residents.

Those who voted against it included Christopher T. Adams, Carl Anderton Jr., Steven J. Arentz, Lauren Arikan, Wendell R. Beitzel, Joseph C. Boteler III, and Jason C.

[44] Some argued that the law only received momentum after the Surfside collapse, with Scott Silverman of the Community Associations Institute saying “they needed the fear of that kind of disaster in Maryland to persuade everyone that a statewide bill was necessary.

[50] Kathleen Dartez, the legal affairs director of the Maryland Association of Realtors, stated that condo buyers should anticipate that "a special assessment or increase in monthly charges will be imposed" on condominium unit owners to build up the required reserve fund.

[51] In addition, the Maryland Association of Realtors added an "Condominium/HOA Reserve Study Disclosure" to their consumer notice for buyers of residential real estate in the state.

The Baltimore Banner also noted that the law is an issue for smaller associations that can't raise the necessary funds quickly enough to fulfill regulatory requirements, especially if many residents cannot "readily contribute" the large amounts needed.

[6] Lawyers, such as Bruce Brown and Jason Cook, told the publication that the bill had "good intentions" but there was a "lack of understanding" as to the impact of the legislation on residents and community associations, with volunteer board members "under the gun" to require their neighbors to pay "dramatic fee increases from their neighbors" and that the law's biggest impact would be on buildings without "proper reserves."

Some residents quoted said they were considering leaving to avoid higher financial costs and reported mismanagement, while the community's property manager criticized concerns about residents, and the community's president said skepticism about the board and management were incorrect and recommended those dissenting "use the annual election process to make changes."

[53] It was reported in December 2023 that the Maryland Attorney General's consumer protection division could take "enforcement action" against community associations in noncompliance.

[6] On January 21, 2025, the Baltimore County Council approved a resolution, unanimously, requesting that representatives for the county's districts in the Maryland General Assembly amend the law, providing common-ownership communities "more time to conduct reserve studies," specifically giving these communities five years to collect the fees, rather than three years, and to change the law to reflect "different needs of the communal associations.