The bill amends the General Laws in Chapter 34-36.1, entitled "Condominium Law," specifically addressing the applicability of the chapter to condominiums created in Rhode Island and the roles and powers of executive board members and officers within a condominium association. The bill clarifies that the chapter applies to all condominiums created after July 1, 1982, and allows condominiums created before this date to voluntarily accept the chapter's provisions by executing a written agreement by the association and all unit owners, which must be recorded in the land evidence records. The bill also specifies that certain sections of the chapter apply to condominiums created before July 1, 1982, with respect to events and circumstances occurring after that date, without invalidating existing legal documents or actions taken prior to the acceptance of the chapter's provisions.

Insertions in the bill include a new section 34-36.1-1.02 titled "Applicability," which outlines the conditions under which the chapter applies to condominiums and the process for older condominiums to accept the chapter's provisions. Another insertion is section 34-36.1-3.03, "Executive board members and officers," which details the duties and limitations of the executive board, the process for budget ratification by unit owners, and the election of board members post-declarant control. The bill also inserts language that voids any declaration or bylaws limiting the increase in the total amount of association annual assessments. The bill aims to eliminate budget caps in condominium documents that may be fiscally irresponsible. The act will take effect upon passage.