The bill amends Section 34-36.1-1.02 of the General Laws in Chapter 34-36.1, known as "Condominium Law," to clarify the applicability of the chapter to condominiums created after July 1, 1982, while allowing those established before this date to voluntarily adopt the chapter's provisions. The amendment includes the insertion of a new section, 34-36.1-3.22, which mandates that condominium associations with structural common elements costing at least $20,000 to replace must conduct a reserve study. This study must be certified by a licensed engineer or architect and detail the maintenance, repair, or replacement needs of common elements, along with estimated costs and timelines.

Additionally, the bill requires that the reserve study be referenced in the association's budget, ensuring that at least 100% of the estimated expenses are funded by July 1, 2027. The funds in the reserve account must be kept separate from the operating account and can only be used for the purposes outlined in the reserve study. The bill aims to enhance financial planning and accountability within condominium associations, ensuring they are prepared for future maintenance and repair costs. The act will take effect upon passage.