The bill amends the Rhode Island condominium act, specifically Chapter 34-36.1, to impose new requirements on condominium associations, particularly those that are 20 years or older. It mandates that these associations conduct a conditions survey to identify necessary repairs and safety hazards, which must be shared with all unit owners. Additionally, every declarant is required to perform both a conditions survey and an initial reserves study within six months of completing the final phase of construction. Associations that have not conducted a reserves study in the past five years must do so within twelve months of the bill's effective date, with all reserve studies needing updates every five years thereafter. The bill introduces definitions for "conditions survey" and "reserves study," emphasizing that these must be conducted by certified professionals.

Furthermore, the bill requires condominium associations to maintain a separate reserves account, funded by at least 15% of the monthly assessment fees by January 1, 2027, to cover necessary repairs and replacements identified in the surveys, as well as unexpected structural repairs. The executive board is tasked with developing a strategic plan based on the recommendations from the reserves study and must report on its progress to unit owners annually, with the plan being updated at least every five years. The act is set to take effect on January 1, 2028, aiming to enhance the safety and financial planning of condominium associations through regular assessments and increased transparency.