The bill amends the Rhode Island Condominium Act, specifically Chapter 34-36.1, to enhance governance and maintenance standards for condominiums that are 20 years or older. It introduces a requirement for these older condominiums to conduct a conditions survey to identify necessary repairs and safety hazards, which must include a timeline for completion and be shared with all unit owners. Additionally, it mandates that new unit offerings include a conditions survey report and reserve study updates.

Condominium associations are required to perform a reserves study or update every five years, certified by a qualified specialist, and share the results with unit owners. The executive board is responsible for developing a plan that addresses short-term recommendations from the reserve study and for securing funding for immediate repairs identified in the conditions survey, with funding sources determined by a majority vote of unit owners.

The bill establishes a separate reserves account, requiring at least 15% of monthly assessments to be allocated to it by January 1, 2027, to cover necessary repairs and studies. The provisions of this act are set to take effect on January 1, 2028, aiming to improve the structural integrity and financial planning of condominium associations.