The bill amends the Rhode Island Condominium Law, specifically Chapter 34-36.1, to enhance the governance and maintenance obligations for condominium associations, particularly for those that are 20 years or older. It introduces a requirement for these associations to conduct a conditions survey to assess the structural integrity of common elements and identify necessary repairs and safety hazards, along with a timeline for completion. The results of this survey, along with a developed repair plan, must be shared with all unit owners upon completion.

Additionally, every declarant of a condominium association is mandated to commission both a conditions survey and an initial reserves study within six months after completing the final phase of construction. Associations that have not conducted a reserves study within the last five years are required to do so within twelve months of the bill's effective date, unless they are conducting a conditions survey. If a conditions survey is conducted, a reserves study must be performed at the time repairs are made.

All reserve studies must be conducted, certified, and dated by a reserves study specialist or a licensed professional engineer, and must adhere to recognized national standards. The most recent reserve study must be shared with all unit owners and included in the sales certificate for new unit owners within sixty days of its availability.

The executive board of the condominium association is responsible for developing a plan to address the short-term recommendations of the reserve study, which must also be shared with all unit owners. The board is tasked with securing funds for immediate repairs identified in the conditions survey, with funding sources determined by a majority vote of unit owners. A separate reserves account must be maintained, funded by at least fifteen percent (15%) of the monthly assessment fee by January 1, 2027, to cover necessary repairs, reserve studies, and unexpected structural repairs to common elements. The act is set to take effect on January 1, 2028.