The bill amends the Rhode Island Condominium Law to enhance governance and maintenance requirements for condominiums that are 20 years or older. It introduces a new section, 34-36.1-3.24, which mandates these older condominiums to conduct a conditions survey to identify necessary repairs and safety hazards, along with a timeline for completion. The results of the survey and a corresponding repair plan must be shared with all unit owners upon completion. Additionally, every declarant is required to conduct both a conditions survey and an initial reserves study within six months of completing the final phase of construction.

The legislation also establishes ongoing requirements for condominium associations regarding reserve studies. Associations that have not conducted a reserves study within the last five years must do so within twelve months of the bill's effective date. Those conducting a conditions survey must also complete a reserves study at the time repairs are made. All reserve studies must be performed by certified professionals and shared with unit owners to ensure transparency. The executive board is responsible for securing funds for immediate repairs identified in the conditions survey, with unit owners able to vote on the funding source. Furthermore, a separate reserves account must be maintained, funded by at least 15% of the monthly assessment fee by January 1, 2027, to cover necessary repairs and reserve studies. The act is set to take effect on January 1, 2028.