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SB 2692

AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

2026 Regular Session Introduced by Jake Bissaillon and 2 co-sponsors

Rhode Island condominiums must conduct mandatory structural condition surveys and ongoing reserve studies, fund a dedicated reserve account, and share results with owners to improv

05/20/2026 Referred to House Corporations
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Bill Summary · SB 2692

Summary of SB 2692 (Rhode Island, 2026) – AN ACT RELATING TO PROPERTY – CONDOMINIUM LAW

Purpose and Intent

This bill amends Rhode Island’s Condominium Law to strengthen the governance and financial planning of condominium associations. It introduces mandatory structural surveys and long-range reserve planning, requires disclosure of study results to unit owners, and establishes a dedicated reserve fund. The overarching goal is to improve safety, maintenance, and financial stability of condominiums, particularly for longer‑term structural needs.

Key Provisions and Changes

  • Applicability and Transitional Provisions (Sections 34-36.1-1.02 and 1.03):

    • Clarifies how the Condominium Act applies to condominiums created after July 1, 1982, and provides options for older condominiums to voluntarily adopt the new Act.
    • Maintains protections for existing declarations, bylaws, and actions taken prior to adoption.
    • Retains compatibility rules for modifications to pre-1982 condominiums and when new phases are added to older developments.

  • Structural Conditions Surveys and Reserves (New § 34-36.1-3.24):

    • 20+ year-old condominiums: Must commission a conditions survey identifying safe-use designations and a remediation timeline; results shared with all unit owners.
    • Declarants (developers) duties: Must commission and conduct both a conditions survey and an initial reserve study within six months after final construction phase completion. Owner associations: If no initial reserves study has been done in the last five years, must complete one within 12 months of the act’s effective date, or when repairs identified by the conditions survey are completed. If a conditions survey is underway, a reserves study must be done when those repairs are completed.
    • Ongoing requirements: Associations must conduct a reserves study or reserves study update every five years, with professional certification (RS™ by CAI or a licensed PE). Disclosure and planning: The most recent reserve study must be shared with unit owners and included in new unit owners’ sales certificates within 60 days of availability. Strategic planning: Boards must develop and share short-term plans based on reserve findings, pursue a five-year strategic plan incorporating reserve recommendations, and report progress annually with updates at least every five years. Funding and governance: Boards must identify funds for immediate repairs identified by the conditions survey. Financing sources may include reserves, assessments, loans, or budget amendments, subject to owner vote. Reserves account: Create and maintain a separate reserve account dedicated to funding identified needs and ongoing reserve studies. The account must be funded at least 15% of monthly assessments by January 1, 2027, and can be supplemented as needed.

Who Would Be Affected

  • Condominium associations and executives boards: Responsible for conducting surveys, studies, and planning; establishing and funding the reserve account; communicating findings and plans to owners.
  • Declarants (developers) of condominiums: Obligated to initiate conditions surveys and initial reserve studies within specified timeframes.
  • Unit owners: Entitled to receive survey results, reserve studies, and strategic plans; subject to decisions about funding repairs and improvements.
  • Potential buyers: Will see reserve information and related disclosures in sales certificates.

Timeline and Effective Date

  • Effective date: January 1, 2028.
  • Several provisions require actions within six months to five years after enactment, with ongoing five-year cycles for reserves studies.
  • By January 1, 2027, reserve accounts must be funded at a minimum level (15% of monthly assessments).

Summary

SB 2692 introduces mandatory structural condition assessments and regular reserves planning for Rhode Island condominiums, enhances transparency to unit owners, and mandates dedicated funding for major repairs. It aims to improve safety, maintenance predictability, and financial resilience of condo communities, with phased implementation beginning in 2028.

Compiled from official sources — confirm details with the bill’s official record.

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