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SB 2899

AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

2026 Regular Session Introduced by Jake Bissaillon and 4 co-sponsors

Condominium associations with more than 20 units must undergo independent financial reviews by a licensed CPA at least once every five years to improve fiscal oversight.

05/28/2026 Referred to House Corporations
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Bill Summary · SB 2899

Summary of Bill: SB 2899 (Rhode Island, 2026)

Main purpose and intent

SB 2899 is an acting measure aimed at modernizing, increasing transparency, and improving governance within condominium associations. Key focuses include updating meeting practices, expanding electronic participation and voting options, clarifying notice and record-keeping requirements, and establishing financial oversight through mandatory independent reviews for larger associations. The bill also notes the creation of a condominium ombudsman in its explanatory text, though the specific ombudsman provisions are not detailed in the enacted sections provided.

Key provisions and changes

  • Meetings and notice (34-36.1-3.08):

    • Requires at least one annual meeting of the condominium association.
    • Allows special meetings when invoked by the president, a majority of the executive board, or unit owners (with specified thresholds, typically 20% or as bylaws allow).
    • Specifies notice timing (10–60 days in advance) and content (time, place, agenda, and nature of proposed amendments or budget changes).
    • Enables electronic meetings for both executive boards and unit owners, with physical meetings restricted to the county where the condominium is located. Remote participation must allow real-time communication, and quorum and voting can occur electronically where permitted by governing documents.
    • Allows electronic or mail-in voting for unit owners, with signatures possibly submitted electronically if authorized by the board.
    • Provides opt-in/opt-out rights for electronic notices and postings, and requires access details for remote participation.

  • Open meetings and minutes (34-36.1-3.08):

    • Regular and special meetings must be open to unit owners, with exceptions for executive sessions (legal, personnel, delinquencies).
    • Minutes must be recorded, approved, and made available within 30 days; executive-session minutes must state general topics and legal basis without privileged detail.

  • Association records (34-36.1-3.18):

    • Requires keeping detailed financial records and making financial and other records reasonably available for examination within 30 days of request.
    • Records to be provided include minutes, insurance policies, bank statements, contracts, reserve studies, audits, and invoices.

  • Financial audits for larger associations (new 34-36.1-3.22):

    • Applies to condominium associations governing more than 20 units.
    • Mandates an independent financial review by a licensed CPA at least once every five fiscal years.
    • Reviews must be independent of the association and its management.
    • Completed reviews must be distributed to the board and made available to unit owners on request, with copying costs borne by the association as a common expense.
    • If the review identifies discrepancies, a full audit must be conducted at common expense and completed per standards.

Who/what is affected

  • Condominium associations with more than 20 units (for the financial review provision).
  • Unit owners who gain expanded access to meetings, notices, and records, and potential electronic voting options.
  • Boards and managing agents responsible for complying with enhanced notice, record-keeping, transparency, and audit requirements.

Procedural and timeline aspects

  • Effective date: Upon passage.
  • Scheduled actions: The bill's action history shows hearings and committee considerations in spring 2026, with final action anticipated by May 12, 2026 (subject to legislative process).
  • Administrative processes: Requires timely notices (5 days for regular board meetings; 24 hours for special meetings) and monthly to 30-day timelines for minutes and records release.

Practical implications

  • Increased transparency and owner participation through electronic meeting capabilities and more accessible records.
  • Strengthened financial oversight for mid-sized to larger condominiums, potentially improving fiscal accountability.
  • Administrative adjustments for associations to implement electronic notices, remote participation, and periodic financial reviews.

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

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