Rhode Island S2692 mandates structural surveys and reserve studies for condominium associations, requiring funding of reserves at 15% and planning.

Rhode Island S2692 amends the state's condominium law to require associations to conduct periodic structural surveys and reserve studies. These studies must be shared with all unit owners. The bill mandates that associations develop a plan addressing the short-term recommendations of the reserve study, including priorities, funding, and timelines. A separate reserve account must be maintained, funded by at least 15% of monthly assessments, to cover necessary repairs. The act takes effect on January 1, 2028.

Rhode Island S2692 mandates structural surveys and reserve studies for condominium associations, requiring funding of reserves at 15% and planning.

Rhode Island S2692 amends the state's condominium law to require associations to conduct periodic structural surveys and reserve studies. These studies must be shared with all unit owners. The bill mandates that associations develop a plan addressing the short-term recommendations of the reserve study, including priorities, funding, and timelines. A separate reserve account must be maintained, funded by at least 15% of monthly assessments, to cover necessary repairs. The act takes effect on January 1, 2028.