Rhode Island S2899 enhances transparency in condominium associations by requiring open meetings and financial reviews.

Rhode Island S2899 amends the condominium law to improve transparency and accountability. It mandates that regular and special meetings of the executive board be open to unit owners, except for executive sessions discussing legal communications, personnel, or specific owner delinquencies. The bill also requires condominium associations with more than 20 units to undergo an independent financial review every five years, conducted by a certified public accountant independent of the association. The cost of these reviews is a common expense.

Rhode Island S2899 enhances transparency in condominium associations by requiring open meetings and financial reviews.

Rhode Island S2899 amends the condominium law to improve transparency and accountability. It mandates that regular and special meetings of the executive board be open to unit owners, except for executive sessions discussing legal communications, personnel, or specific owner delinquencies. The bill also requires condominium associations with more than 20 units to undergo an independent financial review every five years, conducted by a certified public accountant independent of the association. The cost of these reviews is a common expense.