Rhode Island S2900 restricts monthly common expense increases and limits special assessments in condo associations with deed-restricted units.

Rhode Island S2900 restricts increases in monthly common expenses and limits special assessments to cover unforeseen costs not included in the approved annual budget for common expenses in condominium associations where the minority of units are deed-restricted. This bill aims to protect unit owners, particularly those in deed-restricted units, from unexpected financial burdens. The act will take effect on July 1, 2026.

Rhode Island S2900 restricts monthly common expense increases and limits special assessments in condo associations with deed-restricted units.

Rhode Island S2900 restricts increases in monthly common expenses and limits special assessments to cover unforeseen costs not included in the approved annual budget for common expenses in condominium associations where the minority of units are deed-restricted. This bill aims to protect unit owners, particularly those in deed-restricted units, from unexpected financial burdens. The act will take effect on July 1, 2026.