Establishes the Rhode Island Homeowner's Association Act to set operational procedures for residential communities managed by homeowner associations.

The Rhode Island Homeowner's Association Act establishes minimum governance standards for homeowners' associations. It sets rules for financial management, including annual budgets and reserves for capital expenditures and deferred maintenance. The act mandates that homeowners' associations prepare annual budgets reflecting estimated revenues and expenses. It also requires associations to maintain official records, such as meeting minutes, governing documents, and financial statements, for at least seven years.

Establishes the Rhode Island Homeowner's Association Act to set operational procedures for residential communities managed by homeowner associations.

The Rhode Island Homeowner's Association Act establishes minimum governance standards for homeowners' associations. It sets rules for financial management, including annual budgets and reserves for capital expenditures and deferred maintenance. The act mandates that homeowners' associations prepare annual budgets reflecting estimated revenues and expenses. It also requires associations to maintain official records, such as meeting minutes, governing documents, and financial statements, for at least seven years.