RI H7609

Condominium associations with common elements costing at least $20,000 to maintain, repair, or replace must obtain a reserve study itemizing those elements, anticipated timelines, and estimated expenses, reviewed and approved by a Rhode Island-licensed engineer or architect.

Reserve studies must be updated every 3 years, and associations must establish a separate reserve financial account at a bank with a physical branch in the county where the condominium is located.

Annual assessments must include 100% funding of all expenses identified in the reserve study, with non-declarant-controlled associations required to comply by January 1, 2027.

Reserve funds may only be used for purposes identified in the reserve study, and any declaration or bylaw provisions limiting annual assessment increases are voided.

The reserve study and account requirements apply to all condominiums in Rhode Island, including those created before July 1, 1982.