RI H7874

Creates new Chapter 36.2 in Rhode Island General Laws establishing oversight of condominium management committees and property management companies by the Department of Business Regulation, effective July 1, 2026

Requires annual registration with the department including board member names/addresses, property management company information, annual budget, reserve studies, and pending litigation

Imposes fiduciary duties of good faith and loyalty on management committee members and property management agents, prohibiting fund commingling, embezzlement, and failure to account for unit owner funds

Grants unit owners the right to inspect and obtain copies of financial and operational records, and allows them to file complaints with the department regarding violations

Authorizes the Director of Business Regulation to conduct investigations, issue subpoenas, impose fines, and refer criminal matters to the Attorney General for enforcement