RI S2900

Requires condominium associations proposing annual budgets with fee increases exceeding 50% to simultaneously propose a substitute budget excluding discretionary expenses, with unit owners able to adopt the substitute by majority vote at a meeting with 14 days notice.

Mandates associations allow owners of deed-restricted units or those declaring financial hardship to enter monthly payment plans for special assessments, with payments not exceeding 1/12 of the assessment and no additional charge.

Requires all condominium associations to register with the Rhode Island Executive Office of Housing by December 31, 2027, and submit annual budgets, board lists, financial documents, and bylaws within 30 days of adoption or amendment.

Establishes that executive boards formed after June 30, 2027 with deed-restricted units must have proportional representation between deed-restricted and market-rate unit owners.

Directs the Executive Office of Housing to develop an informational brochure for prospective condo buyers, maintain a central depository of association information, and employ personnel to investigate complaints and provide mediation services before legal action can proceed.