Bill > H5586

This bill creates a new process for condominium associations to obtain approval from unit mortgage holders for certain association actions by requiring the association to mail a written request via both regular and certified mail to the mortgagees at the addresses listed on their recorded mortgage documents. If a unit mortgagee does not respond with a written denial within 65 days of receiving the request, they will be considered to have automatically approved the request. The bill amends existing Rhode Island condominium law to add this provision, specifically modifying sections 34-36.1-1.2 and 34-36.1-2.19 of the state's General Laws. The new process is designed to provide a clear and standardized method for seeking mortgage holder approval, with an assumption of consent if no response is received within the specified timeframe. This approach aims to streamline decision-making for condominium associations while still providing mortgage holders an opportunity to review and potentially object to proposed actions. The bill would take effect immediately upon passage.

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