Bill

Bill > H5826


RI H5826

RI H5826
Creates a process for condominium associations to give notice to and obtain approval from unit mortgage holders for certain association actions.


summary

Introduced
02/28/2025
In Committee
02/28/2025
Crossed Over
Passed
Dead
06/20/2025

Introduced Session

2025 Regular Session

Bill Summary

This act would create a process for condominium associations to give notice to and obtain approval from unit mortgage holders for certain association actions. This act would take effect upon passage.

AI Summary

This bill creates a formal process for condominium associations to obtain approval from mortgage holders when certain actions require their consent. Specifically, the bill amends the existing condominium law to establish a standardized notification procedure where the condominium association must send written approval requests to mortgage holders via both regular and certified mail to the addresses listed on recorded mortgage documents. If a mortgage holder does not respond with a written denial within 60 days of receiving the request, they will be considered to have automatically approved the action. The bill ensures that these approval requests must explicitly reference the new legal section, providing clarity and transparency for both condominium associations and mortgage holders. By codifying this process, the bill aims to provide a clear, time-bound mechanism for obtaining mortgage holder consent, which can be crucial for significant association decisions that might impact property interests. The bill will take effect immediately upon its passage, applying to both existing and future condominiums in the state.

Committee Categories

Business and Industry

Sponsors (5)

Last Action

Withdrawn at sponsor's request (03/04/2025) (on 03/04/2025)

bill text


bill summary

Loading...

bill summary

Loading...

bill summary

Loading...