Bill > H5823

This bill voids any provision in a condominium declaration or bylaw that limits annual assessment increases by a percentage or other method. Specifically, the bill amends the Rhode Island Condominium Law to add a new subsection to section 34-36.1-3.03, which governs executive board members and officers. Currently, condominium associations often have bylaws that cap how much they can raise annual assessments (fees paid by unit owners to cover maintenance, repairs, and other shared expenses). The new provision would nullify any such caps, effectively giving condominium boards more flexibility to increase assessments as they see fit. The bill requires that within 30 days of adopting a proposed budget, the executive board must provide a summary to unit owners and schedule a meeting for budget ratification. If a majority of unit owners do not reject the budget at this meeting, it is automatically approved. The bill takes effect immediately upon passage, meaning its provisions would apply to existing and future condominiums in Rhode Island.

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