Rhode Island 2026 Regular Session

Rhode Island Senate Bill S2702

Introduced
2/27/26  

Caption

Requires condominium associations to charge a reduced fee to update a condominium resale certificate after issuance of the initial certificate.

Impact

If passed, S2702 would have significant implications on the operations of condominium associations throughout the state. By enforcing a cap on the fees associated with updating resale certificates, the legislation seeks to enhance affordability and facilitate smoother transactions within the condominium market. This legislative change reflects an acknowledgment of the financial pressures faced by unit owners and aims to promote fairness in the resale process.

Summary

Bill S2702 pertains to condominium law and mandates that condominium associations in Rhode Island charge a reduced fee when updating resale certificates after the initial issuance. This aims to alleviate financial burdens on unit owners who wish to sell their properties and improve transparency in condominium transactions. The bill emphasizes the requirement for associations to maintain clarity in their financial dealings and provides guidelines on the necessary disclosures a seller must furnish to a potential buyer.

Contention

During discussions around S2702, stakeholders voiced differing opinions. Supporters argue that the bill promotes greater fairness and affordability for condominium owners, aligning with the broader objectives of protecting consumer rights in real estate transactions. Conversely, some may express concerns that imposing such fees on associations might restrict their budgetary flexibility. Additionally, discussions may arise regarding the extent to which associations should be regulated by the state, reflecting broader themes of local versus centralized governance in property regulation.

Companion Bills

No companion bills found.

Previously Filed As

RI H5587

References both the declaration and bylaws of a condominium association as possible sources of association insurance regulation for the condominiums and require additional insurance to protect unit owners, when necessary.

RI S0509

Provides that the “meetings” requirements from § 34-36.1-3.08 be applicable to condominiums created before July 1, 1982, and would permit remote participation in condominium meetings.

RI S0496

Provides that the “meetings” requirements from § 34-36.1-3.08 be applicable to condominiums created before July 1, 1982, and would permit remote participation in condominium meetings.

RI H5156

Provides that the “meetings” requirements from § 34-36.1-3.08 be applicable to condominiums created before July 1, 1982, and would permit remote participation in condominium meetings.

RI H5826

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

RI H5330

Provides that amendments to §§ 34-36.1-1.03 and 34-36.1-3.08 are applicable to condominiums created before July 1, 1982, provides a definition for the term “special assessment” and allows unit owners to participate in association meetings remotely.

RI S0508

Creates process for condominium associations to give notice to and obtain approval from unit mortgage holders for certain association actions by mailing a written request for approval to the unit mortgagees via regular and certified mail.

RI H5586

Creates process for condominium associations to give notice to and obtain approval from unit mortgage holders for certain association actions by mailing a written request for approval to the unit mortgagees via regular and certified mail.

RI H5823

Voids any provision in a condominium declaration or bylaw that would limit an increase in annual assessments relative to a percentage of the prior year's assessment.

RI S0507

Requires associations to provide unit owners within thirty (30) days notice of any increase in the deductible application to the association’s policy.

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