This bill revises existing laws concerning real property and construction regulations. It specifically provides that certain construction projects will be "grandfathered," meaning they will be exempt from new regulations that may be enacted after their completion. This provision aims to protect property owners and developers who have already invested in construction under previous legal standards.

Additionally, the bill includes an immediate effective date, ensuring that the changes take effect as soon as it is signed into law. It also establishes a retroactive applicability date, which allows the grandfathering provision to apply to construction projects completed before the bill's enactment. This approach seeks to provide clarity and stability for those involved in real estate and construction activities.