The bill amends the General Laws in Chapter 34-36.1, known as the "Condominium Law," to update the applicability and governance of condominiums in the state. It specifies that the chapter applies to all condominiums created within the state after July 1, 1982, and allows condominiums created before this date to voluntarily accept the provisions of this chapter. The bill clarifies that acceptance of the new provisions does not affect the legality or validity of actions taken before the acceptance date. It also states that certain sections of the chapter apply to all condominiums created before July 1, 1982, with respect to events occurring after that date, without invalidating existing declarations, bylaws, or plans. Additionally, the bill includes provisions for executive board members and officers, detailing their duties, the process for adopting budgets, and the conditions under which the declarant controls the association.

Significant insertions include a new section on the executive board's responsibilities and the voiding of any declaration or bylaws that limit the increase in the total amount of association annual assessments. The bill also outlines the process for unit owners to ratify proposed budgets and sets conditions for the termination of the declarant's control period. It allows for the removal of executive board members by a vote of unit owners and mandates that a majority of the executive board members elected after the declarant's control period must be unit owners. The bill is designed to eliminate constraints on budget caps in condominium documents and will take effect upon passage.