The bill amends the General Laws in Chapter 34-36.1 entitled "Condominium Law," specifically addressing the applicability of the chapter to condominiums created within the state after July 1, 1982, and the rights of secured lenders. The bill inserts new language to clarify that condominiums created before this date may voluntarily accept the provisions of this chapter, and it outlines the process for such acceptance, which includes a written agreement by the condominium association and all unit owners, to be recorded in the land evidence records. The bill also specifies that certain sections of the chapter apply to all condominiums created before July 1, 1982, but only with respect to events and circumstances occurring after that date, without invalidating existing provisions.

Additionally, the bill introduces new provisions regarding the rights of secured lenders, particularly in section 34-36.1-2.19. It allows the declaration to require approval from a specified number or percentage of mortgagees for certain actions of the unit owners or the association to be effective. The bill also establishes a process for requesting such approval, which includes mailing written requests to the mortgagees. If a mortgagee does not provide a written denial of approval within 60 days after the mailing, they are deemed to have approved the request. The bill is set to take effect upon passage and aims to create a process for condominium associations to notify and obtain approval from unit mortgage holders for specific association actions.