The bill amends the General Laws in Chapter 34-36.1, known as the "Condominium Law," specifically sections 34-36.1-1.02 and 34-36.1-2.19. The amendments clarify the applicability of the chapter to condominiums created within the state after July 1, 1982, and provide a mechanism for condominiums created before this date to voluntarily accept the chapter's provisions. The acceptance must be in writing, executed by the condominium association and all unit owners, and 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, with respect to events and circumstances occurring after that date, without invalidating existing declarations, bylaws, plats, or plans.

Additionally, the bill introduces a new section, 34-36.1-2.19, titled "Rights of secured lenders," which outlines the conditions under which the declaration may require approval from mortgagees or beneficiaries of deeds of trust for certain actions of the unit owners or the association. It establishes a process for requesting such approval, including mailing requirements, and stipulates that if a mortgagee does not provide written denial within 60 days, they are deemed to have approved the action. The bill also includes an explanation that it aims to make the "rights of secured lenders" provision applicable to condominiums created before July 1, 1982, and to create a process for obtaining approval from unit mortgage holders for certain association actions. The act would take effect upon passage.