The bill amends the "Condominium Law" in Chapter 34-36.1 by introducing new provisions regarding the rights of secured lenders and the process for obtaining their approval for certain actions of condominium associations. It establishes that if the declaration or bylaws require approval from all or a specified number or percentage of unit mortgagees for actions taken by unit owners or the association, written requests for approval must be mailed via regular and certified mail to the mortgagees at the addresses specified in the recorded mortgage documents. If a unit mortgagee does not provide a written denial of approval within sixty-five (65) days of the mailing, the request will be deemed approved. Additionally, all written requests for approval must reference this new section. This act will take effect upon passage.