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 listed on recorded mortgage documents. If a unit mortgagee does not provide a written denial of approval within sixty-five (65) days of the request, the mortgagee will be deemed to have approved the request. Additionally, the bill clarifies that these requirements do not interfere with the general administrative control of the association or its ability to engage in litigation or manage insurance proceeds. This act will take effect upon passage.