The bill amends sections of the General Laws in Chapter 34-36.1, known as "Condominium Law," to introduce new provisions regarding the governance of condominiums created after July 1, 1982, and to clarify the rights of secured lenders. Notably, it adds a new section, 34-36.1-1.02, which outlines the applicability of the chapter to condominiums and allows those established before the specified date to voluntarily adopt the chapter's provisions. Additionally, it introduces 34-36.1-2.19, which details the rights of secured lenders, specifying that mortgagees may be required to approve certain actions of the unit owners or the association, but such requirements cannot impede the association's control over administrative affairs or litigation. Furthermore, the bill stipulates that if a mortgagee does not respond to a written request for approval within sixty-five days, the request will be considered approved. This process aims to streamline communication between condominium associations and mortgage holders, ensuring that necessary approvals for actions are obtained efficiently. The act is set to take effect upon passage, thereby enhancing the governance framework for condominiums and clarifying the roles of mortgagees in the decision-making processes of condominium associations.