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 and to clarify the rights of secured lenders. It establishes a process for condominium associations to give notice to and obtain approval from unit mortgage holders for certain actions. Specifically, when approval is required from all or a specified number or percentage of unit mortgagees, written requests for approval must be mailed via regular and certified mail to the mortgagees at the addresses referenced on mortgage documents recorded in the land evidence records. If a unit mortgagee fails to provide a written denial of approval within sixty-five (65) days after the mailing of the request, the unit mortgagee shall be deemed to have approved the request. All written requests for approval must reference this section.

The act will take effect upon passage.