The bill amends sections of the General Laws in Chapter 34-36.1, known as "Condominium Law," to create a process for condominium associations to give notice to and obtain approval from unit mortgage holders for certain actions of the unit owners or the association. It introduces new provisions regarding the rights of secured lenders, specifically allowing declarations to require that all or a specified number or percentage of unit mortgagees approve certain actions.

The bill stipulates that if a unit mortgagee fails to provide a written denial of approval within sixty days after a written request for approval is mailed, the mortgagee will be deemed to have approved the request. All written requests for approval must reference this section.

The act will take effect upon passage.