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 notify and obtain approval from unit mortgage holders for certain actions. It introduces new provisions regarding the applicability of the chapter, specifically addressing condominiums created before and after July 1, 1982, and allowing older condominiums to voluntarily adopt the chapter's provisions.

The bill clarifies that certain sections of the law apply to all condominiums created before July 1, 1982, but only concerning events occurring after that date, ensuring that existing legal documents and actions remain valid. It specifies that the declaration may require approval from a specified number or percentage of mortgagees for actions taken by unit owners or the association.

Additionally, the bill mandates that written requests for approval be mailed to mortgagees via regular and certified mail, with a requirement for responses within 60 days. If a mortgagee fails to provide a written denial of approval within that timeframe, they are deemed to have approved the request. This act will take effect upon passage.