The bill amends sections of the General Laws in Chapter 34-36.1, known as "Condominium Law," to establish a process for condominium associations to notify and obtain approval from unit mortgage holders for specific actions taken by the association. It introduces new provisions that require the declaration to specify whether approval from a certain number or percentage of mortgagees is necessary for the effectiveness of actions taken by unit owners or the association. Additionally, it mandates that written requests for approval be sent via regular and certified mail to the mortgagees, and if a mortgagee does not respond within sixty days, they are deemed to have approved the request.

The bill also includes a new section that outlines the rights of secured lenders, ensuring that approval requirements do not undermine the control of unit owners over the association's administrative affairs or hinder the association's ability to engage in litigation or manage insurance proceeds. The act will take effect upon passage.