The bill amends sections of the General Laws in Chapter 34-36.1, known as "Condominium Law," to clarify the applicability of the law to condominiums created before and after July 1, 1982. It introduces new provisions that allow condominiums established prior to this date to voluntarily adopt the current chapter's regulations through a written agreement among the condominium association and all unit owners. This agreement must be recorded in local land evidence records and will only apply to future governance matters, ensuring that prior actions and documents remain valid. Additionally, the bill specifies that certain sections of the law apply to older condominiums only concerning events occurring after July 1, 1982, without invalidating existing governing documents.

Furthermore, the bill establishes new rights for secured lenders in section 34-36.1-2.19, allowing declarations to require mortgagee approval for specific actions by unit owners or the association. However, it prohibits such requirements from undermining the control of unit owners over the association's administrative affairs or from hindering the association's ability to engage in litigation or manage insurance proceeds. The bill also outlines a process for obtaining mortgagee approval, stipulating that if a mortgagee does not respond to a request for approval within 60 days, they will be deemed to have approved the action. This act will take effect upon passage.