The bill amends sections of the General Laws in Chapter 34-36.1, known as "Condominium Law," to clarify the applicability of the chapter to condominiums created before and after July 1, 1982. It introduces new legal language, specifically 34-36.1-1.02. Applicability and 34-36.1-3.03. Executive board members and officers, which outlines the governance structure and responsibilities of condominium associations. The bill allows condominiums established prior to July 1, 1982, to voluntarily adopt the provisions of this chapter, provided that an agreement is recorded. It also specifies that certain sections of the law apply to older condominiums only concerning events occurring after July 1, 1982, ensuring that existing legal documents and actions remain valid. Additionally, the bill includes a significant change regarding annual assessments. It voids any provision in a condominium declaration or bylaw that limits an increase in the total amount of any association annual assessment relative to the prior annual assessment by a percentage amount or otherwise. This change aims to provide greater flexibility for condominium associations in adjusting their annual assessments. The act will take effect upon passage, allowing for immediate implementation of these changes in condominium governance and financial management.