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 after July 1, 1982, and to establish provisions for those created prior to that date. It introduces a new section, 34-36.1-1.02, which outlines the conditions under which older condominiums may voluntarily accept the provisions of this chapter. Additionally, it includes a new section, 34-36.1-3.03, detailing the roles and responsibilities of executive board members and officers, including the requirement for them to act with fiduciary care and the process for budget ratification by unit owners.

A significant change in the bill is the insertion that 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 aims to provide more flexibility in financial management for condominium associations. The bill is set to take effect upon passage.