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 allows those created before that date to voluntarily adopt its provisions. It introduces new legal language regarding the applicability of certain sections to older condominiums, ensuring that existing declarations, bylaws, and other legal documents remain valid. Additionally, the bill specifies that any condominium created as an additional phase of a pre-1982 condominium will be treated as a pre-1982 condominium for certain legal purposes.

The bill includes provisions that empower the executive board of a condominium association to act on behalf of the association and establishes requirements for budget ratification and the election of board members. Importantly, it voids any provision in a condominium declaration or bylaws 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 act will take effect upon passage.