Notwithstanding chapter 40P of the General Laws or any other general or special law to the contrary, a municipality, by majority vote of its legislative body, may enact an ordinance or by-law to regulate the conversion of housing accommodations in the municipality to the condominium or cooperative form of ownership and the regulation of rent and the eviction of tenants’ incident to the conversion or sale of condominiums. Said ordinance or by-law may include, but is not limited to: (i) provisions for investigations into and hearings on condominium conversions or proposed conversions; (ii) a permit process; (iii) tenant notification requirements; (iv) relocation costs for tenants and other measures to protect tenants; (v) control of evictions; (vi) penalties for violation of the ordinance or by-law; and (vii) exemptions from the provisions of this subsection. The ordinance or by-law may establish a condominium review board or vest administrative duties in an existing municipal board, commission or office. The review board may exercise such powers as it is given by ordinance or by-law.

A municipality that adopted an ordinance or by-law for the regulation of the conversion of housing accommodations to the condominium or cooperative forms of ownership and evictions related thereto pursuant to the authority conferred upon the municipality by general law or special act prior to the effective date of this section may continue to exercise such authority. This section shall not be construed to restrict the authority of said municipality to amend or repeal any ordinance or by-law in accordance with the provisions of said general law or special act.

A municipality may, by majority vote of its legislative body, accept this section in the manner provided in section 4 of chapter 4 and a municipality that has accepted this section may, in like manner, revoke its acceptance.