Amends the Homeowners' Energy Policy Statement Act. Prohibits a homeowners' association, common interest community association, or condominium unit owners' association from adopting a bylaw or exercising any power that prohibits the installation of a rain water collection system or composting system. Provides that if a building is subject to a homeowners' association, common interest community association, or condominium unit owners' association, no deed restrictions, covenants, or similar binding agreements running with the land shall prohibit a rain water collection system or composting system from being installed on a building erected on a lot or parcel covered by the deed restrictions, covenants, or binding agreements. Provides that a property owner may not be denied permission to install a rain water collection system or composting system by any entity granted the power or right in any deed restriction, covenant, or similar binding agreement to approve, forbid, control, or direct alteration of property. Provides that an entity may establish location or design requirements for rain water collection systems or composting systems. Provides that a rain water collection system or composting system shall meet application standards and requirements imposed by State and local permitting authorities. Provides that if approval is required for the installation of a rain water collection system or composting system, an application for approval shall be processed by the appropriate approving entity of the association within 90 days after the submission of the application. Makes corresponding changes.