The bill regulates agreements between occupiers and site owners over the termination of contracts and the sale of caravans.
It also brings the definition of a caravan into line with the rest of the UK.
The Private Members Bill was sponsored by UUP MLA, John McAllister.
It is the first since 1948 to have gone through all the stages of the Assembly to become law and is likely to take effect from the Autumn.
Mr McAllister was congratulated by politicians from other parties including the DUP MLA, Jim Wells, who said he welcomed the legislation.
Fabulous
"It will hopefully stop the situation that saw some people signing away their rights to how they insure, sell and maintain their caravans."
More than 14,000 static holiday caravan owners will also have increased protection including the right to a written contract and to have a greater say in how their caravan site is run.
Jack Moore, who lives in a mobile home in Ballyhalbert in County Down, had been campaigning for the change since 2008.
"It's absolutely fabulous it had gone through, it brings us into line with legislation in England and Wales," he said.
"We were way behind, the park homes in England have been in use for over 50 years, whereas the park homes here are in their infancy."
Social Development Minister, Alex Attwood, said: "For years, some caravan owners have been forced, at the drop of a hat, to accept changes made by site owners.
"Many have faced raised fees, moved caravans and even eviction from sites, without much protection," he said.
"This bill will make a real difference to those people, by clearly setting out in law the obligations for site owners and holiday caravan owners."
"I'd like to pay tribute to John McCallister, the Bill's sponsor, for his considerable efforts in completing the bill which will make a real difference to the lives of static caravan owners, in both the residential and holiday sectors."

But the Australian media has gone into overdrive after news broke that Johnny Depp may have broken quarantine laws by not declaring his Yorkshire Terriers when they flew into Queensland.
It wasn't long before a posse of reporters had gathered outside the Gold Coast estate where the dogs are being held in quarantine prison.
There is a dog's breakfast of online stories, and commercial TV networks have sent choppers up in the hope of catching a glimpse of the Pirates of the Caribbean star and his customs-busting mutts. Even the nation's venerable financial journal, The Australian Financial Review, has got in on the act.
Media interest in the story is so intense a mini economy has sprouted up outside the estate with a catering van arriving to feed the press, according to the Courier Mail.
#WarOnTerrier: Australia reacts to Depp's dogs
It might all sound like a bit of fun but Australian quarantine laws are no joke.
Live animals and plants, plant material, animal products and some food from overseas can't be brought into the country without government permission because they can introduce some of the world's most serious pests and diseases into this island nation.
Those who flaunt the rules face fines of more than A$66,000 ($5,400; Â£34,000) and risk 10 years jail.
As an example of how serious it can be, in 1995 a 500km (310-mile) by 200km quarantine zone was established in northern Queensland just to control foreign fruit fly maggots.
So, it's lucky Depp didn't bring any bananas with him.
The Caravans Bill has been passed granting legal protection in NI to both those who holiday in caravans and those who live in them permanently.
[NEXT_CONCEPT]
Maybe it was because they had spent the past week poring over government budget documents, or maybe this story was just too good to ignore.