Yes (see here for details)

Arguments:

(required) long : albumid - id of the album
(required) string : password - the password to be requested on album access
(required) string : publickey - publickey of an application
(required) string : token - the access token

Request Example:

http://www.bluemelon.com/api/rest/{api_sign}/
?method=bluemelon.albums.authorize&albumid=1&password=pwdpwd&publickey={publickey}&token={token}

Response Example:

~wanting~

Error Codes:

4 - "Missing parameter"
5 - "Invalid parameter"
10 - "Folder not found"
12 - "Application not found"
14 - "Invalid accessToken"
16 - "Access token timed out.You must relogin."
17 - "Invalid call signature size"
18 - "Invalid call signature"
20 - "Missing api_sign"
23 - "Authorization of album unsuccessfull"
603 - "Account recently expired or deleted"