CT HB05320

Replaces "bond or surety" language with "financial guarantee" throughout sections 8-3 and 8-25, expanding acceptable forms to include cash bonds, savings accounts, and letters of credit in addition to surety bonds.

Modifies site plan approval requirements to ensure financial guarantees cover completion of site improvements to be conveyed to or controlled by the municipality and implementation of erosion and sediment controls, with amounts capped at actual costs plus 10% contingency.

Prohibits municipalities from requiring bonds or payments for maintenance of roads, streets, retention/detention basins, or other improvements for more than one year after completion or municipal acceptance, and bars requirements for homeowners associations or deed restrictions for municipal maintenance of public improvements.

Establishes a 65-day deadline for commissions to release or deny release of posted financial guarantees upon request, with written explanation required if release is denied.

Clarifies that building permits may be issued on approved site plans and subdivisions that have not expired, even if abutting unaccepted highways or streets.