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CT SB01103
Bill
Status
Introduced
3/8/2013
Primary Sponsor
Judiciary Committee
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AI Summary
- Repeals and replaces section 47-261e of the general statutes effective July 1, 2013
- Requires executive boards to adopt annual budgets and provide summaries to unit owners at least 30 days before a vote scheduled 10-60 days later
- Allows special assessments up to 15% of the prior year's budget without unit owner approval; larger assessments require a 10-60 day vote period where a majority must reject to block approval
- Permits emergency special assessments by two-thirds board vote with immediate effect, requiring prompt notice and restricting spending to stated purposes
- Mandates 14 days' notice of loan agreements to unit owners with loan terms and assessment impact, and requires a unit owner meeting and ballot vote to approve assignments of future income as loan security
Legislative Description
An Act Concerning The Approval Process For Assignments Of Future Income In Common Interest Communities.
Last Action
File Number 682
5/2/2013
Committee Referrals
Judiciary3/8/2013
Full Bill Text
No bill text available