SB 393 Summary

• Prohibits condominium associations from adopting new leasing restrictions as rules after January 1, 2015; existing restrictions adopted by rule before that date must be moved into the declaration to remain enforceable.

• Requires any leasing restrictions to be reasonably designed to meet underwriting requirements of institutional lenders that provide mortgages on condominium units.

• Mandates that leasing restrictions be recorded on land records in towns where the condominium is located and indexed by town clerks in the grantor index under the association's name.

• Requires associations to notify town clerks to remove recorded notices of leasing restrictions that were not added to the declaration by January 1, 2015.

• Takes effect October 1, 2014, amending sections 47-261b and 47-224 of Connecticut's general statutes.