HB 7001 Summary

• Revises Connecticut's Transfer Act (sections 22a-134 to 22a-134e) to clarify definitions and requirements for property transfers involving contaminated establishments, effective from passage

• Increases the ownership transfer threshold from 40% to 50% or less before a property transfer triggers Transfer Act compliance requirements

• Authorizes development of a new release-based remediation program allowing the Commissioner of Energy and Environmental Protection to adopt regulations for reporting and remediating contamination discovered on or after regulations take effect

• Expands Transfer Act exemptions to include establishments in abandoned brownfield cleanup and brownfield remediation/revitalization programs that are in compliance with applicable requirements

• Requires residential common interest communities identified as establishments to have declarants become certifying parties, provide financial assurance, and disclose environmental conditions to unit purchasers