Bill Summary: Raised Bill No. 281

• Revises property transfer law definitions and exemptions, extending the deadline for "transfer of establishment" from July 1, 2022 to when regulations are adopted, and increases the stock transfer exemption threshold from 40% to 50% ownership.

• Modifies residential common interest community requirements by requiring declarants or predecessors to become certifying parties and provide financial assurance before unit conveyances, and requires notice recording on land records of investigation and remediation activities.

• Establishes new disclosure requirements for common interest community transfers, including environmental condition status, investigation/remediation activities, and environmental use restrictions in resale certificates and public offering statements.

• Creates a new release-based remediation program (effective upon passage) requiring persons who create or maintain releases to land and waters of Connecticut to immediately report and remediate according to commissioner-adopted regulations, with civil and criminal penalties up to $50,000-$100,000 per day for violations.

• Authorizes the Commissioner of Energy and Environmental Protection to adopt regulations establishing remediation standards, tiered release classifications based on risk, and procedures for reporting, verification, and licensing requirements.