Substitute House Bill No. 7068 introduces significant provisions aimed at increasing transparency and accountability within common interest community associations in Connecticut. The bill allows a group of unit owners, representing at least 10% of the association, to petition the Superior Court for an independent audit of the association's financial records under specific conditions. These conditions include certifying a good-faith belief in the need for an audit, obtaining a signed opinion from a certified public accountant indicating evidence of financial fraud or misuse of funds, and holding at least 10% of proxies from unit owners. The group is also responsible for covering the audit costs, and such requests can only be made once every twelve months.

Additionally, the bill amends existing legal language related to disclosure requirements for common interest communities. It introduces new inquiries regarding property rights, easements, and mandates that buyers in larger communities obtain a "Resale Certificate." Certain existing language is deleted to enhance clarity, ensuring potential buyers are well-informed about the implications of purchasing property within these communities. The bill also specifies records that must be retained by common interest communities, such as financial records and meeting minutes, while exempting personal records and unredacted ballots from audits. These changes are set to take effect on October 1, 2025, and aim to improve the overall understanding and management of property transactions within common interest communities.