General Assembly Raised Bill No. 5433 seeks to amend Section 47-245 of the general statutes to enhance the governance of common interest communities by limiting the powers of the executive board. The bill prohibits the executive board from amending the declaration, terminating the community, electing board members, or determining their qualifications and duties. It requires that at least one member and one-third of the executive board be elected by unit owners within sixty days after one-third of the units are conveyed. Additionally, it mandates that the declarant transfer all property and financial records to the association within thirty days of unit owners electing a majority of the board, and that financial statements be audited by an independent accountant at no cost to the association.

The legislation also introduces provisions aimed at improving election integrity and ethical conduct within associations. It requires the declarant to provide unit owners with a current financial statement every six months and imposes strict limits on gifts to executive board members, prohibiting acceptance of items valued over fifty dollars from contractors. Furthermore, managing agents and individuals providing services to the association are barred from campaigning for board candidates. The Office of State Ethics and the State Elections Enforcement Commission are empowered to enforce these regulations. The act is set to take effect on October 1, 2026, and aims to foster transparency and accountability in the governance of common interest communities.

Statutes affected:
Raised Bill: 47-245