The proposed General Assembly Raised Bill No. 5437 seeks to amend the approval process for budgets and special assessments in common interest communities, enhancing transparency and governance. Key changes include the requirement for the executive board to provide a summary of the proposed budget and special assessments to all unit owners within thirty days of adoption. A proposed budget or special assessment will now require a majority vote from unit owners to be approved, replacing the previous provision that allowed for automatic approval if not rejected. The bill also clarifies that the absence of a quorum does not hinder the approval process, ensuring effective decision-making even with low participation.

Additionally, the bill introduces new provisions for emergency special assessments, allowing the executive board to enact them immediately while ensuring timely notification to unit owners and restricting fund usage to specified purposes. It mandates the disclosure of loan agreements to unit owners at least fourteen days prior to execution, requiring a majority vote for any assignment of future income as loan security. The bill also emphasizes the importance of maintaining detailed records, including a list of unit owners with contact information, which must be provided upon request and updated annually. The changes are encapsulated in the repeal and replacement of subsection (a) of section 47-260 of the general statutes, aimed at improving accountability and communication within these communities.

Statutes affected:
Raised Bill: 47-261e