Bill > HB05265

This bill allows groups of unit owners in common interest communities, who collectively hold at least twenty percent of the votes, to petition the Superior Court for an audit of their association's financial records if they have a good faith belief of financial fraud or misuse of funds, supported by an independent certified public accountant's opinion, and if no audit has occurred in the past twelve months; the petitioning unit owners will be responsible for the audit expenses, though the association or its management company can charge a reasonable fee for providing records; additionally, the bill revises disclosure requirements for common interest communities by adding a special statement advising buyers to obtain a "Resale Certificate" and a report on reserve funds for communities with more than twelve units, and for smaller communities or when a resale certificate isn't available, buyers are advised to consult professionals and residents; finally, the bill caps the fee an association can charge for preparing and recording a lender's questionnaire, which is a document lenders request to understand the financial health and operational status of a common interest community, at one hundred dollars.

Business and Industry

Insurance and Real Estate Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05265&which_year=2026