General Assembly Proposed Bill No. 796
January Session, 2011 LCO No. 1867
Referred to Committee on Judiciary
Introduced by:
SEN. DUFF, 25th Dist.
General Assembly
Proposed Bill No. 796
January Session, 2011
LCO No. 1867
Referred to Committee on Judiciary
Introduced by:
SEN. DUFF, 25th Dist.
AN ACT CONCERNING FINANCIAL REPORTING BY CONDOMINIUM ASSOCIATIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to established additional financial requirements for common interest community associations and associations for condominiums created prior to 1984, including, but not limited to, the requirement that (1) the board of directors of the association submit separate, monthly financial reports for each entity that is part of or associated with the association, (2) entities that are part of a condominium association shall not commingle funds, (3) the association shall be subject to additional limitations in its use of reserve funds or assessment funds, and (4) the association shall make monthly reports and related bank statements available to each unit owner electronically or by mail.
Statement of Purpose:
To establish additional financial requirements for condominium associations, including associations for condominiums created prior to 1984.