General Assembly Proposed Bill No. 119
January Session, 2013 LCO No. 428
Referred to Committee on JUDICIARY
Introduced by:
SEN. DOYLE, 9th Dist. REP. SERRA, 33rd Dist.
General Assembly
Proposed Bill No. 119
January Session, 2013
LCO No. 428
Referred to Committee on JUDICIARY
Introduced by:
SEN. DOYLE, 9th Dist.
REP. SERRA, 33rd Dist.
AN ACT CONCERNING APPROVAL BY CONDOMINIUM UNIT OWNERS OF A PROPOSED LOAN AGREEMENT WHICH INCLUDES AN ASSIGNMENT OF THE ASSOCIATION'S RIGHT TO FUTURE INCOME AS SECURITY FOR THE LOAN.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 47-261e of the general statutes be amended to provide that unless a majority of all unit owners of a common interest community vote to reject a proposed loan agreement which includes an assignment of the association's right to future income as security for the loan, the proposed loan agreement and assignment shall be approved.
Statement of Purpose:
To reform the process used in a common interest community for approval by condominium unit owners of a proposed loan agreement which includes an assignment of the association's right to future income as security for the loan.