Researcher: TA Page 1 3/21/22
OLR Bill Analysis
sHB 5264
AN ACT CONCERNING THE APPROVAL OF FINANCIAL AID
APPLICATIONS FILED WITH CONNECTICUT INNOVATIONS,
INCORPORATED AND ESTABLISHING AN ATTENDANCE POLICY
FOR CONNECTICUT INNOVATIONS, INCORPORATED'S BOARD
OF DIRECTORS.
SUMMARY
This bill increases, from $150,000 to $500,000, the (1) maximum
amount of financial assistance that Connecticut Innovations, Inc. (CI)
staff may approve in an individual application if delegated this
authority by CI's board of directors and (2) aggregate 12-month cap on
staff-awarded assistance to an applicant. Under the aggregate cap, CI
staff cannot approve an assistance application if the amount requested
plus the amount of CI assistance received by the applicant in the
previous 12 months exceeds this cap (i.e., $500,000 under the bill).
As under existing law, (1) assistance that goes over either of these
caps must be approved by the board of directors or a committee of the
board and (2) CI staff exercising delegated approval authority must
process the application according to procedures adopted by CI.
Financial assistance includes loans, loan guarantees, equity investments,
and other forms of economic development assistance.
Additionally, the bill deems an appointed member of CI's board of
directors to have resigned if he or she misses three consecutive board
meetings or fails to attend 50% of the meetings in a calendar year. It
requires the board chairperson to fill, for the balance of the unexpired
term, a vacancy that occurs for these reasons.
By law, the board has nine gubernatorial appointees, four legislative
appointees, and four ex-officio members. Board members appointed by
the governor or a legislator serve at the pleasure of the appointing
authority but no longer than the appointing authority's term of office or 2022HB-05264-R000048-BA.DOCX
Researcher: TA Page 2 3/21/22
until a successor is appointed and qualified, whichever is longer.
EFFECTIVE DATE: October 1, 2022
COMMITTEE ACTION
Commerce Committee
Joint Favorable Substitute
Yea 16 Nay 7 (03/08/2022)