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General Assembly Raised Bill No.
Senate General Assembly File No.
413 February Session, 2022 LCO No.
361 February Session, 2022 Senate Bill No.
3165 ReferredtoCommitteeonINSURANCEANDREAL ESTATE Introduced by:
413 Senate, April 6, 2022 The Committee on Insurance and Real Estate reported through SEN.
(INS) AN ACT CONCERNING COMMON INTEREST OWNERSHIP COMMUNITIES.
LESSER of the 9th Dist., Chairperson of the Committee on the part of the Senate, that the bill ought to pass.
AN ACT CONCERNING COMMON INTEREST OWNERSHIP COMMUNITIES.
Section 1 from passage New section INS Joint Favorable LCO 3165 \\PRDFS1\SCOUSERS\FORZANOF\WS\2022SB-00413-R011 of 2 SB.docx Raised Bill No.
Section 1 from passage New section INS Joint Favorable SB413 / File No.
413 LCO 3165 {\\PRDFS1\SCOUSERS\FORZANOF\WS\2022SB-00413- 2 of 2 R01-SB.docx }
361 1 SB413 File No.
361 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.
In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.
Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.
OFA Fiscal Note State Impact:
Agency Affected Fund-Effect FY 23 $ FY 24 $ Department of Housing GF - Cost At least None $250,000 Note:
GF=General Fund Municipal Impact:
None Explanation The bill results in a General Fund cost of at least $250,000 to the Department of Housing (DOH) in FY 23 to complete the required study and report on it by January 1, 2023.
The study must include an assessment of the funding of reserves involving common interest ownership communities in Connecticut.
According to the Connecticut chapter of the Community Associations Institute, there are over 5,000 common interest communities in Connecticut.
As DOH lacks the necessary capacity internally, it is anticipated that DOH would contract with a third-party to complete the study at a cost of at least $250,000.
The cost would depend on the number of associations and communities included in the analysis.
The Out Years There is no fiscal impact in the out years.
SB413 / File No.
361 2 SB413 File No.
361 OLR Bill Analysis SB 413 AN ACT CONCERNING COMMON INTEREST OWNERSHIP COMMUNITIES.
SUMMARY The Office of Legislative Research does not analyze Special Acts.
COMMITTEE ACTION Insurance and Real Estate Committee Joint Favorable Yea 17 Nay 0 (03/22/2022) SB413 / File No.
361 3
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