SB 501 — AN ACT CONCERNING MOTOR VEHICLE ASSESSMENTS FOR PROPERTY TAXATION, INNOVATION BANKS, THE INTEREST ON CERTAIN TAX UNDERPAYMENTS, THE ASSESSMENT ON INSURERS, SCHOOL BUILDING PROJECTS, THE SOUTH CENTRAL CONNECTICUT REGIONAL WATER AUTHORITY CHARTER AND CERTAIN STATE HISTORIC PRESERVATION OFFICER PROCEDURES.

(9)Sess., With2024, respectPublic toAct any personal property which is prohibited by law LCO No.

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from501 beingunable sold,to determine the presentoriginal trueselling andprice actual value of suchleased personal property shallother bethan established with respect to such property's original manufactured cost increased by a ratiomotor thevehicle, numerator of which is the totalpresent proceedstrue from the manufacturer's salable equipment sold and theactual denominatorvalue ofthereof whichshall isbe theits totalcurrent costselling ofprice. the manufacturer's salable equipment sold.

(9) With respect to any personal property which is prohibited by law from being sold, the present true and actual value of such property shall be established with respect to such property's original manufactured cost increased by a ratio the numerator of which is the total proceeds from the manufacturer's salable equipment sold and the denominator of which is the total cost of the manufacturer's salable equipment sold.

(12)For assessment yearscommencing onor after October 1,2024,for1, 2024, for any commercial motor vehicle (A) that is modified, or (B) to which is affixed an attachment designed, manufactured or modified to be affixed to such motor vehicle, the assessor shall determine whether to value such motor vehicle and any such modifications or attachments to such motor vehicle pursuant to subdivision (7) of this subsection or section 12-41, as amended by this act.

The assessor shall determine valuation of any modifications or attachments to such motor vehicle based on whether such modifications or attachments are intended to be permanentlyJune affixedSp. to such motor vehicle.

[(12)]Sess., (13)2024, NothingPublic inAct this subsection shall prevent any taxpayer from appealing any (A) assessment made pursuant to this subsection if such assessment does not accurately reflect the present true and actual value of any item of such taxpayer's personal property, or (B) determination LCO No.

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of501 thepermanently manufacturer'saffixed suggested retail price used to valuesuch a motor vehiclevehicle. pursuant to this subsection.

[(12)] (13) Nothing in this subsection shall prevent any taxpayer from appealing any (A) assessment made pursuant to this subsection if such assessment does not accurately reflect the present true and actual value of any item of such taxpayer's personal property, or (B) determination of the manufacturer's suggested retail price used to value a motor vehicle pursuant to this subsection.

If applicable, the value of the motorvehicleforthecurrentassessmentyearshallbeproratedpursuantJune toSp. section 12-71b, and shall not be considered omitted property, as defined in section 12-53, or subject to a penalty pursuant to subsection (f) of this section.] (c) The annual declaration of the tangible personal property owned by such person on the assessment date, shall include, but is not limited LCO No.

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to,24-1 thefollowing9 property:Machinery usedinmillsand factories,cables, wires, poles, underground mains, conduits, pipes and other fixtures of water,140 gas,Senate electricBill andNo. heating companies, leasehold improvements classifiedasotherthanrealpropertyandfurnitureandfixturesofstores, offices, hotels, restaurants, taverns, halls, factories and manufacturers.

501 motorvehicleforthecurrentassessmentyearshallbeproratedpursuant to section 12-71b, and shall not be considered omitted property, as defined in section 12-53, or subject to a penalty pursuant to subsection (f) of this section.] (c) The annual declaration of the tangible personal property owned by such person on the assessment date, shall include, but is not limited to, thefollowing property:Machinery usedinmillsand factories,cables, wires, poles, underground mains, conduits, pipes and other fixtures of water, gas, electric and heating companies, leasehold improvements classifiedasotherthanrealpropertyandfurnitureandfixturesofstores, offices, hotels, restaurants, taverns, halls, factories and manufacturers.

Subsection (a) of section 12-53 of the 2024 supplement to the general statutes is repealed and the following is substituted in lieu thereof (EffectiveJuly 1,2024,andapplicable1,2024, andapplicable toassessmentyears commencing on or after October 1, 2024):

[, or (C) on or after October 1, 2024, the manufacturer's suggested retail priceJune ofSp. a motor vehicle plus any applicable after-market alterations to such motor vehicle,] (2) ["books"] "Books", "papers", "documents" and "other records" includes, but is not limited to, federal tax forms relating to the acquisition and cost of fixed assets, general ledgers, balance sheets, disbursement ledgers, fixed asset and depreciation schedules, financial statements, invoices, operating expense reports, capital and operating LCO No.

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leases,24-1 conditional10 salesof agreements140 andSenate buildingBill orNo. leasehold ledgers;

501 price of a motor vehicle plus any applicable after-market alterations to such motor vehicle,] (2) ["books"] "Books", "papers", "documents" and "other records" includes, but is not limited to, federal tax forms relating to the acquisition and cost of fixed assets, general ledgers, balance sheets, disbursement ledgers, fixed asset and depreciation schedules, financial statements, invoices, operating expense reports, capital and operating leases, conditional sales agreements and building or leasehold ledgers;

Sec.June Sp.

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501 Sec.

[(2) (A)For assessment yearscommencing on or after October 1, 2024, each municipality shall list motor vehicles registered and classified in accordance with section 12-71d, and such motor vehicles shall be valued in the same manner as motor vehicles valued pursuant to section 12-63.] LCO[(B)](2)Forassessment No.yearscommencingonorafterOctober1, 2024, any unregistered motor vehicle or motor vehicle that is not used or capable of being used that is located in a municipality in this state, shall be listed and valued in the [manner described in subparagraph (A) of this subdivision] same manner as motor vehicles valued pursuant to section 12-63, as amended by this act.

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[(B)](2)Forassessment yearscommencingonorafterOctober1, 2024, any unregistered motor vehicle or motor vehicle that is not used or capable of being used that is located in a municipality in this state, shall be listed and valued in the [manner described in subparagraph (A) of this subdivision] same manner as motor vehicles valued pursuant to section 12-63, as amended by this act.

The property tax payable withrespect to suchmotor vehicleonsaid first day of January shall be in the amount which would be payable if such motor vehicle had been entered in the taxable list of the town where such motorJune vehicleSp. is subject to property tax on the first day of October in such assessment year if such registration occurs prior to the first day of November.

IfSess., such2024, registrationPublic occursAct on or after the first day of November but prior to the first day of August in such assessment year, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined (A) by a ratio, the numerator of which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, or (B) upon the affirmative vote of the legislative body LCO No.

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of501 themotor municipality,vehicle byis asubject ratioto theproperty numeratortax ofon which shall be the numberfirst day of daysOctober fromin the date of such registration,assessment includingyear theif daysuch onregistration whichoccurs theregistrationoccurs,toprior thefirstto day ofOctober next succeeding and the denominatorfirst day of whichNovember. shall be three hundred sixty-five.

If such registration occurs on or after the first day of November but prior to the first day of August in such assessment year, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined (A) by a ratio, the numerator of which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, or (B) upon the affirmative vote of the legislative body of the municipality, by a ratio the numerator of which shall be the number of days from the date of such registration, including the day on which theregistrationoccurs,to thefirst day ofOctober next succeeding and the denominator of which shall be three hundred sixty-five.

Any person who owns a motor vehicle which is registered with the Commissioner of Motor Vehicles on or after the first day of April in any assessment year but prior to the first day of October next succeeding shall be liable for the payment of property tax with respect to such motor vehicle in the town where such motor vehicle is subject to property tax, in an amountJune hereinafterSp. provided, on the first day of January immediately subsequent to the end of such assessment year.] The property tax payable with respect to a motor vehicle described in this subdivision shall be in the amount [which] that would be payable if such motor vehicle had been entered into the taxable list of the town where such motor vehicle is subject to property tax on the first day of October in such assessment year if such registration occurs prior to the first day of November.

IfSess., such2024, registrationPublic occursAct on or after the first day of November but prior to the first day of October next succeeding, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined (A) by a ratio, the numerator LCO No.

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of501 whichamount shallhereinafter beprovided, on the numberfirst day of monthsJanuary fromimmediately subsequent to the dateend of such registration,assessment includingyear.] theThe monthproperty intax whichpayable registrationwith occurs,respect to thea firstmotor dayvehicle ofdescribed Octoberin nextthis succeedingsubdivision and the denominator of which shall be twelve,in or (B) upon the affirmativeamount vote[which] ofthat thewould legislativebe bodypayable ofif thesuch municipality,motor byvehicle ahad ratiobeen theentered numeratorinto of which shall be the numbertaxable list of days from the datetown ofwhere such registration,motor includingvehicle theis daysubject onto whichproperty thetax registrationon occurs, to the first day of October nextin succeedingsuch andassessment theyear denominatorif ofsuch whichregistration shalloccurs beprior threeto hundredthe sixty-five.first day of November.

If such registration occurs on or after the first day of November but prior to the first day of October next succeeding, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined (A) by a ratio, the numerator of which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, or (B) upon the affirmative vote of the legislative body of the municipality, by a ratio the numerator of which shall be the number of days from the date of such registration, including the day on which the registration occurs, to the first day of October next succeeding and the denominator of which shall be three hundred sixty-five.

(A) The unexpired registration of the motor vehicle replaced is transferred to the replacement vehicle, (B) the motor vehicle replaced wasJune stolenSp. or totally damaged and proof concerning such theft or total damage is submitted to the assessor in such town, or (C) the motor vehicle replaced is sold by such person within forty-five days immediately prior to or following the date on which such person acquires the replacement vehicle, such person shall be liable for the payment of property tax with respect to the replacement vehicle in the town in which the motor vehicle replaced is subject to property tax, in an amount as hereinafter provided, on the first day of January immediately subsequent to the end of such assessment year.

IfSess., the2024, replacementPublic vehicleAct is replaced by such person with another motor vehicle prior to the first day of August in such assessment year, the replacement vehicle shall be subject to property tax as provided in this subsection and such other motor vehicle replacing the replacement LCO No.

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vehicle,501 was stolen or anytotally motordamaged vehicleand replacingproof concerning such othertheft or total damage is submitted to the assessor in such town, or (C) the motor vehicle inreplaced is sold by such assessmentperson year,within shallforty-five bedays deemedimmediately prior to beor following the date on which such person acquires the replacement vehiclevehicle, such person shall be liable for purposesthe payment of thisproperty subsectiontax andwith shallrespect beto the replacement vehicle in the town in which the motor vehicle replaced is subject to property taxtax, in an amount as providedhereinafter herein.provided, on the first day of January immediately subsequent to the end of such assessment year.

If the replacement vehicle is replaced by such person with another motor vehicle prior to the first day of August in such assessment year, the replacement vehicle shall be subject to property tax as provided in this subsection and such other motor vehicle replacing the replacement vehicle, or any motor vehicle replacing such other motor vehicle in such assessment year, shall be deemed to be the replacement vehicle for purposes of this subsection and shall be subject to property tax as provided herein.

(i) The property tax which would be payable if the replacement vehicle had been entered in thetaxablelist of the town in which the motor vehicle replaced is subject to property tax on the first day of October in such assessment year if such registration occurs prior to the first day of November, however if such registration occurs on or after the first day of November but prior to the first day of August in such assessment year, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined by a ratio, the numerator of which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, provided if such person, on said first day of October, was entitled to any exemption under section 12-81, as amended by this act, which was allowedJune inSp. the assessment of the motor vehicle replaced, such exemption shall be allowed for purposes of determining the property tax payable with respect to the replacement vehicle as provided herein;

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501 allowed in the assessment of the motor vehicle replaced, such exemption shall be allowed for purposes of determining the property tax payable with respect to the replacement vehicle as provided herein;

(2) For assessment years commencing on or after October 1, 2024, wheneveranypersonwhoownsamotorvehiclewhichhasbeenentered LCOin No.the taxable list of the town where such motor vehicle is subject to property tax in any assessment year and who, subsequent to the first day of October in such assessment year but prior to the [first day of April] last day of September in such assessment year, replaces such motor vehicle with another motor vehicle, hereinafter referred to as the replacement vehicle, which vehicle may be in a different classification for purposes of registration than the motor vehicle replaced, and provided one of the following conditions is applicable with respect to the motor vehicle replaced:

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in the taxable list of the town where such motor vehicle is subject to property tax in any assessment year and who, subsequent to the first day of October in such assessment year but prior to the [first day of April] last day of September in such assessment year, replaces such motor vehicle with another motor vehicle, hereinafter referred to as the replacement vehicle, which vehicle may be in a different classification for purposes of registration than the motor vehicle replaced, and provided one of the following conditions is applicable with respect to the motor vehicle replaced:

[, on the first day of JulyJune inSp. such assessment year.] If a replacement vehicle is replaced by the owner of such replacement vehicle prior to the first day of October next succeeding such assessment year, the replacement vehicle shall be added by the assessor to the taxable grand list and subject to property tax as provided in this subdivision.

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501 July in such assessment year.] If a replacement vehicle is replaced by the owner of such replacement vehicle prior to the first day of October next succeeding such assessment year, the replacement vehicle shall be added by the assessor to the taxable grand list and subject to property tax as provided in this subdivision.

[(3) For assessment years commencing on or after October 1, 2024, wheneveranypersonwhoownsamotorvehiclewhichhasbeenentered into the taxable list of the town where such motor vehicle is subject to property tax in any assessment year and who, on or after the first day of April of such assessment year but prior to the first day of October next succeeding, replaces such motor vehicle with another motor vehicle, LCOhereinafter No.referred to as the replacement vehicle, which vehicle may be in a different classification for purposes of registration than the motor vehicle replaced, and provided one of the following conditions is applicable withrespect tothemotorvehiclereplaced:(A)The unexpired registration of the motor vehicle replaced is transferred to the replacement vehicle, (B) the motor vehicle replaced was stolen or totally damaged and proof concerning such theft or total damage is submitted to the assessor in such town, or (C) the motor vehicle replaced is sold by suchpersonwithinforty-five daysimmediately prior to or followingthe date on which such person acquires the replacement vehicle, such person shall be liable for the payment of property tax with respect to the replacement vehicle in the town in which the motor vehicle replaced is subject to property tax pursuant to subdivision (4) of this subsection, on the first day of January immediately succeeding such assessment year.

6185If 16a replacement vehicle is replaced by the owner of 137such Billreplacement No.vehicle prior tothefirst day ofOctober next succeeding suchassessment year, the replacement vehicle shall be subject to property tax as provided in this subdivision and such other motor vehicle replacing the June Sp.

hereinafterSess., referred2024, toPublic asAct theNo. replacement vehicle, which vehicle may be in a different classification for purposes of registration than the motor vehicle replaced, and provided one of the following conditions is applicable withrespect tothemotorvehiclereplaced:(A)The unexpired registration of the motor vehicle replaced is transferred to the replacement vehicle, (B) the motor vehicle replaced was stolen or totally damaged and proof concerning such theft or total damage is submitted to the assessor in such town, or (C) the motor vehicle replaced is sold by suchpersonwithinforty-five daysimmediately prior to or followingthe date on which such person acquires the replacement vehicle, such person shall be liable for the payment of property tax with respect to the replacement vehicle in the town in which the motor vehicle replaced is subject to property tax pursuant to subdivision (4) of this subsection, on the first day of January immediately succeeding such assessment year.

If24-1 a17 replacement vehicle is replaced by the owner of such140 replacementSenate vehicleBill priorNo. tothefirst day ofOctober next succeeding suchassessment year, the replacement vehicle shall be subject to property tax as provided in this subdivision and such other motor vehicle replacing the replacement vehicle, or any motor vehicle replacing such other motor vehicle in such assessment year, shall be deemed to be the replacement vehicle for purposes of this subdivision.] [(4)] (3) The property tax payable with respect to a replacement vehicle described in subdivision (2) [or (3)] of this subsection shall be the amount by which (A) is in excess of (B) as follows:

(A)501 Thereplacement propertyvehicle, taxor whichany wouldmotor bevehicle payablereplacing ifsuch theother replacementmotor vehicle had been entered in thesuch taxableassessment listyear, ofshall thebe towndeemed into whichbe the motorreplacement vehicle replacedfor ispurposes subject to property tax on the first day of Octoberthis insubdivision.] such[(4)] assessment(3) yearThe ifproperty suchtax registrationpayable occurswith priorrespect to thea firstreplacement dayvehicle ofdescribed November,in however,subdivision if(2) such[or registration(3)] occurs on or after the first day of Novemberthis butsubsection prior to the first day of October next succeeding, such tax shall be a pro rata portion of the amount ofby taxwhich payable(A) ifis such motor vehicle had been entered in theexcess taxable list of such(B) townas onfollows: October first in such assessment year to be determined by ratio, the numerator of LCO No.

6185(A) 17The property tax which would be payable if the replacement vehicle had been entered in the taxable list of 137the Billtown No.in which the motor vehicle replaced is subject to property tax on the first day of October in such assessment year if such registration occurs prior to the first day of November, however, if such registration occurs on or after the first day of November but prior to the first day of October next succeeding, such tax shall be a pro rata portion of the amount of tax payable if such motor vehicle had been entered in the taxable list of such town on October first in such assessment year to be determined by ratio, the numerator of which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, provided if such person, on said first day of October, was entitled to any exemption under section 12-81, as amended by this act, which was allowed in the assessment of the motor vehicle replaced, such exemption shall be allowed for purposes of determining the property tax payable with respect to the replacement vehicle as provided herein;

which shall be the number of months from the date of such registration, including the month in which registration occurs, to the first day of October next succeeding and the denominator of which shall be twelve, provided if such person, on said first day of October, was entitled to any exemption under section 12-81, as amended by this act, which was allowed in the assessment of the motor vehicle replaced, such exemption shall be allowed for purposes of determining the property tax payable with respect to the replacement vehicle as provided herein;

(c)June (1)Sp. For assessment years commencing prior to October 1, 2024,any person who owns a commercial motor vehicle which has been temporarily registered at any time during any assessment year and which has not during such period been entered in the taxable list of any town in the state for purposes of the property tax and with respect to which no permanent registration has been issued during such period, shallbeliableforthepaymentofpropertytaxwithrespecttosuchmotor vehicle in the town where such motor vehicle is subject to property tax on the first day of January immediately following the end of such assessment year, inanamount ashereinafterprovided.The property tax payable shall be in the amount which would be payable if such motor vehicle had been entered in the taxable list of the town where such motor vehicle is subject to property tax on the first day of October in such assessment year.

(2)Sess., For assessment years commencing on or after October 1, 2024, anyPublic personAct who owns a commercial motor vehicle which has been temporarily registered at any time during any assessment year and LCO No.

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501 (c) (1) For assessment years commencing prior to October 1, 2024,any person who owns a commercial motor vehicle which has been temporarily registered at any time during any assessment year and which has not during such period been entered in the taxable list of any town in the state for purposes of the property tax and with respect to which no permanent registration has been issued during such period, shallbeliableforthepaymentofpropertytaxwithrespecttosuchmotor vehicle in the town where such motor vehicle is subject to property tax.tax on the first day of January immediately following the end of such assessment year, inanamount ashereinafterprovided.The property tax payable shall be in the amount which would be payable if such motor vehicle had been entered in the taxable list of the town where such motor vehicle is subject to property tax on the first day of October in such assessment year.

[on(2) theFor firstassessment dayyears ofcommencing Julyon ofor suchafter assessmentOctober year1, or2024, theany firstperson daywho ofowns Januarya immediatelycommercial followingmotor suchvehicle assessmentwhich year,has asbeen applicable,temporarily pursuantregistered toat subdivisions(2)and(3)ofsubsection(b)ofthissection.]Theany propertytime taxduring payableany shallassessment beyear inand the amount which wouldhas benot payableduring if such motorperiod vehicle had been entered in the taxable list of theany town wherein suchthe motorstate vehiclefor ispurposes subjectof tothe property tax onand thewith firstrespect dayto ofwhich Octoberno permanent registration has been issued during such period, shallbeliableforthepaymentofpropertytaxwithrespecttosuchmotor vehicle in the town where such assessmentmotor year.vehicle is subject to property tax.

(d)[on [Any]the (1)first Forday assessmentof yearsJuly commencingof priorsuch toassessment Octoberyear 1,or 2024,the anyfirst motorday vehicleof subjectJanuary toimmediately propertyfollowing taxsuch asassessment providedyear, in this section shall, except as otherwiseapplicable, providedpursuant into subsectionsubdivisions (b)(2)and(3)ofsubsection(b)ofthissection.]The ofproperty thistax section,payable shall be subjectin tothe suchamount propertywhich taxwould inbe thepayable townif in which such motor vehicle washad lastbeen registeredentered in the assessmenttaxable yearlist endingof immediatelythe precedingtown thewhere daysuch onmotor whichvehicle suchis subject to property tax ison payablethe asfirst providedday of October in thissuch section.assessment year.

(d) [Any] (1) For assessment years commencing prior to October 1, 2024, any motor vehicle subject to property tax as provided in this June Sp.

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501 section shall, except as otherwise provided in subsection (b) of this section, be subject to such property tax in the town in which such motor vehicle was last registered in the assessment year ending immediately preceding the day on which such property tax is payable as provided in this section.

(f) Upon receipt by the assessor in any town of notice from the Commissioner of Motor Vehicles, in a manner as prescribed by said LCOcommissioner, No.with respect to any motor vehicle subject to property tax in accordance with the provisions of this section and [which] that has not been entered in the taxable grand list of such town, such assessor shalldetermine thevalueofsuchmotor vehicle for purposesofproperty tax assessment and shall, for assessment years commencing (1) prior to October 1, 2024, add such value to the taxable grand list in such town for the immediately preceding assessment date, and [the] (2) on or after October 1, 2024, add such value to the taxable grand list in such town.

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commissioner, with respect to any motor vehicle subject to property tax in accordance with the provisions of this section and [which] that has not been entered in the taxable grand list of such town, such assessor shalldetermine thevalueofsuchmotor vehicle for purposesofproperty tax assessment and shall, for assessment years commencing (1) prior to October 1, 2024, add such value to the taxable grand list in such town for the immediately preceding assessment date, and [the] (2) on or after October 1, 2024, add such value to the taxable grand list in such town.

Such property tax shall be payable not later than the first day of [(1)] (A) February following the first day of January on which the owner of such motor vehicle becomes liable for the payment of property tax, for assessment years commencing prior to October 1, 2024, and [(2)] (B) the month succeeding the month in which such property tax became due andJune payable,Sp. for assessment years commencing on or after October 1, 2024, with respect to such motor vehicle in accordance with the provisions of this section, subject to any determination in accordance with section 12-142 that such tax shall be due and payable in installments.

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501 and payable, for assessment years commencing on or after October 1, 2024, with respect to such motor vehicle in accordance with the provisions of this section, subject to any determination in accordance with section 12-142 that such tax shall be due and payable in installments.

(2)For assessment yearscommencing onor after October 1, 2024, said owner may appeal the determination of the manufacturer's suggested retail price used to assess a motor vehicle to the board of assessment appeals next succeeding the date on which the tax based on such assessment is payable, and thereafter, to the Superior Court as provided LCOin No.section 12-117a.

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in section 12-117a.

[(g)] (h) Any motor vehicle which is not registered in this state shall besubject to property tax inthisstate ifsuch motorvehicleinthenormal course of operation most frequently leaves from and returns to or remains in one or more points within this state, and such motor vehicle shall be subject to such property tax in the town within which such motor vehicle in the normal course of operation most frequently leaves fromandreturnstoorremains,providedwhentheowner ofsuchmotor vehicle is a resident in any town in the state, it shall be presumed that such motor vehicle most frequently leaves from and returns to or remainsJune inSp. such town unless evidence, satisfactory to the assessor in such town, is submitted to the contrary.

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501 remains in such town unless evidence, satisfactory to the assessor in such town, is submitted to the contrary.

[For assessment years commencing on or after October 1, 2024, such documentation shall be filed not later than three years after the date upon which such tax was due and payable for such motor vehicle.] Failure to file such claim and documentation as prescribed herein shall LCOconstitute No.a waiver of the right to such property tax credit.

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constitute a waiver of the right to such property tax credit.

Is either subject to the jurisdiction of the United States DepartmentJune ofSp. Transportation pursuant to Chapter 135 of Title 49, United States Code, or any successor thereto, or would otherwise be subject to said jurisdiction except for the fact that the vehicle is used exclusively in intrastate commerce;

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501 Department of Transportation pursuant to Chapter 135 of Title 49, United States Code, or any successor thereto, or would otherwise be subject to said jurisdiction except for the fact that the vehicle is used exclusively in intrastate commerce;

(B) Any person who on October first in any year holds title to or is the registrant of a vehicle for which such person intends to claim the exemption provided in this subdivision shall file with the assessor or board of assessors in the municipality in which the vehicle is subject to property taxation, on or before the first day of November in such year, a written application claiming such exemption on a form prescribed by LCOthe No.Secretary of the Office of Policy and Management.

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the Secretary of the Office of Policy and Management.

Failure to file such application in this manner and form within the time limit prescribed shall constitute a waiver of the right to such exemption for such assessmentJune year,Sp. unless an extension of time is allowed as provided in section12-81k.Suchapplicationshallnotberequiredforanyassessment year following that for which the initial application is filed, provided if the vehicle is modified, such modification shall be deemed a waiver of the right to such exemption until a new application is filed and the right to such exemption is established as required initially.

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501 assessment year, unless an extension of time is allowed as provided in section12-81k.Suchapplicationshallnotberequiredforanyassessment year following that for which the initial application is filed, provided if the vehicle is modified, such modification shall be deemed a waiver of the right to such exemption until a new application is filed and the right to such exemption is established as required initially.

LCO No.

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(E) For assessment years commencing on or after October 1, 2024, the assessorJune orSp. board of assessors shall determine the value for each vehicle, with respect to which a claim for exemption under this subdivision is approved, pursuant to the provisions of section 12-71d, as amended by this act;

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501 assessor or board of assessors shall determine the value for each vehicle, with respect to which a claim for exemption under this subdivision is approved, pursuant to the provisions of section 12-71d, as amended by this act;

Subparagraph (B) of subdivision (7) of subsection (f) of section 12-71 of the 2024 supplement to the general statutes is repealed LCOand No.the following is substituted in lieu thereof (Effective from passage):

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and the following is substituted in lieu thereof (Effective from passage):

If a motor vehicle is listed in a town in which it is not subject to taxation, pursuant to the provisions of subdivision (5) of thisJune subsection,Sp. the assessor of the town in which such vehicle is listed shall notify the assessor of the town in which such vehicle is [listed] registered of the name and address of the owner of such motor vehicle, the vehicle identification number and the town in which such vehicle is taxed.

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501 this subsection, the assessor of the town in which such vehicle is listed shall notify the assessor of the town in which such vehicle is [listed] registered of the name and address of the owner of such motor vehicle, the vehicle identification number and the town in which such vehicle is taxed.

No LCOdistrict No.or borough may set a motor vehicle mill rate that if combined with the motor vehicle mill rate of thetown, city, consolidated town and city or consolidated town and borough in which such district or borough is located would result in a combined motor vehicle mill rate (1) above 39 mills for the assessment year commencing October 1, 2016, (2) above 45 mills for the assessment years commencing October 1, 2017, to October 1, 2020, inclusive, or (3) above 32.46 mills for the assessment June Sp.

6185Sess., 252024, ofPublic 137Act Bill No.

district24-1 or26 borough may set a motor vehicle mill rate that if combined with the motor vehicle mill rate of thetown,140 city,Senate consolidatedBill townNo. and city or consolidated town and borough in which such district or borough is located would result in a combined motor vehicle mill rate (1) above 39 mills for the assessment year commencing October 1, 2016, (2) above 45 mills for the assessment years commencing October 1, 2017, to October 1, 2020, inclusive, or (3) above 32.46 mills for the assessment year commencing October 1, 2021, and each assessment year thereafter.

501 year commencing October 1, 2021, and each assessment year thereafter.

and (2) In advance of the implementation of a municipality's revaluation LCOpursuant No.to section 12-62, of the municipality's option to consider and evaluate the reduction of the mill rate for motor vehicles in the same fiscal year in which the revaluation is implemented.

6185[(e)] 26(f) For the purposes of 137this Billsection, No."municipality" means any town, city, borough, consolidated town and city, consolidated town and June Sp.

pursuantSess., to2024, sectionPublic 12-62,Act ofNo. the municipality's option to consider and evaluate the reduction of the mill rate for motor vehicles in the same fiscal year in which the revaluation is implemented.

[(e)]24-1 (f)27 For the purposes of this140 section,Senate "municipality"Bill meansNo. any town, city, borough, consolidated town and city, consolidated town and borough and "district" [means any district, as defined] has the same meaning as provided in section 7-324.

501 borough and "district" [means any district, as defined] has the same meaning as provided in section 7-324.

(6) "Bank holding company" has the meaning given to that term in 12 USC Section 1841(a), as amended from time to time, except that theterm "bank", asused in12 USCSection1841(a), includesabank orout-of-state LCObank No.that functions solely in a trust or fiduciary capacity;

6185 27 of 137 Bill No.

bank that functions solely in a trust or fiduciary capacity;

(8)June "CapitalSp. stock" when used in conjunction with any bank or out-of- state bank means a bank or out-of-state bank that is authorized to accumulate funds through the issuance of its capital stock;

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24-1 28 of 140 Senate Bill No.

501 (8) "Capital stock" when used in conjunction with any bank or out-of- state bank means a bank or out-of-state bank that is authorized to accumulate funds through the issuance of its capital stock;

(13) "Connecticut bank" means a bank and trust company, savings LCObank No.or savings and loan association chartered or organized under the laws of this state;

6185(14) 28"Connecticut ofcredit 137union" Billmeans No.a cooperative, nonprofit June Sp.

bankSess., or2024, savingsPublic andAct loanNo. association chartered or organized under the laws of this state;

(14)24-1 "Connecticut29 credit union" means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which140 isSenate limitedBill asNo. provided in section 36a-438a, (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership;

501 financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in section 36a-438a, (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership;

LCO(21) No."Demand deposit" means a deposit that is payable on demand, a depositissuedwithanoriginalmaturityorrequirednoticeperiodofless June Sp.

6185Sess., 292024, ofPublic 137Act Bill No.

(21)24-1 "Demand30 deposit" means a deposit that is payable on demand, a depositissuedwithanoriginalmaturityorrequirednoticeperiodofless thansevendaysor adeposit representing fundsfor whichthebank does not reserve the right to require at least seven days' written notice of the140 intendedSenate withdrawal,Bill butNo. does not include any time deposit;

501 thansevendaysor adeposit representing fundsfor whichthebank does not reserve the right to require at least seven days' written notice of the intended withdrawal, but does not include any time deposit;

(28) "Federal agency" has the meaning given to that term in 12 USC LCOSection No.3101, as amended from time to time;

6185June 30Sp. of 137 Bill No.

SectionSess., 3101,2024, asPublic amendedAct fromNo. time to time;

(29)24-1 "Federal31 bank"of means140 aSenate nationalBill bankingNo. association, federal savingsbank or federalsavingsandloanassociationhaving itsprincipal office in this state;

501 (29) "Federal bank" means a national banking association, federal savingsbank or federalsavingsandloanassociationhaving itsprincipal office in this state;

(36) "Governing board" means the group of persons vested with the management of the affairs of a financial institution irrespective of the LCOJune No.Sp.

6185Sess., 312024, ofPublic 137Act Bill No.

name24-1 by32 whichof such140 groupSenate isBill designated;No.

501 name by which such group is designated;

[(44)] (45) "Mutual holding company" means a mutual holding companyJune organizedSp. under sections 36a-192 to 36a-199, inclusive, and LCO No.

6185Sess., 322024, ofPublic 137Act Bill No.

unless24-1 otherwise33 indicated,asubsidiaryof holding140 companySenate controlledbyBill aNo. mutualholding company organizedundersections36a-192to 36a-199, inclusive;

501 company organized under sections 36a-192 to 36a-199, inclusive, and unless otherwise indicated,asubsidiary holding company controlledby a mutualholding company organizedundersections36a-192to 36a-199, inclusive;

[(50) "Point of sale terminal"] (51) "Point-of-sale terminal" means a devicelocatedinacommercialestablishment atwhichsalestransactions canbecharged directly to thethebuyer'sdeposit,loanor buyer'sdeposit,loanor creditaccount,but at which deposit transactions cannot be conducted;

[(51)] (52) "Prepayment penalty" means any charge or penalty for paying all or part of the outstanding balance owed on a loan before the date on which the principal is due and includes computing a refund of unearnedinterestbyamethodthatislessfavorabletotheborrowerthan the actuarial method, as defined by Section 933(d) of the Housing and CommunityJune DevelopmentSp. Act of 1992, 15 USC 1615(d), as amended from time to time;

LCOSess., 2024, Public Act No.

618524-1 3334 of 137140 Senate Bill No.

501 Community Development Act of 1992, 15 USC 1615(d), as amended from time to time;

[(61)](62)"Savingsbank"June meansaninstitutioncharteredororganizedSp. under the laws of this state as a savings bank;

LCOSess., 2024, Public Act No.

618524-1 3435 of 137140 Senate Bill No.

501 [(61)](62)"Savingsbank" meansan institutioncharteredororganized under the laws of this state as a savings bank;

(C) the Resolution Trust Corporation;(D)theOfficeJune ofThriftSp. Supervision;(E)theNationalCredit Union Administration;

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24-1 36 of 140 Senate Bill No.

501 Corporation;(D)theOffice ofThrift Supervision;(E)theNationalCredit Union Administration;

and (I) any successor to LCOany No.of the foregoing agencies or individuals;

6185 35 of 137 Bill No.

any of the foregoing agencies or individuals;

Subsection (e) of section 36a-65 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):June Sp.

(e)Sess., (1)2024, IfPublic theAct commissioner determines that the assessment to be collected from an [uninsured] innovation bank or a trust bank pursuant to subdivision (1) of subsection (a) of this section is unreasonably low or LCO No.

618524-1 3637 of 137140 Senate Bill No.

high501 based2024): on the size and risk profile of the bank, the commissioner may require such bank to pay a fee in lieu of such assessment.

Each(e) such(1) bankIf shallthe paycommissioner suchdetermines feethat the assessment to thebe commissionercollected notfrom lateran than[uninsured] theinnovation datebank specifiedor bya thecommissionertrust forbank payment.Ifpaymentpursuant ofsuchto feeissubdivision not(1) madeof bysubsection (a) of this section is unreasonably low or high based on the timesize specifiedand byrisk profile of the commissioner,bank, the commissioner may require such bank shallto pay toa thefee commissionerin anlieu additionalof twosuch hundredassessment. dollars.

Each such bank shall pay such fee to the commissioner not later than the date specified by thecommissioner for payment.If payment ofsuch feeis not made by the time specified by the commissioner, such bank shall pay to the commissioner an additional two hundred dollars.

No Connecticut bank other than a trust bank mayJune exerciseSp. any of the fiduciary powers granted to Connecticut banks by law until express authority therefor has been given by the commissioner.

(o)Sess., Prior2024, toPublic theAct issuance of a final certificate of authority to commence business in accordance with subsection (l) of this section, the LCO No.

618524-1 3738 of 137140 Senate Bill No.

Connecticut501 bankmay shallexercise payany toof the Statefiduciary Treasurerpowers agranted franchiseto tax,Connecticut togetherbanks withby alaw filinguntil feeexpress ofauthority twentytherefor dollarshas forbeen thegiven requiredby papers.the commissioner.

(o) Prior to the issuance of a final certificate of authority to commence business in accordance with subsection (l) of this section, the Connecticut bank shall pay to the State Treasurer a franchise tax, together with a filing fee of twenty dollars for the required papers.

If the approving authority determines that theJune organizationSp. of the interim Connecticut bank complies with applicable law, the approving authority shall issue a temporary certificate of authority conditioned on the approval by the appropriate supervisory agency of the corporate transaction for which the interim Connecticut bank is formed.

(2)Sess., (A)2024, NotwithstandingPublic anyAct provision of this title, for the period from June 13, 2011, to September 30, 2013, inclusive, one or more LCO No.

618524-1 3839 of 137140 Senate Bill No.

persons501 may apply to the commissionerorganization forof the conditionalinterim preliminaryConnecticut approvalbank ofcomplies onewith orapplicable morelaw, expeditedthe Connecticutapproving banksauthority organizedshall primarilyissue fora thetemporary purposecertificate of assumingauthority liabilitiesconditioned andon purchasingthe assetsapproval fromby the Federalappropriate Depositsupervisory Insuranceagency Corporationof when the Federalcorporate Deposittransaction Insurancefor Corporationwhich isthe actinginterim asConnecticut receiverbank oris conservatorformed. of an insured depository institution.

(2) (A) Notwithstanding any provision of this title, for the period from June 13, 2011, to September 30, 2013, inclusive, one or more persons may apply to the commissioner for the conditional preliminary approval of one or more expedited Connecticut banks organized primarily for the purpose of assuming liabilities and purchasing assets from the Federal Deposit Insurance Corporation when the Federal Deposit Insurance Corporation is acting as receiver or conservator of an insured depository institution.

the proposed bank or banksJune haveSp. a reasonable chance of success and will be operated in a safe and sound manner;

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24-1 40 of 140 Senate Bill No.

501 banks have a reasonable chance of success and will be operated in a safe and sound manner;

Such preliminary approval shall be subject to such conditions as the commissioner deems appropriate, including the requirements that the bank or banks not commence the business of a Connecticut bank until after their bid or application for a particular insured depository institution is accepted by the Federal Deposit Insurance Corporation, that the background checks LCOare No.satisfactory, and that the organizers submit, for the safety and soundness review by the commissioner, more detailed operating plans andcurrent financialstatementsaspotentialacquisitiontransactionsare considered, and such plans and statements are satisfactory to the commissioner.

6185 39 of 137 Bill No.

are satisfactory, and that the organizers submit, for the safety and soundness review by the commissioner, more detailed operating plans andcurrent financialstatementsaspotentialacquisitiontransactionsare considered, and such plans and statements are satisfactory to the commissioner.

Any such waiver granted by the commissioner under this subparagraph shallJune beSp. in writing and shall set forth the reason or reasons for the waiver.Thecommissionermayimposeconditionsonthefinalcertificate of authority as the commissioner deems necessary to ensure that the bank will be operated in a safe and sound manner.

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24-1 41 of 140 Senate Bill No.

501 shall be in writing and shall set forth the reason or reasons for the waiver.Thecommissioner mayimposeconditionsonthefinalcertificate of authority as the commissioner deems necessary to ensure that the bank will be operated in a safe and sound manner.

(q) (1) As used in this subsection, "bankers' bank" means a Connecticut bank that is (A) owned exclusively by (i) any combination of banks, out-of-state banks, Connecticut credit unions, federal credit unions, or out-of-statecredit unions,or (ii)abank holding company that LCOis No.owned exclusively by any such combination, and (B) engaged exclusively in providing services for, or that indirectly benefit, other banks, out-of-state banks, Connecticut credit unions, federal credit unions, or out-of-state credit unions and their directors, officers and employees.

6185 40 of 137 Bill No.

is owned exclusively by any such combination, and (B) engaged exclusively in providing services for, or that indirectly benefit, other banks, out-of-state banks, Connecticut credit unions, federal credit unions, or out-of-state credit unions and their directors, officers and employees.

(3)June ASp. bankers' bank shall have all of the powers of and be subject to all of the requirements applicable to a Connecticut bank under this title which are not inconsistent with this subsection, except to the extent the commissioner limits such powers by regulation.

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24-1 42 of 140 Senate Bill No.

501 (3) A bankers' bank shall have all of the powers of and be subject to all of the requirements applicable to a Connecticut bank under this title which are not inconsistent with this subsection, except to the extent the commissioner limits such powers by regulation.

LCO No.

6185 41 of 137 Bill No.

In addition to the considerations and determinations required by subsection (h) of this section, before granting a temporary certificate of authority to organize a community bank, the approving authority shall determine that (A) each of the proposed directors and proposed executive officers, as defined in subparagraph (D) of subdivision (3) of this subsection, possesses capacity and fitness for the duties and responsibilities with which such director or officer will be charged, and (B) there is satisfactory communityJune supportSp. for the proposed community bank based on evidence of such support provided by the organizers to the approving authority.

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24-1 43 of 140 Senate Bill No.

501 community support for the proposed community bank based on evidence of such support provided by the organizers to the approving authority.

(A) No community bank may (i) exercise any of the fiduciary powers granted to Connecticut banks by law until express authority therefor has been given by the approving authority, (ii) establish and LCOmaintain No.one or more mutual funds, (iii) invest in derivative securities other than mortgage-backed securities fully guaranteed by governmental agencies or government sponsored agencies, (iv) own any real estate for the present or future use of the bank unless the approving authority finds, based on an independently prepared analysis of costs and benefits, that it would be less costly to the bank to own instead of lease such real estate, or (v) make mortgage loans secured by nonresidential real estate the aggregate amount of which, at the time of origination, exceeds ten per cent of all assets of such bank;

6185 42 of 137 Bill No.

maintain one or more mutual funds, (iii) invest in derivative securities other than mortgage-backed securities fully guaranteed by governmental agencies or government sponsored agencies, (iv) own any real estate for the present or future use of the bank unless the approving authority finds, based on an independently prepared analysis of costs and benefits, that it would be less costly to the bank to own instead of lease such real estate, or (v) make mortgage loans secured by nonresidential real estate the aggregate amount of which, at the time of origination, exceeds ten per cent of all assets of such bank;

and (D) the limitations set forth in subsection (a) of section 36a-263 shall apply to all community banks, provided, a communityJune bankSp. may (i) make a mortgage loan to any director or executive officer secured by premises occupied or to be occupied by such director or officer as a primary residence, (ii) make an educational loan to any director or executive officer for the education of any child of such director or executive officer, and (iii) extend credit to any director or executive officer in an amount not exceeding ten thousand dollars for extensions of credit not otherwise specifically authorized in this subparagraph.

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24-1 44 of 140 Senate Bill No.

501 community bank may (i) make a mortgage loan to any director or executive officer secured by premises occupied or to be occupied by such director or officer as a primary residence, (ii) make an educational loan to any director or executive officer for the education of any child of such director or executive officer, and (iii) extend credit to any director or executive officer in an amount not exceeding ten thousand dollars for extensions of credit not otherwise specifically authorized in this subparagraph.

As used in this subparagraph, "executive officer" means every officer of a community bank who participates or has authority to participate, other than in the capacity of a director, in major policy-making functions of the bank, regardless of whether such officer has an official title or whether such LCOofficer No.serves without salary or other compensation.

6185 43 of 137 Bill No.

officer serves without salary or other compensation.

(4) The audit and examination requirements set forth in section 36a- 86 shall apply to each community bank.

(s) (1) As used in this subsection, "community development bank" means a Connecticut bank that is organized to serve the banking needs of a well-defined neighborhood, community or other geographic area as determined by the commissioner, primarily, but not exclusively, by makingJune commercialSp. loans in amounts of one hundred fifty thousand dollars or less to existing businesses or to persons seeking to establish businesses located within such neighborhood, community or geographic area.

Sess., 2024, Public Act No.

24-1 45 of 140 Senate Bill No.

501 making commercial loans in amounts of one hundred fifty thousand dollars or less to existing businesses or to persons seeking to establish businesses located within such neighborhood, community or geographic area.

LCO No.

6185 44 of 137 Bill No.

(4) In addition to the considerations and determinations required by subsection (h) of this section, before granting a temporary certificate of authority to organize a community development bank, the approving authority shall determine that (A) each of the proposed directors and proposed executive officers possesses capacity and fitness for the duties and responsibilities with which such director or officer will be charged, and (B) there is satisfactory community support for the proposed community development bank based on evidence of such support providedJune bySp. the organizers to the approving authority.

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24-1 46 of 140 Senate Bill No.

501 provided by the organizers to the approving authority.

LCO No.

6185 45 of 137 Bill No.

(6) The commissioner may adopt regulations, in accordance with chapterJune 54,Sp. to carry out the provisions of this subsection.

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24-1 47 of 140 Senate Bill No.

501 chapter 54, to carry out the provisions of this subsection.

(2) An [uninsured] innovation bank shall have all of the powers of and be subject to all of the requirements and limitations applicable to a Connecticut bank under this title which are not inconsistent with this subsection, except no [uninsured] innovation bank may accept retail deposits and, notwithstanding any provision of this title, sections 36a- 30 to 36a-34, inclusive, do not apply to [uninsured] innovation banks.

(3) (A) An [uninsured] innovation bank shall display conspicuously, at each window or other place where deposits are usually accepted, a LCOsign No.stating that deposits are not insured by the Federal Deposit Insurance Corporation or its successor agency.

6185 46 of 137 Bill No.

sign stating that deposits are not insured by the Federal Deposit Insurance Corporation or its successor agency.

(C)An[uninsured]innovationJune bankSp. shallinclude onallofitsdeposit- related advertising a conspicuous statement that deposits are not insured by the Federal Deposit Insurance Corporation or its successor agency.

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24-1 48 of 140 Senate Bill No.

501 (C)An[uninsured]innovation bank shallinclude onallofitsdeposit- related advertising a conspicuous statement that deposits are not insured by the Federal Deposit Insurance Corporation or its successor agency.

At least two hundred fifty thousand dollars no later than one year from May 12, 2004, at least five hundred thousand dollars no later than two years from said date, at least seven hundred fifty thousand dollars no later than three years from said date and at least one million dollars no LCOlater No.than four years from said date.

6185 47 of 137 Bill No.

later than four years from said date.

(A)UnitedStatesdollar depositsJune payableSp. in the United States, other than certificates of deposit;

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24-1 49 of 140 Senate Bill No.

501 deposits payable in the United States, other than certificates of deposit;

(D) commercial paper payable in dollars in the United States, provided such paper is rated in one of the three highest rating categories by a rating service recognizedbyrecognized by thecommissioner.In theeventthat anissue of commercial paper is rated by more than one recognized rating service, it shall be rated in one of the three highest rating categories by each such rating service;

(a)Any [uninsured]innovation bank or any trust bank may, uponthe LCOapproval No.of the commissioner, convert to a Connecticut bank that is authorized to accept retail deposits and operate without the limitations provided in subdivisions (2) and (3) of subsection (t) and subsection (u) of section 36a-70, as amended by this act, and subsection (b) of section 36a-250.

6185 48 of 137 Bill No.

approval of the commissioner, convert to a Connecticut bank that is authorized to accept retail deposits and operate without the limitations provided in subdivisions (2) and (3) of subsection (t) and subsection (u) of section 36a-70, as amended by this act, and subsection (b) of section 36a-250.

(c)June TheSp. proposed plan of conversion and proposed amended certificate ofincorporationshallrequire theapprovalofamajority ofthe governing board of the converting bank and the favorable vote of not less than two-thirds of the holders of each class of the converting [bank’s] bank's capital stock, if any, or in the case of a converting mutual bank, the corporators thereof, cast at a meeting called to consider such conversion.

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24-1 50 of 140 Senate Bill No.

501 (c) The proposed plan of conversion and proposed amended certificate ofincorporationshallrequire theapprovalofamajority ofthe governing board of the converting bank and the favorable vote of not less than two-thirds of the holders of each class of the converting [bank’s] bank's capital stock, if any, or in the case of a converting mutual bank, the corporators thereof, cast at a meeting called to consider such conversion.

(2) the converting bank LCOhas No.equity capital of at least five million dollars;

6185 49 of 137 Bill No.

has equity capital of at least five million dollars;

Upon receiving any such plan, the commissioner shall make the plan available for public inspection and comment at the Department of Banking and cause notice ofJune itsSp. submission and availability for inspection and comment to be published in the department's weekly bulletin.

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24-1 51 of 140 Senate Bill No.

501 of its submission and availability for inspection and comment to be published in the department's weekly bulletin.

Upon such filing, the LCObank No.shall cease to be an [uninsured] innovation bank subject to the provisions of subdivisions (2) and (3) of subsection (t) and subsection (u) of section 36a-70, as amended by this act, or a trust bank, subject to the limitations provided in subsection (u) of section 36a-70, as amended by this act, and subsection (b) of section 36a-250, and shall be a Connecticut bank subject to all of the requirements and limitations and possessed of all rights, privileges and powers granted to it by its amended certificate of incorporation and by the provisions of the general statutes applicable to its type of Connecticut bank.

6185Such 50Connecticut ofbank 137shall Billnot No.commence business unless its insurable June Sp.

bankSess., shall2024, ceasePublic toAct beNo. an [uninsured] innovation bank subject to the provisions of subdivisions (2) and (3) of subsection (t) and subsection (u) of section 36a-70, as amended by this act, or a trust bank, subject to the limitations provided in subsection (u) of section 36a-70, as amended by this act, and subsection (b) of section 36a-250, and shall be a Connecticut bank subject to all of the requirements and limitations and possessed of all rights, privileges and powers granted to it by its amended certificate of incorporation and by the provisions of the general statutes applicable to its type of Connecticut bank.

Such24-1 Connecticut52 bankof shall140 notSenate commenceBill businessNo. unless its insurable accounts and deposits are insured by the Federal Deposit Insurance Corporationor its successor agency.

501 accounts and deposits are insured by the Federal Deposit Insurance Corporationor its successor agency.

(g) The persons named as directors in the amended certificate of incorporation shall be the directors of such Connecticut bank until the first annual election of directors after the conversion or until the LCOexpiration No.of their terms as directors, and shall have the power to take all necessary actions and to adopt bylaws concerning the business and management of such Connecticut bank.

6185 51 of 137 Bill No.

expiration of their terms as directors, and shall have the power to take all necessary actions and to adopt bylaws concerning the business and management of such Connecticut bank.

Sec.June Sp.

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24-1 53 of 140 Senate Bill No.

501 Sec.

(d) Any shareholder of a converting capital stock Connecticut bank that proposes to convert to an [uninsured] innovation bank who, on or before the date of the [shareholders’] shareholders' meeting to vote on such conversion, objects to the conversion by filing a written objection with the secretary of such bank may, within ten days after the effective LCOdateofsuchconversion,makewrittendemandupontheconvertedbank No.for payment of such [shareholder’s] shareholder's stock.

6185 52 of 137 Bill No.

dateofsuchconversion,makewrittendemandupontheconvertedbank for payment of such [shareholder’s] shareholder's stock.

(e) If applicable, a converting Connecticut bank shall liquidate all of itsretaildepositswiththeapprovalofthecommissioner.The converting bankJune shallSp. file with the commissioner a written notice of its intent to liquidate all of its retail deposits together with a plan of liquidation and a proposed notice to depositors approved and executed by a majority of its governing board.

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24-1 54 of 140 Senate Bill No.

501 bank shall file with the commissioner a written notice of its intent to liquidate all of its retail deposits together with a plan of liquidation and a proposed notice to depositors approved and executed by a majority of its governing board.

The commissioner shall not approve such conversion unless the commissioner considers the findings of the most recent state LCOor No.federal safety and soundness examination of the converting bank, and the effect of the proposed conversion on the financial resources and future prospects of the converting bank.

6185(g) 53After receipt of 137the Bill[commissioner’s] No.commissioner's approval for the conversion, the converting bank shall promptly file such approval June Sp.

orSess., federal2024, safetyPublic andAct soundnessNo. examination of the converting bank, and the effect of the proposed conversion on the financial resources and future prospects of the converting bank.

(g)24-1 After55 receipt of the140 [commissioner’s]Senate commissioner'sBill approvalNo. for the conversion, the converting bank shall promptly file such approval and its certificate of incorporation with the Secretary of the State and with the town clerk of the town in which its principal office is located.

501 and its certificate of incorporation with the Secretary of the State and with the town clerk of the town in which its principal office is located.

Section 36a-215 of the general statutes is repealed and the LCOfollowing No.is substituted in lieu thereof (Effective July 1, 2024):

6185If, 54in the opinion of 137the Billcommissioner, No.a trust bank, or an [uninsured] innovation bank,indangerofbecoming insolvent,isnot likelytobeable June Sp.

followingSess., is2024, substitutedPublic inAct lieuNo. thereof (Effective July 1, 2024):

If,24-1 in56 the opinion of the140 commissioner,Senate aBill trustNo. bank, or an [uninsured] innovation bank,indangerofbecoming insolvent,isnot likelytobeable to meet the demands of its depositors, in the case of an [uninsured] innovation bank, or pay its obligations in the normal course of business, or is likely to incur losses that may deplete all or substantially all of its capital, the commissioner may require such trust bank or [uninsured] innovation bank to increase the assets kept on deposit as required by subsection (u) of section 36a-70, as amended by this act, to an amount that would be sufficient to meet the costs and expenses incurred by the commissioner pursuant to section 36a-222 and all fees and assessments due the commissioner.

501 to meet the demands of its depositors, in the case of an [uninsured] innovation bank, or pay its obligations in the normal course of business, or is likely to incur losses that may deplete all or substantially all of its capital, the commissioner may require such trust bank or [uninsured] innovation bank to increase the assets kept on deposit as required by subsection (u) of section 36a-70, as amended by this act, to an amount that would be sufficient to meet the costs and expenses incurred by the commissioner pursuant to section 36a-222 and all fees and assessments due the commissioner.

(a) If it appears to the commissioner that (1) the charter of any Connecticut bank or out-of-state bank that maintains in this state a branch, as defined in section 36a-410, or the certificate of authority of any Connecticut credit union or out-of-state credit union that maintains in this state a branch, as defined in section 36a-435b, is forfeited, (2) the public is in danger of being defrauded by such bank or credit union, it is unsafe or unsound for such bank or credit union to continue business or its assets are being dissipated, (3) such bank or credit union is insolvent, is in danger of imminent insolvency or that its capital is not adequate to support the level of risk, or (4) the Federal Deposit Insurance Corporation, National Credit Union Administration or their successor agencies have terminated insurance of the insurable accounts or deposits of such bank, unless such Connecticut bank has filed an application with the commissioner to convert to an [uninsured] innovation bank pursuant to section 36a-139b, as amended by this act, LCOor No.credit union, the commissioner shall apply to the superior court for the judicial district of Hartford or the judicial district in which the main June Sp.

6185Sess., 552024, ofPublic 137Act Bill No.

or24-1 credit57 union, the commissioner shall apply to the superior court for the judicial district of Hartford140 orSenate theBill judicialNo. district in which the main officeofsuchbankorcreditunionislocatedforaninjunctionrestraining such bank or credit union from conducting business or, in the case of a Connecticut bank or Connecticut credit union, for the appointment of a conservator or for a receiver to wind up its affairs.

501 officeofsuchbankorcreditunionislocatedforaninjunctionrestraining such bank or credit union from conducting business or, in the case of a Connecticut bank or Connecticut credit union, for the appointment of a conservator or for a receiver to wind up its affairs.

(b) A successor fiduciary shall have all of the rights, powers, duties and obligations of such bank and shall be deemed to be named, LCOnominated No.or appointed as fiduciary in any will, trust, court order or June Sp.

6185Sess., 562024, ofPublic 137Act Bill No.

nominated24-1 or58 appointedof as140 fiduciarySenate inBill anyNo. will, trust, court order or similar written document or instrument that names, nominates or appoints such bank as fiduciary, whether executed before or after the successor fiduciary issubstituted, providedthesuccessor fiduciary shall have no obligations or liabilities under this section for any acts, actions, inactions or events occurring prior to the effective date of the substitution.

501 similar written document or instrument that names, nominates or appoints such bank as fiduciary, whether executed before or after the successor fiduciary issubstituted, providedthesuccessor fiduciary shall have no obligations or liabilities under this section for any acts, actions, inactions or events occurring prior to the effective date of the substitution.

(B) the depositors, clients and creditors are LCOJune No.Sp.

6185Sess., 572024, ofPublic 137Act Bill No.

required24-1 to59 presentof their140 claimsSenate forBill paymentNo. on or before a specific date and at a specified place;

501 required to present their claims for payment on or before a specific date and at a specified place;

(a) A contract between a trust bank or [uninsured] innovation bank in receivership and another person for bailment, of deposit for hire, or for the lease of a safe, vault or safe deposit box terminates on the date specified for removal of property in the notices that were published and mailed in accordance with section 36a-225, as amended by this act, or a laterJune dateSp. approved by the receiver or the Superior Court.

ASess., personwho2024, LCOPublic Act No.

618524-1 5860 of 137140 Senate Bill No.

has501 paidlater rentaldate orapproved storageby charges for a period extending beyond the datereceiver designatedor for removal of property has a claim against such bank's estate for a refund of the unearnedSuperior amountCourt. paid.

A personwho has paid rental or storage charges for a period extending beyond the date designated for removal of property has a claim against such bank's estate for a refund of the unearned amount paid.

(G) approved claims of a type described by subparagraphs (A) to (F), inclusive,June ofSp. this subdivision that were not filed within the period prescribed by sections 36a-215 to 36a-239, inclusive, as amended by this LCO No.

6185Sess., 592024, ofPublic 137Act Bill No.

act;24-1 61 of 140 Senate Bill No.

501 inclusive, of this subdivision that were not filed within the period prescribed by sections 36a-215 to 36a-239, inclusive, as amended by this act;

(2) As used in this subsection, "administrative expense" means (A) any expense designated as an administrative expense by sections 36a- 231 and 36a-237h, as amended by this act;

A claim that is not filed within the period or at the place specified by the receiver may not participate in a distribution of the assets by the receiver, except that, subject to court approval, the receiver may accept a claim filed not later thanJune theSp. one-hundred-eightieth day after the date notice of the claimant's right to file a proof of claim is mailed to the claimant, provided such claim shall be subordinate to an approved claim of a LCO No.

6185Sess., 602024, ofPublic 137Act Bill No.

general24-1 creditor.62 of 140 Senate Bill No.

501 than the one-hundred-eightieth day after the date notice of the claimant's right to file a proof of claim is mailed to the claimant, provided such claim shall be subordinate to an approved claim of a general creditor.

(c) A judgment against a trust bank or [uninsured] innovation bank in receivership taken by default or by collusion before the date the bank wasJune placedSp. in receivership may not be considered as conclusive evidence of the liability of the bank to the judgment creditor or of the amount of damages to which the judgment creditor is entitled.

ASess., judgment2024, againstPublic theAct bank entered after the date the bank was placed in LCO No.

618524-1 6163 of 137140 Senate Bill No.

501 was placed in receivership may not be considered as conclusive evidence of the liability of the bank to the judgment creditor or of the amount of damages.damages to which the judgment creditor is entitled.

A judgment against the bank entered after the date the bank was placed in receivership may not be considered as evidence of liability or of the amount of damages.

(e) (1) A claim against a trust bank or [uninsured] innovation bank in receivershipJune basedSp. on an unliquidated or undetermined demand shall be filed within the period for the filing of the claim.

Sess., 2024, Public Act No.

24-1 64 of 140 Senate Bill No.

501 receivership based on an unliquidated or undetermined demand shall be filed within the period for the filing of the claim.

LCO No.

6185 62 of 137 Bill No.

A person who owes a trust bank or [uninsured] innovation bank an amountJune thatSp. is due and payable against which the person asserts set-off of mutual credits that may become due and payable from the bank in the future shall promptly pay to the receiver the amount due and payable.Thereceivershallpromptlyrefund,totheextentoftheperson's prior payment, mutual credits that become due and payable to the person by the bank in receivership.

(g)Sess., (1)2024, NotPublic laterAct than six months after the last day permitted for the LCO No.

618524-1 6365 of 137140 Senate Bill No.

filingofclaimsoralaterdateallowedbytheSuperiorCourt,thereceiver501 shallamount acceptthat oris rejectdue inand wholepayable oragainst inwhich partthe eachperson claimasserts filedset-off againstof amutual trustcredits bankthat ormay anbecome [uninsured]due innovationand payable from the bank in receivership,the exceptfuture forshall anpromptly unliquidatedpay orto undeterminedthe claimreceiver governedthe byamount subsectiondue (e)and ofpayable.Thereceivershallpromptlyrefund,totheextentoftheperson's thisprior section.Thereceivershallrejectaclaimifthereceiverdoubtsitsvalidity.payment, mutual credits that become due and payable to the person by the bank in receivership.

(g) (1) Not later than six months after the last day permitted for the filingofclaimsoralaterdateallowedbytheSuperiorCourt,thereceiver shall accept or reject in whole or in part each claim filed against a trust bank or an [uninsured] innovation bank in receivership, except for an unliquidated or undetermined claim governed by subsection (e) of this section.Thereceivershallrejectaclaimifthereceiverdoubts itsvalidity.

(i)June TheSp. receiver's rejection of a claim may be appealed to the superior court in which the receivership proceeding of a trust bank or [uninsured]innovationbankispending.The appealshallbefiledwithin three months after the date of service of notice of the rejection.

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24-1 66 of 140 Senate Bill No.

501 (i) The receiver's rejection of a claim may be appealed to the superior court in which the receivership proceeding of a trust bank or [uninsured]innovationbankispending.The appealshallbefiledwithin three months after the date of service of notice of the rejection.

If the LCOactionisnot No.timely filed,theactionofthereceiver isfinalandnot subject to review.

6185 64 of 137 Bill No.

actionisnot timely filed,theactionofthereceiver isfinalandnot subject to review.

(3)June AsSp. soon as practicable after all objections, appeals and claims based on previously unliquidated or undetermined demands governed by subsection (e) of this section have been determined and money has been made available to provide for the payment of all nonclaiming depositors and creditors in accordance with subdivision (1) of this subsection, the receiver shall distribute the assets of a trust bank or [uninsured] innovation bank in satisfaction of approved claims other than claims asserted in a person's capacity as a shareholder.

Sess., 2024, Public Act No.

24-1 67 of 140 Senate Bill No.

501 (3) As soon as practicable after all objections, appeals and claims based on previously unliquidated or undetermined demands governed by subsection (e) of this section have been determined and money has been made available to provide for the payment of all nonclaiming depositors and creditors in accordance with subdivision (1) of this subsection, the receiver shall distribute the assets of a trust bank or [uninsured] innovation bank in satisfaction of approved claims other than claims asserted in a person's capacity as a shareholder.

Section 36a-237g of the general statutes is repealed and the LCOfollowing No.is substituted in lieu thereof (Effective July 1, 2024):

6185 65 of 137 Bill No.

following is substituted in lieu thereof (Effective July 1, 2024):

Attorneys, accountants, auditors and other professional persons or firms who are retainedJune bySp. the receiver or conservator as independent contractors, and their employees, shall not be considered employees of the receiver or conservator for purposes of this section.

(b)Sess., The2024, receiverPublic orAct conservator and the employees of the receiver or conservator shallbeimmune fromsuit andliability,bothpersonallyand in their official capacities, for any claim for damage to or loss of property, personal injury or other civil liability caused by or resulting from any alleged act, error or omission of the receiver or conservator or any employee arising out of or by reason of their duties or employment, provided nothing in this section shall be construed to hold the receiver or conservator or any employee immune from suit or liability for any LCO No.

618524-1 6668 of 137140 Senate Bill No.

damage,501 loss,retained injuryby the receiver or liabilityconservator causedas byindependent thecontractors, intentionaland ortheir wilfulemployees, andshall wantonnot misconductbe considered employees of the receiver or conservator orfor anypurposes employee.of this section.

(b) The receiver or conservator and the employees of the receiver or conservator shallbeimmune fromsuit andliability,bothpersonallyand in their official capacities, for any claim for damage to or loss of property, personal injury or other civil liability caused by or resulting from any alleged act, error or omission of the receiver or conservator or any employee arising out of or by reason of their duties or employment, provided nothing in this section shall be construed to hold the receiver or conservator or any employee immune from suit or liability for any damage, loss, injury or liability caused by the intentional or wilful and wanton misconduct of the receiver or conservator or any employee.

(2) Attorneys' fees and any related expenses incurred in defending a legal action for which immunity or indemnity is available under this section shall be paid from the assets of the trust bank or [uninsured] innovationJune bank,Sp. asthey are incurred,inadvance ofthefinaldisposition of such action upon receipt of an undertaking by or on behalf of the receiver or conservator or employee to repay the attorneys' fees and expenses if it shall ultimately be determined upon a final adjudication on the merits that the receiver or conservator or employee is not entitled to immunity or indemnity under this section.

Sess., 2024, Public Act No.

24-1 69 of 140 Senate Bill No.

501 innovation bank, asthey are incurred,inadvance ofthefinaldisposition of such action upon receipt of an undertaking by or on behalf of the receiver or conservator or employee to repay the attorneys' fees and expenses if it shall ultimately be determined upon a final adjudication on the merits that the receiver or conservator or employee is not entitled to immunity or indemnity under this section.

LCO No.

6185 67 of 137 Bill No.

Subdivision (2) of subsection (a) of section 36a-333 of the general statutes is repealed and the following is substituted in lieu thereofJune (EffectiveSp. July 1, 2024):

Sess., 2024, Public Act No.

24-1 70 of 140 Senate Bill No.

501 thereof (Effective July 1, 2024):

Section 36a-609 of the 2024 supplement to the general statutes LCOis No.repealed and the following is substituted in lieu thereof (Effective July 1, 2024):

6185 68 of 137 Bill No.

is repealed and the following is substituted in lieu thereof (Effective July 1, 2024):

(3)June TheSp. United States Postal Service and any contractor that engages in the business of money transmission in this state on behalf of the United States Postal Service;

Sess., 2024, Public Act No.

24-1 71 of 140 Senate Bill No.

501 (3) The United States Postal Service and any contractor that engages in the business of money transmission in this state on behalf of the United States Postal Service;

If such interest has already LCObeen No.paid to the Department of Revenue Services, the Commissioner of Revenue Services shall treat such payment as an overpayment and shall refund the amount of such payment, without interest, to the taxpayer.

6185 69 of 137 Bill No.

been paid to the Department of Revenue Services, the Commissioner of Revenue Services shall treat such payment as an overpayment and shall refund the amount of such payment, without interest, to the taxpayer.

Section 38a-48 of the general statutes, as amended by section 6 of public act 24-138, is repealed and the following is substituted in lieu thereof (Effective October 1, 2025):

For purposes of preparing the annual statement under this subsection, the total amount ofJune taxesSp. required to be set forth in such statement shall be the amount of tax reported by each domestic insurance company or other domestic entity under chapter 207 to the Commissioner of Revenue Services prior to theapplicationofany creditsallowableor availableunder lawto each such domestic insurance company or other domestic entity under chapter 207.

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24-1 72 of 140 Senate Bill No.

501 of taxes required to be set forth in such statement shall be the amount of tax reported by each domestic insurance company or other domestic entity under chapter 207 to the Commissioner of Revenue Services prior to theapplicationofany creditsallowableor availableunder lawto each such domestic insurance company or other domestic entity under chapter 207.

(1) A statement that includes (A) the amount appropriated to the Insurance Department, the Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund established under section 38a-52a for the fiscal year beginning July first of the same year, (B) the cost of fringe benefits for department and office personnel for LCOsuch No.year, as estimated by the Comptroller, (C) the estimated expenditures on behalf of the department and the offices from the Capital Equipment Purchase Fund pursuant to section 4a-9 for such year, not including such estimated expenditures made on behalf of the Health Systems Planning Unit of the Office of Health Strategy, and (D) the amount appropriated to the Department of Aging and Disability Services for the fall prevention program established in section 17a-859 from the Insurance Fund for the fiscal year;

6185 70 of 137 Bill No.

such year, as estimated by the Comptroller, (C) the estimated expenditures on behalf of the department and the offices from the Capital Equipment Purchase Fund pursuant to section 4a-9 for such year, not including such estimated expenditures made on behalf of the Health Systems Planning Unit of the Office of Health Strategy, and (D) the amount appropriated to the Department of Aging and Disability Services for the fall prevention program established in section 17a-859 from the Insurance Fund for the fiscal year;

and (3) [the] The proposed assessment against that company or entity, calculated in accordance with the provisions of subsection (c) of this section, provided for the purposes of this calculation the amount appropriatedJune toSp. the Insurance Department, the Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund plus the cost of fringe benefits for department and office personnel and the estimated expenditures on behalf of the department and [such] said offices from the Capital Equipment Purchase Fund pursuant to section 4a-9, not including such expenditures made on behalf of the Health Systems Planning Unit of the Office of Health Strategy shall be deemed to be the actual expenditures of the department and [such] said offices, andtheamountappropriatedtotheDepartment ofAgingandDisability Services from the Insurance Fund for the fiscal year for the fall prevention program established in section 17a-859 shall be deemed to be the actual expenditures for the program.

(c)Sess., (1)2024, ThePublic proposedAct assessments for each domestic insurance company or other domestic entity shall be calculated by (A) allocating twenty per cent of the amount to be paid under section 38a-47 among the domestic entities organized under sections 38a-199 to 38a-209, LCO No.

618524-1 7173 of 137140 Senate Bill No.

inclusive,501 andappropriated 38a-214 to 38a-225,the inclusive,Insurance inDepartment, proportionthe toOffice their respective shares of the totalHealthcare amountAdvocate ofand taxes [and charges imposed under chapter 207 on such entities on business done in this state during the precedingOffice calendarof year]Health reportedStrategy infrom the annualInsurance statementFund renderedplus to the Insurancecost Commissioner pursuant to subsection (a) of thisfringe section,and(B)allocatingeightypercentoftheamounttobepaidunderbenefits sectionfor 38a-47department amongand alloffice domesticpersonnel insurance companies and domesticthe entitiesestimated otherexpenditures thanon thosebehalf organizedof underthe sectionsdepartment 38a-199 to 38a-209, inclusive, and 38a-214[such] tosaid 38a-225,offices inclusive,from in proportion to their respective shares of the totalCapital amountEquipment ofPurchase taxesFund [andpursuant chargesto imposedsection under4a-9, chapternot 207including on such domesticexpenditures insurancemade companies and domestic entities on businessbehalf doneof in this state during the precedingHealth calendarSystems year]Planning reportedUnit inof the annualOffice statementof renderedHealth toStrategy theshall Insurancebe Commissionerdeemed pursuant to subsectionbe (a)the ofactual thisexpenditures section,of providedthe ifdepartment thereand are[such] nosaid domesticoffices, entitiesandtheamountappropriatedtotheDepartment organizedofAgingandDisability underServices sectionsfrom 38a-199the toInsurance 38a-Fund 209,for inclusive, and 38a-214 to 38a-225, inclusive, at the timefiscal ofyear assessment,for one hundred per cent of the amountfall toprevention beprogram paidestablished underin section 38a-4717a-859 shall be allocateddeemed amongto suchbe domesticthe insuranceactual companiesexpenditures andfor domesticthe entities.program.

(2)(c) When(1) theThe amountproposed anyassessments suchfor each domestic insurance company or entityother isdomestic assessedentity pursuantshall tobe thiscalculated sectionby exceeds(A) twenty-fiveallocating twenty per cent of the actualamount expendituresto ofbe thepaid Insuranceunder Department,section 38a-47 among the Officedomestic ofentities theorganized Healthcareunder Advocatesections 38a-199 to 38a-209, inclusive, and 38a-214 to 38a-225, inclusive, in proportion to their respective shares of the Officetotal amount of Healthtaxes Strategy[and fromcharges theimposed Insuranceunder Fund,chapter 207 on such excessentities amounton shallbusiness notdone bein paidthis bystate suchduring companythe orpreceding entitycalendar butyear] ratherreported shallin bethe assessedannual againststatement andrendered paidto bythe Insurance Commissioner pursuant to subsection (a) of this section,and(B)allocatingeightypercentoftheamounttobepaidunder section 38a-47 among all otherdomestic suchinsurance companies and domestic entities other than those organized under sections 38a-199 to 38a-209, inclusive, and 38a-214 to 38a-225, inclusive, in proportion to their respective shares of the total amount of taxes [and charges imposed under chapter 207 on such domestic insurance companies and domestic entities on business done in this state during the preceding calendar year] reported in the annual statement rendered to the Insurance Commissioner pursuant to subsection (a) of this section, exceptprovided thatif forthere purposesare ofno anydomestic assessmententities madeorganized tounder fundsections payments38a-199 to the38a- Department209, ofinclusive, Publicand Health38a-214 to purchase38a-225, vaccines,inclusive, suchat companythe ortime entity shall be responsible for its share of theJune costs,Sp. notwithstanding whether its assessment exceeds twenty-five per LCO No.

6185Sess., 722024, ofPublic 137Act Bill No.

cent24-1 of74 the actual expenditures of the140 InsuranceSenate Department,Bill theNo. Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund.

501 assessment, one hundred per cent of the amount to be paid under section 38a-47 shall be allocated among such domestic insurance companies and domestic entities.

(2) When the amount any such company or entity is assessed pursuant to this section exceeds twenty-five per cent of the actual expenditures of the Insurance Department, the Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund, such excess amount shall not be paid by such company or entity but rather shall be assessed against and paid by all other such companies and entities in proportion to their respective shares of the total amount of taxes [and charges imposed under chapter 207 on business done in this state during the preceding calendar year] reported in the annual statement rendered to the Insurance Commissioner pursuant to subsection (a) of this section, except that for purposes of any assessment made to fund payments to the Department of Public Health to purchase vaccines, such company or entity shall be responsible for its share of the costs, notwithstanding whether its assessment exceeds twenty-five per cent of the actual expenditures of the Insurance Department, the Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund.

(d)[For purposesofcalculatingpurposes ofcalculating theamount of payment under section 38a-47, as well as the amount of the assessments under this section, the "total taxes imposed on all domestic insurance companies and other domestic entities under chapter 207" shall be based upon the amounts shown as payable to the state for the calendar year on the returns filed withJune theSp. Commissioner of Revenue Services pursuant to chapter 207;

Sess., 2024, Public Act No.

24-1 75 of 140 Senate Bill No.

501 with the Commissioner of Revenue Services pursuant to chapter 207;

Each domestic insurance company or other domesticentityshallpaytotheInsuranceCommissioner(1)onorbefore Junethirtieth,annually,anestimatedpayment againstitsassessment for the following year equal to twenty-five per cent of its assessment for the fiscal year ending such June thirtieth, (2) on or before September LCOthirtieth, No.annually, twenty-five per cent of its assessment adjusted to reflect any credit or amount due from the preceding fiscal year as determined by the commissioner under subsection (f) of this section, and (3) on or before the following December thirty-first and March thirty-first, annually, each domestic insurance company or other domestic entity shall pay to the Insurance Commissioner the remaining fifty per cent of its proposed assessment to the department in two equal installments.

6185 73 of 137 Bill No.

thirtieth, annually, twenty-five per cent of its assessment adjusted to reflect any credit or amount due from the preceding fiscal year as determined by the commissioner under subsection (f) of this section, and (3) on or before the following December thirty-first and March thirty-first, annually, each domestic insurance company or other domestic entity shall pay to the Insurance Commissioner the remaining fifty per cent of its proposed assessment to the department in two equal installments.

Immediately following the close of the fiscal year,June theSp. Insurance Commissioner shall recalculate the proposed assessment for each domestic insurance company or other domestic entity in accordance with subsection (c) of this section using the actual expenditures made during the fiscal year by the Insurance Department, the Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund, the actual expenditures made on behalf of the department and [the] said offices from the Capital Equipment Purchase Fund pursuant to section 4a-9, not including such expenditures made on behalf of the Health Systems Planning Unit of the Office of Health Strategy, and the actual expenditures for the fall prevention program.

Sess., 2024, Public Act No.

24-1 76 of 140 Senate Bill No.

501 year, the Insurance Commissioner shall recalculate the proposed assessment for each domestic insurance company or other domestic entity in accordance with subsection (c) of this section using the actual expenditures made during the fiscal year by the Insurance Department, the Office of the Healthcare Advocate and the Office of Health Strategy from the Insurance Fund, the actual expenditures made on behalf of the department and [the] said offices from the Capital Equipment Purchase Fund pursuant to section 4a-9, not including such expenditures made on behalf of the Health Systems Planning Unit of the Office of Health Strategy, and the actual expenditures for the fall prevention program.

Any such domestic insurance company or other domestic entity may pay to the Insurance Commissioner the entire assessment required under this subsection in one payment when LCOthe No.first installment of such assessment is due.

6185 74 of 137 Bill No.

the first installment of such assessment is due.

Section 10-287 of the general statutes is repealed and the followingJune isSp. substituted in lieu thereof (Effective July 1, 2024):

Sess., 2024, Public Act No.

24-1 77 of 140 Senate Bill No.

501 following is substituted in lieu thereof (Effective July 1, 2024):

The Commissioner of Administrative Services shall certify to the State Comptroller, upon completion of the issuance of bonds or suchrenewaloftemporary notesto finance eachschoolbuilding project, the dates and amounts of grant payments to be made pursuant to this LCOchapter No.and the State Comptroller shall draw an order on the State Treasurer upon such certification to pay the amounts so certified when due.

6185 75 of 137 Bill No.

chapter and the State Comptroller shall draw an order on the State Treasurer upon such certification to pay the amounts so certified when due.

Annual grant installments paid pursuant to this section on principal installment payments to retire temporary notes renewed pursuant to section 7-378a or 7-378e shall be based each year on the amount required to be retired pursuant to said sections, as adjusted for any ineligible project costs, and shall be paid only if at the time such temporary notes are renewed the rate of interest applicable to suchJune notesSp. is less than the rate of interest that would be applicable with respect to twenty-year bonds if issued at the time of such renewal.

Sess., 2024, Public Act No.

24-1 78 of 140 Senate Bill No.

501 such notes is less than the rate of interest that would be applicable with respect to twenty-year bonds if issued at the time of such renewal.

(b) (1) All orders and contracts for school building construction receiving state assistance under this chapter, except as provided in subdivisions (2) to (4), inclusive, of this subsection, shall be awarded to the lowest responsible qualified bidder only after a public invitation to bid, except for (A) school building projects for which the town or regional school district is using a state contract pursuant to subsection (d) of section 10-292, and (B) change orders, those contracts or orders costinglessthantenthousanddollarsandthoseofanemergencynature, as determined by the Commissioner of Administrative Services, in LCOwhich No.cases the contractor or vendor may be selected by negotiation, provided no local fiscal regulations, ordinances or charter provisions conflict.

6185 76 of 137 Bill No.

which cases the contractor or vendor may be selected by negotiation, provided no local fiscal regulations, ordinances or charter provisions conflict.

Such process shall, at a minimum, involve requests for qualifications, followedJune bySp. requests for proposals, including fees, from the proposers meeting the qualifications criteria of the request for qualifications process.

Sess., 2024, Public Act No.

24-1 79 of 140 Senate Bill No.

501 followed by requests for proposals, including fees, from the proposers meeting the qualifications criteria of the request for qualifications process.

LCO No.

6185 77 of 137 Bill No.

Following the qualification process, the awarding authority shall evaluate the proposals to determine [the four] atJune leastSp. three of the most responsible qualified proposers using those criteria previously listed in the requests for qualifications and requests for proposals for selecting construction management services specific to the project or school district.

Sess., 2024, Public Act No.

24-1 80 of 140 Senate Bill No.

501 at least three of the most responsible qualified proposers using those criteria previously listed in the requests for qualifications and requests for proposals for selecting construction management services specific to the project or school district.

Each bid shall be kept sealed until opened LCOpublicly No.at the time and place set forth in the notice soliciting such bid.

6185The 78construction ofmanager 137shall, Billafter No.consultation and approval by the town or regional school district, award any related contracts for project elements to the responsible qualified contractor submitting the lowest bid in compliance with the bid requirements, provided that (i) the construction manager shall not be eligible to submit a bid for any such project element, and (ii) construction shall not begin prior to the June Sp.

publiclySess., at2024, thePublic timeAct andNo. place set forth in the notice soliciting such bid.

The24-1 construction81 manager shall, after consultation and approval by the town or regional school district, award any related contracts for project elements to the responsible qualified contractor submitting the lowest bid in compliance with the bid requirements, provided that (i) the construction manager shall not be eligible to submit a bid for any such project element, and (ii) construction shall not begin prior to the determinationoftheguaranteedmaximumprice.[,exceptworkrelating to site preparation and demolition may commence prior to such determination.] On and after July 1, 2024, the construction manager's contract shall include a requirement that the construction manager retain all documents and receipts relating to the school building project for a period of two140 yearsSenate followingBill theNo. date of completion of an audit conducted by the Department of Administrative Services pursuant to this section, for such project.

501 determinationoftheguaranteedmaximumprice.[,exceptworkrelating to site preparation and demolition may commence prior to such determination.] On and after July 1, 2024, the construction manager's contract shall include a requirement that the construction manager retain all documents and receipts relating to the school building project for a period of two years following the date of completion of an audit conducted by the Department of Administrative Services pursuant to this section, for such project.

(4) All orders and contracts for any other consultant services, including, but notlimitedto,consultantnotlimited to,consultant servicesrenderedby anowner's representatives, construction administrators, program managers, environmental professionals, planners and financial specialists, shall comply with the public selection process described in subdivision (2) of this subsection.

No costs associated with an order or contract for such consultant services shall be eligible for state financial assistance under LCOthis No.chapter unless such order or contract receives prior approval from the Commissioner of Administrative Services in writing or through a written electronic communication.

6185(c) 79If the Commissioner of 137Administrative BillServices No.determines that a building project has not met the approved conditions of the original June Sp.

thisSess., chapter2024, unlessPublic suchAct orderNo. or contract receives prior approval from the Commissioner of Administrative Services in writing or through a written electronic communication.

(c)24-1 If82 the Commissioner of Administrative140 ServicesSenate determinesBill thatNo. a building project has not met the approved conditions of the original application, the Department of Administrative Services may withhold subsequent state grant payments for said project until appropriate action, as determined by the commissioner, is taken to cause the building project to be in compliance with the approved conditions or may require repayment ofallstate grant paymentsfor saidproject when such appropriate action is not undertaken within a reasonable time.

501 application, the Department of Administrative Services may withhold subsequent state grant payments for said project until appropriate action, as determined by the commissioner, is taken to cause the building project to be in compliance with the approved conditions or may require repayment ofallstate grant paymentsfor saidproject when such appropriate action is not undertaken within a reasonable time.

(B) For any school building project authorized by the General AssemblypriortoJuly 1,2022,thecommissionershalldeemascomplete any such project in which a certificate of occupancy has been granted, but for which a notice of project completion has not been submitted by LCOthe No.town or regional school district on or before July 1, 2025.

6185 80 of 137 Bill No.

the town or regional school district on or before July 1, 2025.

(Effective from passage) Sec.June Sp.

Sess., 2024, Public Act No.

24-1 83 of 140 Senate Bill No.

501 Sec.

It is found and declared as a matter of legislative determination that the creation of the South Central Connecticut Regional Water Authority for the primary purpose of providing and assuring the provision of an adequate supply of pure water and the safe disposal of wastewater at reasonable cost within the South Central Connecticut Regional Water District and such other areas as may be served pursuant to cooperative agreements and acquisitions authorized by section 11 of special act 77- 98, as amended by section 5 of special act 78-24, section 3 of special act 84-46, section 7 of public act 02-85 and section 3 of special act 17-5, as amended by this act, and, to the degree consistent with the foregoing, of advancing water conservation and the conservation and compatible recreational use of land held by the authority, conducting or investing in noncore businesses, provided, at the time of any investment in such businesses, the authority's investment, less returns of or on such investments in such businesses made on and after June 30, 2013, shall not exceed the greater of five per cent of the authority's net utility plant devoted to its water and wastewater utility businesses or such higher amount approved by a majority of the total weighted votes of the membership of the representative policy board, excluding vacancies, except that the acquisition of the Aquarion Water Company or one or more of its subsidiaries shall have no such limitations, and the carrying out of its powers, purposes, and duties under sections 1 to 33, inclusive, of special act 77-98, as amended by special act 78-24, special act 84-46, sections 5 to 7, inclusive, of special act 99-12, sections 2 to 21, inclusive, of public act 02-85, special act 13-20, special act 17-5, special act 24-7 and LCOthis No.act, and for the benefit of the people residing in the South Central Connecticut Regional Water District and the state of Connecticut, and for the improvement of their health, safety and welfare, that said June Sp.

6185Sess., 812024, ofPublic 137Act Bill No.

this24-1 act,84 and for the benefit of the140 peopleSenate residingBill inNo. the South Central Connecticut Regional Water District and the state of Connecticut, and for the improvement of their health, safety and welfare, that said purposes are public purposes, and that the authority will be performing an essential governmental function in the exercise of its powers under sections 1 to 33, inclusive, of special act 77-98, as amended by special act 78-24, special act 84-46, sections 5 to 7, inclusive, of special act 99-12, section 2 of public act 02-85, special act 13-20, special act 17-5, special act 24-7 andthisact.

501 purposes are public purposes, and that the authority will be performing an essential governmental function in the exercise of its powers under sections 1 to 33, inclusive, of special act 77-98, as amended by special act 78-24, special act 84-46, sections 5 to 7, inclusive, of special act 99-12, section 2 of public act 02-85, special act 13-20, special act 17-5, special act 24-7 andthisact.

"customer" means any person, firm, corporation, company, association or governmental unit furnished water or wastewater service by the authority or any owner of property who guarantees payment for water or wastewater service to LCOsuch No.property;

6185"properties" 82means ofthe 137water Billsupply No.and distribution June Sp.

suchSess., property;2024, Public Act No.

"properties"24-1 means85 theof water140 supplySenate andBill distributionNo. system or systems, wastewater collection and treatment systems and other real or personal property of the authority;

501 system or systems, wastewater collection and treatment systems and other real or personal property of the authority;

[,] "noncore business" means an activity, including an activity conducted outside the state of Connecticut, that is the acquisition of the Aquarion Water Company or one or more of its subsidiaries or an activity that is related to water, environment, agriculture, sustainable manufacturing support, LCOJune No.Sp.

6185Sess., 832024, ofPublic 137Act Bill No.

or24-1 an86 energy project consisting of either140 aSenate classBill INo. renewable energy source, as defined in subdivision (20) of subsection (a) of section 16-1 of the general statutes, or a class III source, as defined in subdivision (38) of said section, but excluding wind sources located within the district and any activity located on property that is class I or class II land owned by the authority;

501 or an energy project consisting of either a class I renewable energy source, as defined in subdivision (20) of subsection (a) of section 16-1 of the general statutes, or a class III source, as defined in subdivision (38) of said section, but excluding wind sources located within the district and any activity located on property that is class I or class II land owned by the authority;

On and before December 31, 2024, the authority shall consist of fiveJune membersSp. who shall be residents of the district and not be members LCO No.

6185Sess., 842024, ofPublic 137Act Bill No.

24-1 87 of the140 representativeSenate policyBill board.No.