AN ACT CONCERNING THE APPROVAL PROCESS FOR PROPOSED BUDGETS AND SPECIAL ASSESSMENTS IN COMMON INTEREST COMMUNITIES AND THE AVAILABILITY OF A LIST OF NAMES AND ADDRESSES OF UNIT OWNERS.

HB 5437 updates rules for homeowners associations (HOAs) regarding budget approvals and special assessments. It requires HOA boards to provide unit owners with a budget summary - including reserve details - 30 days before a vote, with approval needing a majority of all owners (or a larger number specified in bylaws). Special assessments under 15% of the previous year’s budget become effective without owner approval, while larger assessments require the same voting process as regular budgets. The bill also mandates that HOAs make owner name and address lists available upon request. These changes apply to all HOAs in Connecticut, with slightly different rules for large communities (over 2,400 units established before 1991).