Bill Text: CT SB00119 | 2013 | General Assembly | Introduced
Bill Title: An Act Concerning Approval By Condominium Unit Owners Of A Proposed Loan Agreement Which Includes An Assignment Of The Association's Right To Future Income As Security For The Loan.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2013-01-11 - Referred to Joint Committee on Judiciary [SB00119 Detail]
Download: Connecticut-2013-SB00119-Introduced.html
General Assembly |
Proposed Bill No. 119 |
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January Session, 2013 |
LCO No. 428 | ||||
Referred to Committee on JUDICIARY |
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Introduced by: |
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SEN. DOYLE, 9th Dist. REP. SERRA, 33rd Dist. |
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AN ACT CONCERNING APPROVAL BY CONDOMINIUM UNIT OWNERS OF A PROPOSED LOAN AGREEMENT WHICH INCLUDES AN ASSIGNMENT OF THE ASSOCIATION'S RIGHT TO FUTURE INCOME AS SECURITY FOR THE LOAN.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 47-261e of the general statutes be amended to provide that unless a majority of all unit owners of a common interest community vote to reject a proposed loan agreement which includes an assignment of the association's right to future income as security for the loan, the proposed loan agreement and assignment shall be approved.
Statement of Purpose:
To reform the process used in a common interest community for approval by condominium unit owners of a proposed loan agreement which includes an assignment of the association's right to future income as security for the loan.