CT SB00226

Establishes a task force to study the reverse mortgage industry, including state-wide best practices for consumer protection, existing and proposed federal regulations, and court decisions impacting reverse mortgage transactions in Connecticut.

Task force composed of six members: one House member appointed by the Speaker, one Senate member appointed by the Senate minority leader, one nonprofit representative appointed by the Senate president pro tempore, one Department of Consumer Protection representative appointed by the Senate majority leader, one Commission on Aging representative appointed by the House minority leader, and one reverse mortgage industry expert appointed by the House majority leader.

All task force appointments must be made within 30 days of the effective date, with the Speaker and Senate president pro tempore selecting co-chairs who shall schedule the first meeting within 60 days.

Task force shall submit findings and recommendations to the joint standing committees having cognizance of matters relating to banks and aging no later than January 1, 2015, with the task force terminating on the report submission date or January 1, 2015, whichever is later.

Administrative staff of the joint standing committee on banking shall provide support for the task force.