Loading chat...
CT SB00398
Bill
Status
3/5/2014
Primary Sponsor
Banks Committee
Click for details
AI Summary
-
Amends the definition of "nonprime home loan" under Connecticut General Statutes Section 36a-760, effective October 1, 2014.
-
Excludes mortgages insured under Title II of the National Housing Act (FHA loans) that meet qualified mortgage requirements under 24 CFR 203.19 from being classified as nonprime home loans.
-
Applies to home loan applications received on or after August 1, 2008 and affects lenders, mortgage brokers, and mortgage loan originators operating in Connecticut.
-
Increases the maximum commissioner adjustment to APR-based thresholds for identifying nonprime loans from one-quarter to three-quarters of one percentage point, with a total cap of one-half percentage point.
Legislative Description
An Act Concerning Home Loans.
Last Action
Public Hearing 03/11
3/7/2014