CT HB06803

Amends Section 36a-758 to clarify mortgage loan funding requirements for both first and secondary mortgage loans under Connecticut General Statutes.

Requires mortgage lenders to pay loan proceeds at loan consummation or when the borrower's right to rescind expires under federal regulation 12 CFR 1026, whichever applies.

Permits payment to the mortgagee's attorney but establishes that the mortgagee remains responsible if the attorney fails to properly distribute funds to the mortgagor, mortgagor's attorney, or other specified recipients.

Specifies that payments must be made by certified check, bank treasurer's check, cashier's check, or wire transfer.

Takes effect upon passage.