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CT SB00394

Bill

Official Source

Status

Introduced

3/1/2018

Primary Sponsor

Banking Committee

Click for details

Origin

Senate

2018 General Assembly

AI Summary

  • Allows Connecticut credit unions to make mortgage loans to members on one-to-four family residences that serve as primary, secondary, or vacation residences.

  • Expands the definition of eligible properties by removing the previous $50,000 cap on loans secured by other types of real estate.

  • Defines "mortgage loan" as a closed-end loan or line of credit secured by a lien on or interest in real estate, including leasehold interests.

  • Takes effect October 1, 2018 and amends section 36a-457b(a) of the Connecticut General Statutes.

Legislative Description

An Act Allowing Connecticut Credit Unions To Make Certain Residential Mortgages.

Last Action

Public Hearing 03/06

3/2/2018

Committee Referrals

Banking3/1/2018

Full Bill Text

No bill text available