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CT HB05974

Bill

Official Source

Status

Introduced

1/24/2019

Primary Sponsor

Banking Committee

Click for details

Origin

House of Representatives

2019 General Assembly

AI Summary

  • Connecticut banks and credit unions must accept and credit periodic payments (full monthly payments covering principal, interest, and escrow) and partial payments (less than full monthly amount) on residential mortgage loans issued on or after October 1, 2019
  • Payments must be credited on the business day received, provided the borrower makes payment at the location instructed in writing and provides sufficient account identification information
  • Applies only to residential mortgage loans primarily for personal, family, or household use and secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or residential real estate
  • Effective date is October 1, 2019

Legislative Description

An Act Requiring Acceptance Of Periodic And Partial Payments On Certain Mortgage Loans Issued By Connecticut Banks And Connecticut Credit Unions.

Last Action

File Number 179

3/28/2019

Committee Referrals

Banking1/24/2019

Full Bill Text

No bill text available