CT HB06995

Adds shared appreciation agreements to Connecticut's definition of residential mortgage loans, bringing them under mortgage lending regulations effective October 1, 2019.

Defines shared appreciation agreement as a nonrecourse obligation where a lump sum is extended to a consumer in exchange for an equity interest in a dwelling or residential real estate, or a future repayment obligation triggered by events such as ownership transfer, maturity date, or consumer's death.

Modifies Section 36a-598 to update licensing application requirements for money transmission businesses, including financial statement submissions, investment disclosures, and authorized delegate contract documentation.

Requires the Banking Commissioner to submit a report by January 1, 2021 detailing the number of shared appreciation agreement licensees, enforcement actions taken, and policy recommendations to the joint standing committee on banking.

All provisions effective October 1, 2019.