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CT HB05425

Bill

Official Source

Status

Introduced

3/3/2020

Primary Sponsor

Banking Committee

Click for details

Origin

House of Representatives

2020 General Assembly

AI Summary

  • Requires residential mortgage loans issued by Connecticut banks and credit unions on or after October 1, 2020, to include a forbearance provision for mortgagors with homes containing pyrrhotite-damaged concrete foundations
  • Forbearance period shall not exceed 120 days for mortgagors who provide documentation from the chief building inspector attesting that their dwelling requires repairs due to pyrrhotite-caused foundation deterioration
  • Does not restrict financial institutions from voluntarily providing mortgage forbearance to mortgagors with pre-October 1, 2020 mortgages who have pyrrhotite-damaged foundations
  • Takes effect October 1, 2020

Legislative Description

An Act Concerning Mortgage Forbearance For Owners Of Homes With Crumbling Foundations.

Last Action

Public Hearing 03/10

3/4/2020

Committee Referrals

Banking3/3/2020

Full Bill Text

No bill text available