CT HB06691

Amends Connecticut General Statutes Section 49-2(c) to regulate open-end mortgages and future advances, effective October 1, 2023.

Prohibits credit card access to consumer revolving loans (home equity lines of credit) for single advancements of less than $1,000.

Requires open-end mortgages to be clearly titled as such and contain specific provisions authorizing future advancements, including the full authorized loan amount.

Allows mortgagors to terminate or limit future advances by recording written notice sent via certified mail or hand delivery to the mortgagee.

Establishes that future advances lose priority against subsequent mortgages, liens, or legal judgments for which written notice was given, except for commercial future advance loans and letters of credit.