§ 32-14 — Mortgage and Loan Insurance Fund.

Connecticut § 32-14

• Jurisdiction: Connecticut
• Title 32: Commerce and Economic and Community Development
• Ch. 579: Connecticut Innovations, Incorporated

Text

There is created a Mortgage and Loan Insurance Fund. To this fund shall be charged all payments required by loan defaults, all direct expenses and payments for the protection of the state's interest in connection with defaulted or delinquent insured mortgages or loans, or in property possessed in consequence thereof and all operating expenses of the corporation which are attributable to the maintenance of the fund, and to the fund shall be credited all receipts of insurance premiums and all money, other than proceeds of insurance hereunder, or other assets of whatever nature received by the corporation as a result of default or delinquency with respect to insured mortgages and loans or agreements with respect to which payments from the insurance fund have been made, including proceeds from the sale, disposal, lease or rental of real or personal property which the corporation may receive under the provisions of this chapter. Moneys in the fund not needed currently to meet the expenses and obligations of the corporation may be invested in the manner provided by section 3-31a, and all income from such investments shall become part of the Mortgage and Loan Insurance Fund. See Sec. 32-477 re priority for applicants establishing work environments consistent with criteria in Sec. 32-475.

Legislative History

(1961, P.A. 542, S. 5; 1963, P.A. 601, S. 3; February, 1965, P.A. 494, S. 6; 1972, P.A. 195, S. 18; P.A. 73-599, S. 26; P.A. 75-461, S. 2, 6; P.A. 77-370, S. 6, 13; 77-614, S. 19, 610; P.A. 78-236, S. 6, 20; 78-357, S. 13, 16; P.A. 79-215; P.A. 93-360, S. 1, 19; June Sp. Sess. P.A. 93-1, S. 29, 45; June 12 Sp. Sess. 12-1, S. 152.) History: 1963 act specified that application and commitment fees to be credited to fund; 1965 act deleted provision specifying use of fund as “nonlapsing, revolving fund” to carry out provisions of chapter, clarified what expenses of commission are chargeable to fund where previously “any and all expenses” were charged, deleted provision crediting application and commitment fees to fund, instead crediting “all money or other assets of whatever nature received by the commissioner as a result of loan default or delinquency”, authorized borrowing from general fund, deleted provisions re treasurer's power to receive funds and invest them and re transfer of excess funds to general fund and authorized transfers from industrial building mortgage insurance fund to industrial building operating expense fund; 1972 act deleted provision re transfer of funds from mortgage insurance fund to operating expense fund; P.A. 73-599 replaced Connecticut industrial building commission with Connecticut development authority; P.A. 75-461 rephrased provisions for clarity; P.A. 77-370 specified that all income from investments to become part of fund; P.A. 77-614 replaced commissioner of finance and control with secretary of the office of policy and management; P.A. 78-236 substituted reference to Sec. 3-31a for reference to Sec. 3-29; P.A. 78-357 specified that conditions in which money may be borrowed from general fund are to meet obligation as provided in this chapter and to bid for and purchase mortgaged property at foreclosure sale; P.A. 79-215 specified that authority's operating expenses attributable to fund maintenance are chargeable to fund; P.A. 93-360 renamed fund, added references to loans and deleted provision authorizing authority to borrow from general fund to meet obligations of fund or to bid for and purchase mortgaged property at foreclosure sale, effective June 14, 1993; June Sp. Sess. P.A. 93-1 paralleled P.A. 93-360 by deleting provision re borrowing from the general fund, effective July 1, 1993; (Revisor's note: In 1995 an incorrect reference to “mortgage insurance and loan fund” was changed editorially by the Revisors to “Mortgage and Loan Insurance Fund” in conformance with other statutory references); pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.