Connecticut § 36a-760d Requirements for making nonprime home loans.

Connecticut Statutes

§ 36a-760d — Requirements for making nonprime home loans.

Connecticut·Title 36a The Banking Law of Connecticut·Ch. 669 Regulated Activities

A lender shall not make a nonprime home loan unless:

(1)With respect to nonprime home loans that are first mortgage loans for which the lender receives an application on or after April 1, 2010, the lender requires and collects a monthly escrow for the payment of real property taxes and homeowners insurance. The provisions of this subdivision shall not apply to:

(A)FHA loans; or (B) a nonprime home loan product which, in good faith, is generally designed and marketed to the public as a subordinate lien home equity loan product but is secured by a first mortgage loan;

(2)To the extent applicable, the lender obtains the written certification or statement under section 36a-760c ; and (3) The lender mailed or delivered to applicants, no later than the date three business days after the date

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A lender shall not make a nonprime home loan unless: (1) With respect to nonprime home loans that are first mortgage loans for which the lender receives an application on or after April 1, 2010, the lender requires and collects a monthly escrow for the payment of real property taxes and homeowners insurance. The provisions of this subdivision shall not apply to: (A) FHA loans; or (B) a nonprime home loan product which, in good faith, is generally designed and marketed to the public as a subordinate lien home equity loan product but is secured by a first mortgage loan; (2) To the extent applicable, the lender obtains the written certification or statement under section 36a-760c ; and (3) The lender mailed or delivered to applicants, no later than the date three business days after the date of receipt of a completed application for a nonprime home loan, a notice containing a toll-free number that can be used to obtain a list of nonprofit housing counselors approved by the United States Department of Housing and Urban Development. For purposes of this subdivision, a lender may use the toll-free number which satisfies the requirements of Section 106(c)(5) of the Housing and Urban Development Act of 1968 (12 USC 1701(x) Section (c)(5)). No borrower shall have a private right of action for the lender's failure to deliver, on a timely basis, a notice required by this subdivision.

Connecticut § 36a-760d (Requirements for making nonprime home loans.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 08-176, S. 25; Sept. Sp. Sess. P.A. 09-7, S. 98; P.A. 15-118, S. 30.) History: P.A. 08-176 effective July 1, 2008; Sept. Sp. Sess. P.A. 09-7 amended Subdiv. (1) by substituting “for which the lender receives an application on or after April 1, 2010” for “originated on or after January 1, 2010”, and amended Subdiv. (3) by making technical changes, effective October 5, 2009; P.A. 15-118 made a technical change in Subdiv. (1).