Bill Text: CT SB00394 | 2018 | General Assembly | Introduced

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Bill Title: An Act Allowing Connecticut Credit Unions To Make Certain Residential Mortgages.

Sponsorship: Committee Bill

Status: (Introduced - Dead) 2018-03-02 - Public Hearing 03/06 [SB00394 Detail]

Download: Connecticut-2018-SB00394-Introduced.html

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General Assembly		Raised Bill No. 394
February Session, 2018		LCO No. 1542
		*01542_______BA_*
Referred to Committee on BANKING
Introduced by:
(BA)

AN ACT ALLOWING CONNECTICUT CREDIT UNIONS TO MAKE CERTAIN RESIDENTIAL MORTGAGES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subsection (a) of section 36a-457b of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2018):

(a) Subject to the requirements of this section, a Connecticut credit union may make one or more mortgage loans to its members. As used in this section, the term "mortgage loan" means a closed-end loan or line of credit secured wholly or substantially by a lien on or interest in real estate, including a leasehold interest, and which is secured by a [one-to-four family] residence that is the primary, secondary or vacation residence of a member. [or by any other real estate provided the aggregate of the loans made by the credit union to such mortgagor that are secured by such other real estate do not exceed fifty thousand dollars.] As used in this section and section 36a-458a, the term "real estate" includes land and any structure and other improvement or equipment that is permanently attached to such land or structure. The term "mortgage loan" shall not include a member business loan, as defined in section 36a-458a.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2018	36a-457b(a)

Statement of Purpose:

To allow Connecticut credit unions to make certain residential mortgages.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]