Bill Text: CT SB01150 | 2013 | General Assembly | Comm Sub
Bill Title: An Act Making Technical Revisions To Statutes Concerning The State Treasurer.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2013-06-04 - Senate Recommitted to Government Administration and Elections [SB01150 Detail]
Download: Connecticut-2013-SB01150-Comm_Sub.html
General Assembly |
Raised Bill No. 1150 | ||
January Session, 2013 |
LCO No. 4734 | ||
*_____SB01150GAE___040813____* | |||
Referred to Committee on GOVERNMENT ADMINISTRATION AND ELECTIONS |
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Introduced by: |
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(GAE) |
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AN ACT MAKING TECHNICAL REVISIONS TO STATUTES CONCERNING THE STATE TREASURER.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (b) of section 3-13e of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2013):
(b) Notwithstanding any provision of the general statutes, [to the contrary,] the Treasurer may invest as much of the funds of any trust fund as are not required for current disbursements, in loans to mortgage lenders, subject to the following conditions: (1) Any such investment shall be secured as to payment of both principal and interest by a pledge of and lien upon collateral security of such nature, in such amounts and under such terms as the Treasurer shall determine; (2) any such mortgage lender shall within a reasonable period of time, as determined by the Treasurer, following receipt by such mortgage lender of the loan proceeds, enter into written commitments to make and shall thereafter proceed as promptly as practicable to make and disburse loans from such loan proceeds, in an aggregate principal amount not less than the amount of such loan proceeds, and each such loan shall be secured by a mortgage of residential real property containing not more than four dwelling units and situated within the state, provided no more than twenty million dollars in such loans to mortgage lenders shall be outstanding at any one time and no more than ten million dollars in such loans shall be made in any one fiscal year, and further provided, the aggregate of such loans outstanding to any single mortgage lender shall not exceed the greater of one million dollars or one per cent of the deposits of such mortgage lender. Pension and retirement fund contributors shall be afforded a preference with respect to receipt of loans made under the provisions of this section, subject to such procedures as the Treasurer may prescribe.
Sec. 2. Section 3-27e of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2013):
(a) The State Treasurer [is authorized to] may receive grants, interest, interest subsidies and contributions from the United States or from any other source pertaining to student loans, and he shall add the same to the Short Term Investment Fund. All expenses for operating the Short Term Investment Fund, including but not limited to, the cost of servicing student loans shall be paid by the State Treasurer out of the funds of the Short Term Investment Fund.
(b) The State Treasurer [is authorized to] may: (1) Pay state banking service fees from the Short Term Investment Fund earnings of the General Fund and (2) deduct bank service fees directly attributable to individual funds, other than the General Fund, from the earnings credited to such other funds.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2013 |
3-13e(b) |
Sec. 2 |
October 1, 2013 |
3-27e |
GAE |
Joint Favorable |