Section 36a-760d - Requirements for making nonprime home loansA 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: (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.Conn. Gen. Stat. § 36a-760d
( P.A. 08-176, S. 25; Sept. Sp. Sess. P.A. 09-7, S. 98; P.A. 15-118, S. 30.)
Amended by P.A. 15-0118, S. 30 of the Connecticut Acts of the 2015 Regular Session, eff. 10/1/2015.Amended by P.A. 09-0007, S. 98 of the Sept. 2009 Sp. Sess., eff. 10/5/2009.