AN ACT PROTECTING CONSUMERS FROM PREDATORY LENDING PRACTICES ASSOCIATED WITH REVERSE MORTGAGES.


General Assembly		*Proposed Bill No. 618*
*January Session, 2005*		LCO No. 1279

Referred to Committee on Banks
Introduced by:
SEN. MCDONALD, 27^th Dist.

AN ACT PROTECTING CONSUMERS FROM PREDATORY LENDING PRACTICES ASSOCIATED WITH REVERSE MORTGAGES.

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

That subdivision (4) of section 36a-746a of the general statutes be amended to eliminate the exclusion for reverse mortgage transactions.

Statement of Purpose:

To protect consumers by requiring that the Connecticut Abusive Home Loan Lending Practices Act apply to reverse mortgages.