AN ACT CONCERNING MORTGAGE PAYMENTS.

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

That the general statutes be amended to require mortgage creditors that accept monthly mortgage installment payments at a branch of a bank in the state to permit a customer or such customer's attorney to make a final mortgage installment payment on the day of closing.

Statement of Purpose:

To permit mortgage customers to avoid additional interest charges by allowing such customers to make a final mortgage payment on the date of closing, rather than requiring the final payment to be sent out of state.