Substitute House Bill No. 5477
          Substitute House Bill No. 5477

              PUBLIC ACT NO. 98-221


AN    ACT    CONCERNING   DISCRIMINATORY   BANKING
PRACTICES.


    Be  it  enacted  by  the  Senate  and House of
Representatives in General Assembly convened:
    (NEW) (a) Any  mortgage  broker  or lender, as
defined in section 36a-485 of the general statutes
and licensed pursuant  to  section  36a-486 of the
general statutes, and  any  broker  or  lender, as
defined in section 36a-510 of the general statutes
and licensed pursuant  to  section  36a-511 of the
general statutes, shall notify the Commissioner of
Banking by written affidavit if any such broker or
lender, as a result of a transaction in which such
broker or lender was involved, reasonably believes
that  the  lending   practices   of   a  financial
institution  or  federal   bank   violate  section
36a-737 or 46a-66  of  the  general statutes. Such
broker or lender  shall  provide  the commissioner
with  any  written   document  containing  lending
restrictions  which  a  financial  institution  or
federal  bank  has  provided  to  such  broker  or
lender. In the  event  the commissioner finds that
there is a reasonable basis for said notification,
the commissioner shall  notify  the  Commission on
Human   Rights   and    Opportunities    of   said
notification and the  action he plans to take with
respect thereto.
    (b) The Commissioner  of  Banking may suspend,
revoke or refuse  to  renew  the  license  of  any
broker or lender  who  violates  subsection (a) of
this section.

Approved June 8, 1998