Connecticut Seal

General Assembly

Amendment

 

January Session, 2009

LCO No. 7805

   
 

*SB0094807805SRO*

Offered by:

 

SEN. FASANO, 34th Dist.

 

To: Subst. Senate Bill No. 948

File No. 909

Cal. No. 205

After the last section, add the following and renumber sections and internal references accordingly:

"Sec. 501. (NEW) (Effective October 1, 2009) On and after October 1, 2009, a representative of a financial institution or other entity engaged in the practice of refinancing mortgage loans in the state shall be present at the closing of the refinancing of any mortgage loan. For purposes of this section, (1) "mortgage loan" means a loan secured by a mortgage on one, two, three or four-family residential real property located in this state, including, but not limited to, a residential unit in any common interest community, as defined in section 47-202 of the general statutes; (2) "financial institution" means a bank, Connecticut credit union, federal credit union, an out-of-state bank that maintains a branch in this state and an out-of-state credit union that maintains an office in this state; and (3) "representative" means an agent, employee, attorney or other person qualified to answer questions concerning the terms of the refinance and the closing documents. "