Connecticut Seal

General Assembly

 

Raised Bill No. 396

February Session, 2014

 

LCO No. 2033

 

*02033_______BA_*

Referred to Committee on BANKS

 

Introduced by:

 

(BA)

 

AN ACT REQUIRING MORTGAGEES TO NOTIFY CONSUMER REPORTING AGENCIES OF THE GOOD STANDING OF A MORTGAGOR.

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

Section 1. (NEW) (Effective July 1, 2014) A mortgagee, as defined in section 49-31k of the general statutes, shall notify a consumer reporting agency, as defined in section 38a-976 of the general statutes, of the good standing of a mortgagor, as defined in said section, at the request of such mortgagor, if such mortgagor has successfully completed the foreclosure mediation program established pursuant to section 49-31m of the general statutes and has remained current on mortgage payments for a period of three or more years following the completion of such program. For purposes of this section, "good standing" means having paid each mortgage payment in a timely fashion, as determined by the mortgagee.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2014

New section

Statement of Purpose:

To require mortgagees to notify consumer reporting agencies regarding the good standing of a mortgagor.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]