Connecticut Seal

General Assembly

 

Raised Bill No. 7160

January Session, 2017

 

LCO No. 4363

 

*04363_______BA_*

Referred to Committee on BANKING

 

Introduced by:

 

(BA)

 

AN ACT CONCERNING A STUDY OF A LOAN GUARANTEE FUND FOR CRUMBLING FOUNDATIONS.

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

Section 1. (Effective from passage) (a) The Banking Commissioner, in consultation with the Connecticut Housing Finance Authority, shall conduct a study concerning the feasibility of utilizing two million dollars of the Banking Fund to create a guarantee fund for the purpose of promoting private construction loans to owners of real property affected by a foundation containing pyrrhotite.

(b) Not later than July 1, 2018, the commissioner, in accordance with the provisions of section 11-4a of the general statutes, shall report the results of the study done pursuant to subsection (a) of this section to the joint standing committee of the General Assembly having cognizance of matters relating to banking.

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

Section 1

from passage

New section

Statement of Purpose:

To study the feasibility of creating a guarantee fund for purposes of promoting private construction loans to owners of real property affected by a foundation containing pyrrhotite.

[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.]