Connecticut Seal

General Assembly

 

Raised Bill No. 268

February Session, 2018

 

LCO No. 1275

 

*01275_______CE_*

Referred to Committee on COMMERCE

 

Introduced by:

 

(CE)

 

AN ACT INCREASING THE TERM LIMIT FOR LOANS UNDER THE TARGETED BROWNFIELD DEVELOPMENT LOAN PROGRAM.

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

Section 1. Subsection (e) of section 32-765 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018, and applicable to loans issued on or after July 1, 2018):

(e) Loans made pursuant to this section shall have such terms and conditions and be subject to such eligibility and loan approval criteria as determined by the commissioner. Such loans shall be for a period not to exceed [twenty] thirty years.

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

Section 1

July 1, 2018, and applicable to loans issued on or after July 1, 2018

32-765(e)

Statement of Purpose:

To extend the maximum loan term under the targeted brownfield development loan program from twenty years to thirty years.

[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.]