Substitute for Raised H.B. No. 5577 Session Year 2008
AN ACT CONCERNING RESPONSIBLE LENDING AND ECONOMIC SECURITY.
To create and fund a multitiered mortgage assistance program within the Department of Economic and Community Development; to create a right to appeal to the Banking Commissioner for a six-month moratorium on bank action; to prohibit certain lending and brokering practices; to prohibit influence of appraisals; to establish on-line continuing education requirements for certain entities in the mortgage lending industry; to permit tenants to terminate leases on foreclosed homes; to provide for court appointment of counsel in a foreclosure action; to establish a Mortgage Crisis Job Training Team within CTWorks One Stop Career Centers; and to increase surety bond requirements for mortgage lenders and brokers.