Bill Text: CT SB00579 | 2017 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: An Act Concerning Protections For Consumers Applying For Reverse Mortgages.

Spectrum: Committee Bill

Status: (Engrossed - Dead) 2017-06-03 - House Calendar Number 631 [SB00579 Detail]

Download: Connecticut-2017-SB00579-Introduced.html

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General Assembly		Proposed Bill No. 579
January Session, 2017		LCO No. 2415
		*02415*
Referred to Committee on BANKING
Introduced by:
SEN. HWANG, 28th Dist.

AN ACT CONCERNING PROTECTIONS FOR CONSUMERS APPLYING FOR REVERSE MORTGAGES.

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

That section 36a-265 of the general statutes be amended to provide a prospective applicant for a reverse annuity mortgage loan with counseling for consumer protection purposes before (1) any such application may be completed, or (2) any fees in connection with such mortgage may be assessed.

Statement of Purpose:

To provide consumer protections during the application process for a reverse annuity mortgage loan.