Connecticut 2012 Regular Session

Connecticut House Bill HB05417 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	General Assembly Substitute Bill No. 5417
2		-	February Session, 2012 _____HB05417BA____032012____
	1	+	General Assembly Raised Bill No. 5417
	2	+	February Session, 2012 LCO No. 1586
	3	+	01586_______BA_
	4	+	Referred to Committee on Banks
	5	+	Introduced by:
	6	+	(BA)
3	7
4	8		General Assembly
5	9
6		-	~~Substitute~~ Bill No. 5417
	10	+	Raised Bill No. 5417
7	11
8	12		February Session, 2012
9	13
10		-	~~_____HB05417BA____032012____~~
	14	+	LCO No. 1586
11	15
12		-	AN ACT CONCERNING BROKER PRICE OPINIONS FOR MORTGAGE LOAN MODIFICATIONS.
	16	+	01586_______BA_
	17	+
	18	+	Referred to Committee on Banks
	19	+
	20	+	Introduced by:
	21	+
	22	+	(BA)
	23	+
	24	+	AN ACT CONCERNING BROKER PRICE OPINIONS.
13	25
14	26		Be it enacted by the Senate and House of Representatives in General Assembly convened:
15	27
16	28		Section 1. Section 20-526 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2012):
17	29
18		-	(a) For purposes of this section, ~~"loan modification"~~ ~~means~~ a ~~modification to an existing loan made by~~ a ~~lender in response to a borrower's long-term inability to repay~~ the ~~loan and may involve a reduction in the interest rate on the loan, an extension~~ of the ~~length~~ of the ~~term of the loan~~, or ~~both~~.
	30	+	(a) The provisions of sections 20-500 to 20-528, inclusive, concerning the certification, licensing, limited licensing or provisional licensing of real estate appraisers shall not apply to (1) any person under contract with a municipality who performs a revaluation of real estate for assessment purposes pursuant to section 12-62, and (2) subject to the provisions of subsection (b) of this section, any licensed real estate broker or real estate salesperson who estimates the value of real estate as part of a market analysis performed for (A) the owner of the real estate or a designee of the owner, (B) a mortgagee, as defined in section 49-8a, or such mortgagee's agent, or (C) an attorney, on such terms as may be agreed upon between such owner or the owner's designee, mortgagee or mortgagee's agent, or attorney and the real estate broker or real estate salesperson. [,]
19	31
20		-	(b) ~~The provisions of sections 20-500 to 20-528, inclusive, concerning the certification, licensing, limited licensing or provisional licensing of real estate appraisers shall not apply to~~ (1) ~~any person under contract with a municipality who performs a revaluation~~ of ~~real estate for assessment purposes pursuant to~~ section ~~12-62, [and] (2) any licensed real estate broker or real estate salesperson who estimates the value of real estate as part of a market analysis performed~~ for the ~~owner~~ of ~~the real estate~~ or ~~a designee~~ of the owner, on such terms as may be agreed upon between such owner or the owner's designee and the real estate broker or real estate salesperson, and (3) any licensed real estate broker or real estate salesperson with at least five years of experience as a licensed real estate broker or real estate salesperson who estimates the value of real estate as part of a loan modification on a mortgage loan secured by such real estate ~~for~~ the mortgagee, as defined in section 49-8a, ~~such mortgagee's agent,~~ ~~or an attorney representing such mortgagee, mortgagee's agent or owner~~ of such ~~real estate on~~ such ~~terms~~ as ~~may be agreed upon between such mortgagee, mortgagee's agent or attorney and the real estate broker or real estate salesperson.~~
	32	+	(b) (1) The estimate of value set forth in subsection (a) of this section shall be for the purpose of (A) a prospective listing or sale of such real estate, (B) providing information to the seller or landlord under a listing agreement, [or] (C) providing information to a prospective buyer or tenant under a buyer or tenant agency agreement, or (D) providing information to the attorney, mortgagee or mortgage servicer, as defined in section 49-8a, for use in the representation of such attorney's client, provided such estimate of value shall not be referred to or be construed as an appraisal.
21	33
22		-	(c) ~~(1) The estimate of value set forth~~ in subsection (b) of this section shall be for the purpose of (A) a prospective listing or sale of such real estate, (B) providing information to the seller or landlord under a listing agreement, [or] (C) providing information to a prospective buyer or tenant under a buyer or tenant agency agreement, or (D) providing information to a mortgagee, a mortgage servicer, as defined in section 49-8a, or an attorney representing such mortgagee, mortgage servicer or owner of the real estate secured by a mortgage loan for purposes of a loan modification on such mortgage loan, provided such estimate of value shall not be referred to or be construed as an appraisal. If such owner executes a listing contract with the real estate broker or real estate salesperson who so estimated the value of the real estate for the sale of the real estate and such real estate contains any building or other structure, occupied or intended to be occupied by no more than four families, then such owner shall be credited against any compensation the owner pays on account of such listing contract for any fee paid by the owner for such estimate of value.
	34	+	(2) If such owner specified in subsection (a) of this section executes a listing contract with the real estate broker or real estate salesperson who so estimated the value of the real estate for the sale of the real estate and such real estate contains any building or other structure, occupied or intended to be occupied by no more than four families, then such owner shall be credited against any compensation the owner pays on account of such listing contract for any fee paid by the owner for such estimate of value.
23	35
24	36
25	37
26	38
27	39		This act shall take effect as follows and shall amend the following sections:
28	40		Section 1 October 1, 2012 20-526
29	41
30	42		This act shall take effect as follows and shall amend the following sections:
31	43
32	44		Section 1
33	45
34	46		October 1, 2012
35	47
36	48		20-526
37	49
	50	+	Statement of Purpose:
38	51
	52	+	To add mortgagees or mortgagees' agents and attorneys to the list of people to whom a licensed real estate broker or real estate salesperson may provide an estimated valuation of real estate as part of a market analysis.
39	53
40		-	BA Joint Favorable Subst.
41		-
42		-	BA
43		-
44		-	Joint Favorable Subst.
	54	+	[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.]