General Assembly Substitute Bill No. 159
February Session, 2012 *_____SB00159BA____032012____*
General Assembly
Substitute Bill No. 159
February Session, 2012
*_____SB00159BA____032012____*
AN ACT CONCERNING A STUDY OF THE ELIMINATION OF THE PROVISION THAT PERMITS FORECLOSURE BY A HOLDER OF A NOTE WHO DOES NOT HAVE LEGAL TITLE TO THE MORTGAGED PREMISES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (Effective from passage) The Department of Banking shall study issues concerning the elimination of the provision that permits the person entitled to receive money secured by a mortgage to foreclose on such mortgage regardless of whether legal title to the mortgaged premises has been conveyed to such person. Not later than January 1, 2013, the Banking Commissioner shall report on such study, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committee of the General Assembly having cognizance of matters relating to banks.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage New section
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
New section
BA Joint Favorable Subst.
BA
Joint Favorable Subst.