LCO No. 41 1 of 1
General Assembly Proposed Bill No. 59
January Session, 2021
LCO No. 41
Referred to Committee on BANKING
Introduced by:
SEN. ANWAR, 3rd Dist.
AN ACT CONCERNING MORTGAGE FORBEARANCE FOR OWNERS
OF HOMES WITH CRUMBLING FOUNDATIONS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That chapter 665 of the general statutes be amended to require each 1
residential mortgage loan issued by a Connecticut bank or Connecticut 2
credit union on or after October 1, 2021, to authorize mortgage 3
forbearance, for a period not to exceed one hundred twenty days, to any 4
mortgagor who provides documentation that the real property securing 5
such residential mortgage loan requires repairs because it contains a 6
concrete foundation that has deteriorated in whole or in part due to the 7
presence of pyrrhotite. 8
Statement of Purpose:
To require certain residential mortgage loans to include a provision that
authorizes mortgage forbearance if the home requires repairs related to
the presence of pyrrhotite in the foundation.