Sec. 32-15. Applications for insurance.
Sec. 32-15. Applications for insurance. All applications for insurance shall be
forwarded, together with an application fee, if any, prescribed by the authority, to the
executive director of the authority. The executive director, after preparing necessary
records for the authority, shall prepare a report which may include, but shall not be
limited to, such facts about the company under consideration as its history, wage standards, job opportunities, stability of employment, past and present financial condition
and structure, pro-forma income statements, present and future markets and prospects,
and integrity of management. Such report shall conclude with a brief discussion and
opinion as to whether the applicant would contribute to the development and advancement of the business prosperity and economic welfare of the state of Connecticut. Such
report shall be submitted to the authority through its executive director and shall be
advisory in nature only. After receipt and consideration of the above report and after
such other action as is deemed appropriate, the authority shall approve or deny the
application. The applicant shall be promptly notified of such action by the authority. If
the application is approved, notice of such approval shall be transmitted to the proposed
mortgagee or lender chosen by the applicant. Such approval shall be conditioned upon
payment to the authority, within such reasonable time after notification of approval as
may be specified by the authority, of a commitment fee prescribed by the authority. No
mortgage or loan shall be accepted for insurance unless the authority finds that the
project with respect to which the mortgage or loan is executed is financially sound.
(1961, P.A. 542, S. 6; 1963, P.A. 601, S. 4; February, 1965, P.A. 494, S. 7; 1972, P.A. 195, S. 19; June, 1972, P.A. 1,
S. 15; P.A. 73-599, S. 27; P.A. 88-265, S. 3, 36; P.A. 93-360, S. 2, 19.)
History: 1963 act required that applications be accompanied by fee prescribed by commission and specified that approval
conditioned upon payment of commitment fee prescribed by commission; 1965 act authorized three-person committee to
investigate and report re loan applications; 1972 acts deleted requirements that executive secretary forward a copy of each
application to development commission and that copy of report be submitted to development commission "which may
submit its recommendation and report to the commission", i.e. industrial building commission, and replaced executive
secretary with director; P.A. 73-599 replaced industrial building commission and its director with Connecticut development
authority and its executive director; P.A. 88-265 made technical changes and deleted references to the Connecticut Development Credit Corporation; P.A. 93-360 added "if any" after application fee, required executive director instead of committee
to prepare reports on applications, deleted provision authorizing payment of committee members on consultant basis and
added references to lender and loans, effective June 14, 1993.
Cited. 150 C. 341.