Sec. 32-65. Eligible financial institutions.
Sec. 32-65. Eligible financial institutions. The authority is authorized from time
to time to enter into guarantee agreements, letters of credit, insurance contracts, participations, collateral sharing agreements, servicing agreements, and any other agreements
or contracts with insured parties and with eligible financial institutions with respect to
the insurance fund and any loan insured thereunder. An eligible financial institution is
one which is a trust company, bank, savings bank, building and loan association, savings
and loan association, insurance company, investment company, trustee, executor, pension fund, retirement fund, or other fiduciary or financial institution, the state or, to
the extent otherwise permitted by law, any municipality or any political subdivision,
instrumentality, agency or body politic and corporate thereof which is approved by
the authority as eligible for participation taking into consideration the workability and
market viability of the program of insuring loans for or related to projects authorized
by this chapter. Any such agreement or contract may contain terms and provisions necessary or desirable in connection with the program subject to the requirements established
by this chapter, including without limitation terms and provisions relating to loan documentation, review and approval procedures, origination and servicing rights and responsibilities, default conditions, procedures and obligations and obligations with respect
to insurance contracts made under this chapter. The agreements or contracts may be
executed on an individual, group or master contract basis with eligible financial institutions.
(P.A. 81-388, S. 6, 12; P.A. 88-265, S. 19, 36.)
History: P.A. 88-265 authorized the Connecticut development authority to enter into guarantee agreements, participations, collateral sharing agreements and servicing agreements with insured parties and eligible financial institutions, added
investment companies, trustees, executors, pension funds, retirement fund, other fiduciary or financial institutions, the
state, municipalities, political subdivisions, instrumentalities, and agencies to the provisions re eligible financial institutions
and made other technical changes.