Sec. 36a-738. (Formerly Sec. 36-446). Disclosure requirements for financial institutions.
Sec. 36a-738. (Formerly Sec. 36-446). Disclosure requirements for financial
institutions. A financial institution shall comply with all applicable provisions of the
federal Home Mortgage Disclosure Act, and, in addition, shall report on the federal
Home Mortgage Disclosure Act loan application register the reason for denial in connection with each loan application subject to federal reporting that is denied by the financial
institution. Each financial institution shall provide the commissioner with any information required to be disclosed to a federal agency pursuant to the federal Home Mortgage
Disclosure Act if requested by the commissioner in any case in which the commissioner
is unable to obtain such information from the applicable federal agency.
(P.A. 77-153, S. 4; P.A. 81-128, S. 7, 17; P.A. 84-546, S. 159, 173; P.A. 90-34, S. 2, 5; P.A. 92-2; P.A. 93-186, S. 3,
9; P.A. 94-122, S. 317, 340; 94-161, S. 3; May 25 Sp. Sess. P.A. 94-1, S. 108, 130; P.A. 08-119, S. 15.)
History: P.A. 81-128 amended Subsec. (a) by substituting "United States Department of Commerce" for "Federal Office
of Management and Budget" and changed the reporting requirement from fiscal to calendar years, amended Subsec. (b)
to indicate when data is disclosed by census tracts or by county, and added Subsec. (e) concerning disclosure to federal
authorities; P.A. 84-546 made technical change in Subsec. (a), replacing reference to U.S. Department of Commerce with
reference to U.S. Office of Management and Budget; P.A. 90-34 deleted former Subsecs. (a) to (d), relettered Subsec. (e)
as Subsec. (b) and added new Subsec. (a) re compliance with the federal Home Mortgage Disclosure Act, effective May
2, 1990, and applicable to all reports and disclosures required under chapter 661 concerning loans originated or purchased,
and loan applications received on and after January 1, 1990; P.A. 92-2 added Subsec. (c) re disclosure of reason for denial
of mortgage loan application; P.A. 93-186 added a reporting requirement for mortgage loans denied and the basis of denial
to both the commissioner and any federal agencies which require such a report and deleted the reporting requirements
required by the federal Financial Institutions Examination Council, the Secretary of Housing and Urban Development and
the federal Home Mortgage Disclosure Act, effective June 23, 1993; P.A. 94-122 changed "he" to "the commissioner",
effective January 1, 1995; P.A. 94-161 changed "each home purchase loan or home improvement loan application" to
"each loan application subject to federal reporting"; May 25 Sp. Sess. P.A. 94-1 made technical changes, effective January
1, 1994, and applicable January 1, 1995; Sec. 36-446 transferred to Sec. 36a-738 in 1995; P.A. 08-119 changed requirement
for financial institutions to provide information "as the commissioner may require" to "if requested by the commissioner
in any case in which the commissioner is unable to obtain such information from the applicable federal agency".