Sec. 36a-760f. Prohibition against dividing or structuring loan to avoid application of nonprime home loan statutory provisions.
Sec. 36a-760f. Prohibition against dividing or structuring loan to avoid application of nonprime home loan statutory provisions. No lender or mortgage broker
shall attempt in bad faith to avoid the application of sections 36a-760a to 36a-760h,
inclusive, by dividing any loan transaction into separate parts or to structure in bad faith
a residential mortgage loan transaction as an open-end loan for the purpose of evading
the applicable provisions of sections 36a-760a to 36a-760h, inclusive, when the loan
would have been a nonprime home loan if the loan had been structured as a closed-end loan.
(P.A. 08-176, S. 27.)
History: P.A. 08-176 effective July 1, 2008.