Sec. 8-76a. Commissioner's authority to service notes and mortgages.
Sec. 8-76a. Commissioner's authority to service notes and mortgages. The
Commissioner of Economic and Community Development is authorized and directed
on behalf of the state (a) to do any and all acts or things necessary or appropriate to
service purchase money notes and mortgages originated pursuant to the provisions of
section 8-76, including entering into agreements with banks, mortgage service agencies
and other institutions to service such notes and mortgages for service fees payable from
collections of principal and interest on such notes, (b) upon default in the repayment of
any such purchase money note to acquire title to the premises mortgaged to secure the
same in the name of the state by foreclosure or otherwise and (c), upon acquisition by
the state of title to any premises mortgaged to secure any such purchase money note,
to dispose of the same for such price and upon such terms as he deems proper.
(February, 1965, P.A. 297, S. 2; 1967, P.A. 522, S. 8; P.A. 77-614, S. 284, 610; P.A. 78-303, S. 81, 136; P.A. 79-598,
S. 3, 4, 10; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: 1967 act substituted commissioner of community affairs for public works commissioner; P.A. 77-614 substituted department of economic development for commissioner of community affairs, effective January 1, 1979; P.A. 78-303 substituted commissioner for department; P.A. 79-598 substituted commissioner of housing for commissioner of
economic development; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Housing with Commissioner and Department of Economic and Community Development.