Sec. 8-286b. Mortgagee participation.
Sec. 8-286b. Mortgagee participation. (a) Mortgage loan guarantees issued by
the commissioner under subsection (d) of section 8-286 shall be in the form of a guarantee from the commissioner to an approved mortgagee. Mortgagees may participate in
the program by entering into a mortgage guarantee agreement with the commissioner.
Mortgagees participating in the program shall process and underwrite loan guarantees
in accordance with the provisions of said subsection (d), this section and sections 8-286c and 8-286d and any regulations adopted by the commissioner pursuant to section
8-289.
(b) Any mortgagee seeking a loan guarantee and any mortgagor seeking to have a
loan guaranteed shall provide such information to the commissioner as the commissioner
deems necessary. The information shall be provided on a form prescribed by the commissioner. Any information required by the commissioner in connection with an application
for a mortgage loan guarantee shall be provided subject to the penalty for false statement
under section 53a-157b. No guarantee shall be valid until approved by the commissioner.
(c) No loan shall be eligible for a guarantee under the program established pursuant
to section 8-286 unless the commissioner determines that the terms and conditions of
the loan are acceptable to the commissioner.
(P.A. 95-202, S. 2; P.A. 00-196, S. 1.)
History: P.A. 00-196 made a technical change in Subsec. (b).