Connecticut HB05317 defines "mortgage loan" for notice provisions on flood damage and insurance.
Connecticut HB05317 amends the definition of "mortgage loan" for purposes of certain notice provisions relating to flood damage and insurance. It specifies that a mortgage loan is secured by a first mortgage on one-to-four-family residential real property in the state and is made for the purchase of such property. The bill mandates that creditors notify mortgage loan applicants, in writing, at least ten days before closing that standard homeowners insurance policies do not cover flood damage, flood damage can occur regardless of flood zone designation, and applicants may wish to consult a.
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