State Representative Brian Lanoue Applauds Banking Bill Addressing with Provision to Protect Individuals Restructuring Home Loans

HARTFORD— Governor Ned Lamont has signed Public Act 23-45, formerly House Bill No. 6688, An Act Concerning Mortgages, the Residential Heating Equipment Financing Program, the Connecticut Housing Finance Authority and Mobile Manufactured Homes, into law. This new law features a section introduced by State Representative Brian Lanoue (R-45), to the Banking Committee earlier in the 2023 legislative session.

After an impassioned speech by Rep. Lanoue in the House of Representatives on May 4th, the bill unanimously passed through the House and Senate. This new law includes a concept first introduced in H.B. No. 5207, An Act Concerning the Delivery of Mortgage Modifications Under The Ezequiel Santiago Foreclosure Mediation Program, that is aimed to help protect homeowners that have recently restructured their loan agreement or have a repayment plan. It requires that the first payment due date cannot be any sooner than fifteen business days after the agreement’s finalization. The goal is that this will offer some help to those who are trying to get back on track with their finances after a hardship to ensure everyone has every opportunity to succeed. The bill is also an important step to assist in defending Connecticut’s homeowners and safeguard their financial futures.

“This legislation is aimed to help ensure that people who are getting back on their feet after a financial hardship are given every opportunity to succeed in getting out of home foreclosures and prevent predatory modification agreements that set people up for failure from the beginning. This legislation will hopefully largely prevent that from happening,” said Rep. Lanoue. “I want to thank both the House and Senate for passing this legislation unanimously, and to Governor Lamont for signing it into law. Also, I want to thank the leadership and members of the Banking Committee, namely Chairs Representative Jason Doucette, and Senator Patricia Miller, along with Ranking Member Senator Eric Berthel, for their leadership on this and advocating so hard to make this law. Most of all, I want to give a heartfelt thank you to my friend and House Ranking Member Representative Tom Delnicki, for supporting this from the beginning and being with me every step of the way to make sure we got this done and got it done right.”

State Representative Brian Lanoue, in his third term, represents the 45th General Assembly District which includes the towns of Griswold, Ledyard, Lisbon, Preston, and Voluntown.