Posted on May 10, 2023
Last week, I spoke in strong support of H.B. No. 6688, An Act Concerning Mortgages, the Residential Heating Equipment Financial Program, The Connecticut Housing Finance Authority and Mobile Manufactured Homes. The bill came before us in the House Chamber, and I am pleased to report that this bill passed and will now await further action in the Senate.
Section one (H.B. No. 5207) of this bill was a concept of mine that I testified in support of in March in the Banking Committee. My original bill was combined with others that were passed out of committee unanimously. The bill is aimed to help protect homeowners that have recently restructured their loan agreement or have a repayment plan. It would require that the first payment due date would be no sooner than fifteen business days after the agreement’s finalization. The intent 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.
I will keep you up to date on the latest progress of this bill.