Sec.36a-744-1. Authority, scope, purpose

(a) Sections 36a-744-1 to 36a-744-8, inclusive, comprise the regulations adopted by the commissioner pursuant to the Home Mortgage Disclosure Act, Part IX of Chapter 669 of the Connecticut General Statutes.

(b) Sections 36a-744-1 to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies apply to all financial institutions except as otherwise provided in sections 36a-744-1 to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies. Sections 36a-744-1 to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies require a financial institution that makes home purchase loans, home improvement loans or other mortgage loans to disclose loan data at certain of its offices and to report the data to the commissioner.

(c) The purpose of sections 36a-744-1 to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies is (1) to prohibit the arbitrary denial of home purchase loans, home improvement loans or other mortgage loans on the basis of the location of the property to be mortgaged; (2) to encourage an increase in the availability of mortgage capital to neighborhoods to which such investment capital has generally been denied; (3) to provide the citizens and public officials of the state with sufficient information to enable them to determine which financial institutions are fulfilling their obligations to serve the housing needs of the communities and neighborhoods in which they are located; and (4) to assist public officials at both state and local levels in their determination of the distribution of public sector investments in a manner designed to improve the private investment environment and to aid state and local interests and priorities.

(d) Nothing in sections 36a-744-1 to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies is intended to, nor shall those sections be construed to, encourage unsound lending practices or the allocation of credit.

(Effective December 19, 1990; TransferredApril 24, 1995; Amended January 30, 1996)