Sec.49-2b-1. Definitions

As used in sections 49-2b-1 to 49-2b-4, inclusive, of the Regulations of Connecticut State Agencies:

(1) "Annual rate" means the rate of interest used by a mortgagee to determine the amount owed to a mortgagor pursuant to subsection (a) of section 49-2a of the Connecticut General Statutes;

(2) "Insurance premiums" means premiums on a policy of fire, casualty, property liability, flood or other hazard insurance or homeowner's insurance applicable with respect to mortgaged property located in this state;

(3) "Mortgaged property" means real property that is used as security for repayment of a loan or extension of credit;

(4) "Mortgagee" means any grantee of a mortgage, including the successors and assigns of such grantee, or any mortgage servicing company, required pursuant to section 49-2a of the Connecticut General Statutes to pay interest on funds of a mortgagor held in escrow for the payment of taxes and insurance premiums;

(5) "Mortgagor" means any individual who is a grantor of a mortgage encumbering property located within this state that is owner-occupied residential property consisting of not more than four living units and housing cooperatives occupied solely by the housing cooperative shareholders; and

(6) "Taxes" means property taxes on mortgaged property located in this state.

(Adopted effective March 30, 2007)