reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9p - Financial Assistance and Tax Incentives to Encourage Industrial and Business Growth in Areas of High Unemployment › Section 32-9p-10 - Municipal grant claims and payment

Current through July 10, 2024
Under the statutes, 20% of the taxes payable with respect to a manufacturing facility are payable by the owner of the facility reflected in the local land records. Pursuant to Section 32-9s of the statutes, an amount equal to 75% of the remaining 80% of such taxes will be paid by the State to the taxing jurisdiction upon proper application for the grant by the taxing jurisdiction. Notwithstanding provisions of this section, in the case of a business facility as defined in Sec. 32-9p-5(h) (5) of these regulations an amount equal to 50% of the remaining 80% of such taxes will be paid by the state to the taxing jurisdiction. The amount payable by the State is based upon the total taxes due with respect to the exempt property, and will not be increased on account of the delinquency of any taxpayer. The taxing jurisdiction will have no claim against the State for real or personal property taxes which remain unpaid by the facility owner or machinery and equipment user.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-1 - Definitions

Current through July 10, 2024
(a) "Commissioner" means the commissioner of economic development.
(b) "Department" means the department of economic development.
(c) "Distressed municipality" has the meaning given to that term in section 32-9p of the General Statutes.
(d) "Business organization" means any sole proprietorship, partnership, corporation or other form of association for profit recognized in Connecticut.
(e) "Industrial project" has the meaning given to that term in section 32-23d of the General Statutes.
(f) "New employment" means any increase, in the level of employment within a distressed municipality, directly attributable to the acquisition, construction, substantial renovation or expansion of an industrial project in respect of which a business organization has applied for a loan under section 32-9q of the General Statutes, measured without consideration of any increases or decreases in the level of employment within the distressed municipality due to other factors. The business organization shall be considered to have created new employment in such municipality if the number of persons employed at the industrial project with respect to which such loan is made, has increased or is expected to increase by more than five as a direct result of such acquisition, construction, substantial renovation or expansion.
(g) "Local development corporation" has the meaning given to that term in section 32-9q of the General Statutes.
(h) "Borrower" means any business organization, state development corporation or local development corporation for which a loan has been approved under these regulations.
(i) "Loan" means a working capital loan under section 32-9q-2 and a loan to a local development corporation under section 32-9q-3 unless the context otherwise requires.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-2 - Eligibility for working capital loans

Current through July 10, 2024
The department may make working capital loans to any business organization which meets the following criteria:
(1) The business organization has recently completed, has undertaken or is actively planning the acquisition, construction, substantial renovation or expansion of an industrial project in a distressed municipality and such acquisition, construction, renovation or expansion has or is reasonably expected to create new employment in such distressed municipality.
(2) The business organization has provided evidence satisfactory to the commissioner that it shall, concurrently with and in an amount not less than the loan made pursuant to this section, receive from a private financial institution or local development corporation a working capital loan, which shall be used for substantially the same purposes as the loan made pursuant to this section;
(3) The business organization has provided evidence satisfactory to the commissioner that the availability of the loan provided pursuant to this section was an important factor in the decision of such business organization to acquire, construct, substantially renovate or expand such industrial project in such distressed municipality, and such evidence may include evidence that loans on substantially similar terms and conditions were not otherwise available, excepting only the loan referred to in clause (2) of this section.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-3 - Economic development loans

Current through July 10, 2024
(a) The department may make loans to any non-profit state development corporation or local development corporation for any economic development purpose determined to be worthwhile by the commissioner.
(b) The aggregate of such loans shall not exceed five hundred thousand dollars.
(c) such loans may be made for any developmental purpose, including but not limited to working capital, start-up and fixed assets.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-4 - Loan application and agreement

Current through July 10, 2024
(a) Application for a loan shall be submitted on forms provided by the department. No application shall be considered unless the exhibits required by such forms are furnished.
(b) Upon approval by the commissioner and the authority, the borrower shall enter into a loan agreement which shall set forth the terms and conditions required by these regulations and any other terms and conditions applicable to the particular loan, which may be set by the commissioner or the authority.
(c) Each loan agreement shall be effective only upon execution by the commissioner and the borrower.
(d) Such loan agreement shall provide, without limitation, that the borrower agrees:
(1) To provide the Department with such financial and other information as the commissioner may in his discretion require from time to time;
(2) To notify the department promptly of any material adverse change in the financial condition or business prospects of the borrower;
(3) To represent and warrant that it has the power and authority to enter into the loan agreement and to incur the obligations therein provided for, and that all documents and agreements executed and delivered in connection with the loan will be valid and binding upon the borrower in accordance with their respective terms;
(4) To provide such security for the loan as the commissioner may require pursuant to section 32-9q-5 of these regulations and to execute and deliver all documents in connection therewith;
(5) That the funds provided will not be used otherwise than in connection with the development and operation of the industrial project for which the loan was approved.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-5 - Loans

Current through July 10, 2024
(a) The term of the working capital loan shall not exceed ten years from the date of first disbursements of the loan.
(b) No working capital loan shall exceed $75,000.00 with respect to a single industrial project.
(c) Disbursement of the loan shall be made at the discretion of the commissioner in accordance with the provisions of the loan agreements and the instructions of the authority.
(d) The loan shall be repaid on an amortized schedule of periodic payments or upon such other periodic method of payment of principal and interest as the commissioner considers necessary and appropriate in the particular circumstances, but in no event shall the periodic payments be scheduled to exceed ten years from the date of first disbursement of the loan.
(e) The loan may be secured or unsecured as the commissioner determines to be appropriate in the particular circumstances. If the loan is to be secured, the commissioner may require the borrower to provide the department as security any of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the borrower to have executed and delivered to the commissioner security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidences of security as and in the form required by the commissioner.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-6 - Note

Current through July 10, 2024
(a) Each loan shall be evidenced by a promissory note which shall contain a provision permitting the borrower to prepay the loan in whole or in part upon any interest payment date.
(b) The promissory note shall provide for the payment of interest at a rate of one percent above the rate of interest borne by the bonds of the state last issued prior to the date such loan is made.
(c) The promissory note may provide for the collection of a late charge, not to exceed two percent of any installment which is not paid within ten days of the due date thereof. Late charges shall be separately charged to and collected from the borrower.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9q - Implementation of Employment Incentive Loan Program and Economic Development Loan Program under Section 32-9q of the General Statutes › Section 32-9q-7 - Default and remedy

Current through July 10, 2024
(a) The failure of the borrower to abide by the terms of the loan agreement, promissory note or other document signed by the borrower in connection with such loan shall be considered a default under such promissory note.
(b) The promissory note shall contain a provision that the failure of the borrower to make a payment of principal or interest due under the promissory note within fifteen days from the due date shall constitute a default.
(c) The promissory note shall provide that upon default, any and all sums owing by the borrower under the note shall, at the option of the commissioner, become immediately due and payable.
(d) The promissory note shall provide that in the event of default, interest on the promissory note shall automatically increase to twelve percent per annum and shall apply not only after default, but after any judgment rendered upon the said promissory note.
(e) The promissory note shall provide for payment of reasonable attorneys' fees and legal costs in the event of default.
(f) The promissory note shall contain such other clauses and covenants as the commissioner in his discretion may require.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9qq - Business Outreach Center Challenge Grant Program › Section 32-9qq-1 - Definitions

Current through July 10, 2024
(a) "Applicant" means any non-profit or governmental entity which intends to establish a business outreach center in a particular region of the state or for certain industry sectors to assist in providing services to small businesses and minority business enterprises.
(b) "Business Outreach Center" means any non-profit or governmental entity providing or able to provide assistance to small businesses and minority business enterprises in the areas of business plan development, financial projection, loan package planning, including loan packaging for small businesses and minority business enterprises which are seeking financial assistance from the Connecticut development authority, business counseling and related monitoring and follow-up services.
(c) "Commissioner" means the commissioner of economic development.
(d) "Connecticut Development Authority" means the quasi-public agency established pursuant to Section 32-11a of the Connecticut General Statutes.
(e) "Department" means the department of economic development.
(f) "Governmental Entity" means any department or agency of the State, or of any municipality of the State, including but not limited to, quasi-public agencies and public institutions of higher education.
(g) "Minority Business Enterprise" means a small contractor as defined in Section 32-9e(a) (3) of the Connecticut General Statutes.
(h) "Non-Profit Entity" means all non-profit corporations as the term is defined in Section 33-421 (
l
) of the Connecticut General Statutes, including but not limited to corporations organized exclusively for charitable or educational purposes.
(i) "Small Business" means any person or entity including affiliates engaged in or which intend to establish or acquire a for-profit activity or activities in this state, and whose gross revenues, including revenues of affiliates, did not exceed ten million dollars in its most recently completed fiscal year or if such person or entity has not been in business for one year, the commissioner determines in his discretion that such gross revenues, including revenues of affiliates, are not likely to exceed ten million dollars in its first fiscal year.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9qq - Business Outreach Center Challenge Grant Program › Section 32-9qq-2 - Eligibility

Current through July 10, 2024
To be eligible for a grant pursuant to these Regulations an applicant must:
(a) be a non-profit or governmental entity;
(b) be applying for a grant hereunder to cover, in whole or in part, the cost of maintaining or operating a business outreach center as defined in Section 32-9qq-1 of these Regulations;
(c) be providing or able to provide assistance to small businesses and minority business enterprises in the areas of business plan development, financial projection, loan package planning, including loan packaging for small and minority businesses seeking financial assistance from the Connecticut development authority, business counseling and related monitoring and follow-up services; and
(d) establish and maintain business outreach centers solely in the State of Connecticut.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9qq - Business Outreach Center Challenge Grant Program › Section 32-9qq-3 - Application requirements

Current through July 10, 2024
Each application for a grant shall be submitted on forms prescribed by the department. Such forms shall require applicants to submit sufficient information to make a determination of eligibility for receipt of a grant, including, but not limited to the following:
(a) evidence satisfactory to the commissioner and the department that the applicant is a non-profit or governmental entity;
(b) the applicant's plan for the use of the grant funds requested hereunder including:
(1) submission of a work plan which sets forth:
(A) the specific region or industry sector to be served by the business outreach center;
(B) an identification and assessment of the general needs of businesses in such region or industry sector;
(C) an identification and assessment of the general and specific needs of the small businesses and minority business enterprises to be served by the business outreach center;
(D) a statement of the mission, goals and objectives of the business outreach center;
(E) an overall work plan for the entire budget period;
(F) a detailed work plan for the first year of the budget period;
(G) an outreach and marketing plan;
(H) an explanation of how the activities of the business outreach center will coordinate with or supplement existing services within the region or industry sector;
(I) a detailed explanation of the manner in which the business outreach center intends to assist small businesses and minority business enterprises in the areas of business plan development, financial projection, loan package planning, including loan packaging for small businesses and minority business enterprises which are seeking financial assistance from the Connecticut development authority, business counseling and related monitoring and follow-up services; and
(J) any further information requested by the commissioner;
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9qq - Business Outreach Center Challenge Grant Program › Section 32-9qq-4 - Eligible use of grant funds

Current through July 10, 2024
Grant funds may be utilized to:
(a) pay the salary, benefits and travel expenses of employees of the business outreach center;
(b) purchase the services of outside consultants or organizations;
(c) develop outreach materials and conduct outreach efforts;
(d) pay rent and related office expenses;
(e) pay for such other expenses as are deemed appropriate by the commissioner. Provided, however, the foregoing are eligible uses for grant funds only to the extent that the applicant conducts the services or activities of a business outreach center as identified in Section 32-9qq of the Connecticut General Statutes.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9qq - Business Outreach Center Challenge Grant Program › Section 32-9qq-5 - Grant award criteria

Current through July 10, 2024
Grant awards will be reviewed on the basis of the following, among other criteria:
(a) the degree of need of the applicant and the businesses to be served by the applicant;
(b) the commitment and capability of the business outreach center to satisfy significant needs of small businesses and minority business enterprises;
(c) the degree to which the business outreach center will not duplicate or fund existing services;
(d) the capability of the business outreach center to coordinate with or improve and supplement existing services;
(e) evidence of financial and non-financial commitment to the business outreach center from sources other than the State or United States governments.
(f) the level of financial support relative to the identified needs of small businesses and minority business enterprises from sources other than the State or United States governments.
(g) the administrative capacity of the applicant to implement the work plan efficiently and effectively;
(h) the capability of the business outreach center to become self-sufficient during or by the end of the grant period;
(i) the need for assistance to small and minority businesses in the region or industry sector to be served by the business outreach center;
(j) the applicant's plan for outreach efforts designed to inform small businesses and minority business enterprises of available sources of financial and technical assistance; and
(k) such other factors the commissioner may deem appropriate to satisfying the needs of small businesses or minority business enterprises to be served by the outreach center.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9qq - Business Outreach Center Challenge Grant Program › Section 32-9qq-6 - Grant award and agreement

Current through July 10, 2024
(a) Eligible and properly submitted applications shall be reviewed and approved by the commissioner or his designee. Such review shall include consideration of the criteria established pursuant to Section 32-9qq-5 of these Regulations.
(b) Upon approval of an application by the commissioner or his designee, an offer of grant funds will be made by the department, subject to the authorization of funds by the State Bond Commission and the execution of a Grant Assistance Agreement between the applicant and the department. Such Grant Assistance Agreement shall set forth the amount of the grant approved, the period of years over which grant funds will be paid, the terms and conditions required by these Regulations and such other terms and conditions considered by the commissioner necessary to carry out the purposes of these Regulations and Section 32-9qq of the Connecticut General Statutes.
(c) As a condition of approval of an application, the commissioner may require the applicant to obtain a matching grant, which matching grant may include cash and in-kind contributions.
Matching grants shall be in such amounts as the commissioner determines in his discretion and shall be based upon, but not limited to, such factors as the need of the applicant and the level of commitment of such applicant to provide assistance to small businesses and minority business enterprises.
(d) No grant assistance agreement shall exceed five (5) years in duration or five hundred thousand dollars ($500,000) in amount. Grant awards shall be determined on an annual basis in accordance with such assistance agreement, subject to a satisfactory review of past performance as determined by the commissioner.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9s - Penalties and the Waiver of Penalties for Failure to Comply With Certain State Reporting Requirements › Section 32-9s-1 - Penalty forfeit

Current through July 10, 2024
(a) As used in Section 32-9s-1 to Section 32-9s-2 of the Regulations of Connecticut State Agencies:
(1) "District" means a district created pursuant to Section 7-325 or Chapter 105a, which is located in a distressed municipality, targeted investment community or enterprise zone;
(2) "Distressed municipality" shall have the same meaning as provided in Section 32-9p of the general statutes;
(3) "Targeted investment community" shall have the same meaning as provided in Section 32-222 of the general statutes; and
(4) "Enterprise Zone" means an area of a municipality designated pursuant to Section 32-70 of the general statutes.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 9s - Penalties and the Waiver of Penalties for Failure to Comply With Certain State Reporting Requirements › Section 32-9s-2 - Penalty waiver procedures

Current through July 10, 2024
(a) The penalty pursuant to Section 32-9s of the general statutes, may be waived by the Secretary of the Office of Policy and Management provided he receives a written application for waiver within thirty business days of the claim filing date. Such application, which shall set forth the reason for the waiver request, shall be signed by the official responsible for filing the claim and co-signed by the chief executive officer of the municipality or district. It must be established to the Secretary's satisfaction that the failure to file in a timely manner and in the form required, was due to reasonable cause and was not intentional or due to neglect. Examples of reasonable cause shall include, but not be limited to, the following:
(1) An Act of God;
(2) A vacancy in the position of the official responsible for filing the claim for reimbursement. Such vacancy, which may be due to death, serious illness or resignation, must have occurred within sixty days of the claim filing date;
(3) Failure regarding delivery of such claim, provided it is established to the Secretary's satisfaction that a reasonable attempt to make timely delivery has been made;
(4) Administrative or technical problems encountered with regard to the filing of such claim, including but not limited to:
(A) Adoption of a computer system, or conversion to an alternate computer system, wherein serious problems concerning retrieval of the data to be submitted were not resolved prior to the claim filing date. It must be established to the Secretary's satisfaction that attempts to resolve such problems were undertaken within a reasonable period of time prior to such date;
(B) Failure on the part of the municipality or district to establish a mill rate within thirty days of the claim filing date.
(C) The enactment of legislation by the General Assembly in the session immediately preceding the claim filing date, which would require a substantial recalculation of the amount of reimbursement of revenue loss to be claimed;
(D) Failure on the part of the municipality or district to receive from the Secretary at least thirty days prior to the claim filing date, the form(s) necessary for submitting the required information.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-1 - Application and fees

Current through July 10, 2024
Information required for the examination of an industrial project shall be submitted in the form of an application for mortgage insurance by an approved mortgagee and by the sponsors of such project through the executive secretary of the Connecticut Industrial Building Commission, on the commission's form executed in triplicate. No application will be considered unless the exhibits called for by such form are furnished and such application is accompanied by an application fee of *** such *** amount as the commission may from time to time prescribe.
(See 1969 Supp. §
								32-15.)
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-2 - Commitment or unacceptance

Current through July 10, 2024
(a)
No commitment shall be valid unless authorized by the commission, and a commitment shall be effective for a stated period. A commitment may be renewed in such manner as the commission may from time to time specify.
(b)
No such commitment shall become effective until the applicant has paid to the commission a commitment fee of one dollar and fifty cents for each one thousand dollars of the face amount of the mortgage to be insured or of such other amount as the commission may from time to time prescribe.
(c) Upon approval of an application, a commitment shall be issued setting forth the terms and conditions upon which the mortgage payments shall be insured, including special requirements applicable to the project and requiring the submission in final form within a time specified of all appropriate documents, drawings, plans, specifications, appraisals, and other instruments evidencing full compliance, satisfactory to the commission.
(d) If, upon examination of the application and supporting information, the commission rejects such application, it shall inform the mortgagor and mortgagee submitting such application.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-3 - Covenant for fire and other hazard insurance

Current through July 10, 2024
The mortgage shall contain a covenant acceptable to the commission binding the mortgagor to keep the property insured by a standard policy or policies against fire and such other hazards as the commission may stipulate, in an amount which will comply with the co-insurance clause applicable to the location and character of the property. The initial coverage shall be in an amount estimated by the commission at the time of completion of the entire project of units thereof. The policies evidencing such insurance shall
be with companies and in amounts acceptable to the commission and shall
have attached thereto a standard mortgagee clause making loss payable to the mortgagee and the commission as interests may appear.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-4 - Other covenants

Current through July 10, 2024
The mortgage shall contain covenants acceptable to the commission binding the mortgagor with respect to repairs and alterations to the property, or to the use of the property for purposes intended, and to payment of taxes and assessments, default reserves, delinquency charges, default remedies, anticipation of maturity, additional and secondary liens and other covenants as the commission may require.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-5 - Accumulation of accruals

Current through July 10, 2024
(a) The mortgage shall provide for payment by the mortgagor to the mortgagee on each interest payment date of an amount sufficient to accumulate in the hands of the mortgagee, one payment period prior to its due date, the next actual mortgage insurance premium payable by the mortgagee to the commission. Such payments shall continue only so long as the contract of insurance shall remain in effect.
(b) The mortgage shall provide for such equal periodic payments by the mortgagor to the mortgagee as will amortize the estimated amount of all taxes, water rates,
ground rents
and special assessments, if any, and fire and other hazard insurance premiums, within a period ending one period prior to the dates on which the same become delinquent. The mortgage shall further provide that such payments shall be held by the mortgagee, for the purpose of paying such taxes, water rates,
ground rents
and assessments, and insurance premiums, before the same become delinquent. The mortgage shall also make provision for adjustments, in case the estimated amount of such taxes, water rates,
ground rents
and assessments, and insurance premiums shall prove to be more or less than the actual amount thereof so paid by the mortgagor.
(Subsec.
(a) effective August 20, 1963; subsec.
(b) effective November 26, 1968)
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-6 - Application of payments

Current through July 10, 2024
(a) The mortgage shall provide that all periodic payments to be made by the mortgagor to the mortgagee shall be added together and the aggregate amount thereof shall be paid by the mortgagor upon each periodic payment date in a single payment. The mortgagee shall apply the same to the following items in the order set forth:
(1) Premium charges under the contract of insurance;
(2)
ground rents,
taxes, special assessments and fire and other hazard insurance premiums;
(3) interest on the mortgage;
(4) any advances made by the mortgagee permitted by section 32-17a(a) of the 1969 supplement to the general statutes; (5) amortization of the principal of the mortgage.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-7 - Prepayment and late charges

Current through July 10, 2024
(a)
Prepayment privilege.
The mortgage shall contain a provision permitting the mortgagor to prepay the mortgage in whole or in part upon any interest payment date after giving to the mortgagee thirty days' notice in writing in advance of its intention to so prepay.
(b)
Prepayment charge.
The mortgage may contain a provision for such additional charge in the event of prepayment of principal as may be agreed upon between the mortgagor and mortgagee. However, the mortgagor shall be permitted to prepay up to fifteen per cent of the original principal amount of the mortgage in any one calendar year without any such additional charge.
(c)
Late charge.
The mortgage may provide for the collection by the mortgagee of a late charge, not to exceed two cents for each dollar of each payment to interest or principal more than fifteen days in arrears, to cover the expense involved in handling delinquent payments. Late charges shall be separately charged to and collected from the mortgagor and shall not be deducted from any aggregate periodic payments.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-8 - Servicing by mortgagee

Current through July 10, 2024
All approved mortgagees are required to service insured loans in accordance with acceptable mortgage practices of prudent lending institutions. In the event of default, the mortgagee shall contact the mortgagor and otherwise exercise diligence in collecting the amounts due.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-9 - Eligibility of property

Current through July 10, 2024
A mortgage to be eligible for insurance shall be on real estate held (1) in fee simple or (2) on the interest of the lessee under a lease for not less than ninety-nine years having a period of not less than seventy-five years to run from the date the mortgage is executed, and which is renewable, and the building or buildings and improvements thereon shall be completed before issuance of any such insurance.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-10 - Certification of cost requirements

Current through July 10, 2024
Prior to the start of any construction, repair or rehabilitation, the mortgagor, the mortgagee and the commission shall enter into an agreement in form and content satisfactory to the commission for the purpose of precluding any excess of mortgage proceeds over statutory limitations. The agreement shall require that, upon completion of all physical improvements on the mortgaged property, the mortgagor shall execute an affidavit of actual costs. The agreement shall further require that any excess of mortgage proceeds over statutory limitations based on actual costs shall be applied to reduction of the principal of the mortgage committed for insurance by the commission.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-11 - Adjustment resulting from cost certification

Current through July 10, 2024
Upon receipt of mortgagor's affidavit of actual cost, there shall be added to the total amount thereof the commission's estimate of the fair market value of any land and existing improvements prior to the construction, repair or rehabilitation included in the mortgage security.
If the land is held under a leasehold or other interest less than a fee, the cost, if any, of acquiring the leasehold or other interest is considered an allowable expense which may be added to actual cost, provided such amount shall not be in excess of the fair market value of such leasehold or other interest exclusive of proposed improvements.
If the principal of the mortgage committed by the commission exceeds ninety per cent of this total amount, the commitment shall be reduced by the amount of such excess and the mortgage shall be similarly restricted in amount for insurance.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-12 - Eligibility of title

Current through July 10, 2024
In order for the mortgaged property to be eligible for insurance, the commission shall determine that marketable title thereto is vested in the mortgagor,
subject only to leases, easements, restrictive covenants, current taxes and reservations of fissionable materials to the United States of America.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-13 - Title evidence

Current through July 10, 2024
Prior to insurance of the mortgage, the mortgagee, without expense to the commission, shall furnish to the commission a survey satisfactory to it and a policy of title insurance or an attorney's opinion of title as provided in subdivisions (1) and (2) of this section:
(1) A policy of title insurance with respect to such mortgage, issued by a company satisfactory to the commission. Such policy shall comply with the ATA standard mortgages form or such other form as may be approved by the commission; shall be payable to the mortgagee and the commission as their respective interests may appear; and shall become an owner's policy, running to the mortgagee as owner upon the acquisition of the property by the mortgagee in extinguishment of a debt through foreclosure or by other means, and to the commission as owner upon the acquisition of the property by it pursuant to the mortgage insurance contract.
(2) A legal opinion satisfactory to the commission, as to the quality of such title, signed by an attorney at law, *** experienced in the examination of titles.
(Subdiv. (2) effective November 26, 1968; remainder of section effective August 20, 1963)
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-14 - Premium

Current through July 10, 2024
The mortgagee, upon execution of the insurance contract, shall pay to the commission a first mortgage insurance premium equal to two per cent of the original face amount of the mortgage or such lesser percentage as the commission shall require in their formal commitment to insure the mortgage payments. Premiums thereafter shall be at the rate aforesaid on the unpaid principal balance at the beginning of each mortgage year, and shall be payable by the mortgagee at the beginning of each mortgage year and are payable in advance. If premiums are not paid when due, such nonpayment shall constitute a default under any such mortgage and, if such default is not cured within thirty days thereafter, mortgage insurance benefits shall terminate.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-15 - Form of insurance contract

Current through July 10, 2024
(a)
Procedure.
Upon compliance with the terms and conditions of a commitment, the commission shall execute a contract to insure the mortgage payments.
(b)
Effect of execution.
From the date of execution, the commission and mortgagee shall be bound by such contract, and the faith and credit of the state are pledged thereto.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-17 - Notice

Current through July 10, 2024
If the default as defined in section 32-13-16 is not cured within ***
thirty days,
the mortgagee shall, within thirty days thereafter, notify the commission in writing of such default and *** of such action as the mortgagee intends to take to ***
correct such default.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-20a - Eligibility for insurance payments

Current through July 10, 2024
Upon sale of property by the mortgagee, or upon assignment to the commission of the mortgage and of all claims against the mortgagor, or upon deeding the property to the commission, all in accordance with the provisions of section
32-13-19a
the mortgagee shall be entitled to the insurance benefits provided in section 32-17a of the 1969 supplement to the general statutes, after deducting any sums received in any sale by the mortgagee.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-22 - Assignment of insured mortgages

Current through July 10, 2024
(a) An insured mortgage may be transferred only to a transferee who is a mortgagee approved by the commission. Upon such transfer and the assumption by the transferee of all obligations under the contract of insurance, the transferor shall be released from its obligations under the contract of insurance.
(b) The contract of insurance shall terminate with respect to mortgages described in subsection (a) of this section upon the transfer or pledge of the insured mortgage to any person, firm, or corporation, public or private, other than an approved mortgagee.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-24 - Amendments not to change contractual rights

Current through July 10, 2024
These regulations may be amended by the commission at any time and from time to time, in whole or in part, but such amendments may not adversely affect the interest of a mortgagee under the contract of insurance on any mortgage already insured or to be insured on which the commission has made a commitment to insure.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-25 - Application for insurance

Current through July 10, 2024
Information required for the examination of an insured loan on machinery and equipment shall be submitted in the form of an application for insurance by an approved mortgagee and by the sponsors of such project through the executive secretary of the Connecticut Industrial Building Commission, on the commission's form executed in triplicate. No application will be considered unless the exhibits called for by such form are furnished and such application is accompanied by an application fee of such amount as the commission may from time to time prescribe.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-26 - Commitments

Current through July 10, 2024
(a) No commitment shall be valid unless authorized by the commission, and a commitment shall be effective for a stated period. A commitment may be renewed in such manner as the commission may from time to time specify.
(b) No such commitment shall become effective until the applicant has paid to the commission a commitment fee of such amount as the commission may from time to time prescribe.
(c) Upon approval of an application, a commitment shall be issued setting forth the terms and conditions upon which the loan payments shall be insured, including special requirements applicable to the project and requiring the submission in final form within a time specified of all appropriate documents and instruments evidencing full compliance, satisfactory to the commission.
(d) If, upon examination of the application and supporting information, the commission rejects such application, it shall inform the debtor and secured party submitting such application.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-27 - Covenant of debtor re insurance

Current through July 10, 2024
The security agreement shall contain a covenant acceptable to the commission binding the debtor to keep the machinery and equipment insured by a standard policy or policies against fire and such other hazards as the commission may stipulate, in an amount equal to the full value of such machinery and equipment and in no event less than the outstanding indebtedness thereon. The policies evidencing such insurance shall have attached thereto a loss payable clause making loss payable to the secured party and the commission, as their interests may appear prior to any other loss payments.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-28 - Covenant of debtor re repairs and statements

Current through July 10, 2024
(a) The security agreement shall contain covenants acceptable to the commission binding the debtor with respect to repairs and alterations to the machinery and equipment, or to the use of the machinery and equipment for the purposes intended, and to the payment of taxes and assessments, default reserves, delinquency charges, default remedies, anticipation of maturity, additional and secondary liens.
(b) The security agreement shall also contain a covenant that the debtor will forward quarterly statements and an annual certified audited statement to the secured party and the commission within a prescribed period. The annual certified statement may be substituted for the fourth quarter statement.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-29 - Security agreement provisions for payment by debtor

Current through July 10, 2024
(a) The security agreement shall provide for payment by the debtor to the secured party on each interest payment date of an amount sufficient to accumulate in the hands of the secured party, one payment period prior to its due date, the next actual insurance premium payable by the secured party to the commission. Such payments shall continue only so long as the contract of insurance shall remain in effect.
(b) The security agreement shall provide for such equal periodic payments by the debtor as will amortize the estimated amount of all taxes and fire and other hazard insurance premiums within a period ending one period prior to the dates on which the same become delinquent. The security agreement shall further provide that such payments shall be held by the mortgagee, for the purpose of paying such taxes and insurance premiums, before the same become delinquent. The security agreement shall also make provision for adjustments, in case the estimated amount of such taxes and insurance premiums shall prove to be more or less than the actual amount thereof so paid by the debtor.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-30 - Single payment on due date

Current through July 10, 2024
The security agreement shall provide that all periodic payments to be made by the debtor to the secured party shall be added together and the aggregate amount thereof shall be paid by the debtor upon each periodic payment date in a single payment. The secured party shall apply the same to the following items in the order set forth:
(1) Premium charges under the contract of insurance;
(2) taxes and fire and other hazard insurance premiums;
(3) interest on the debt;
(4) amortization of the principal of the debt.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-31 - Prepayment. Late charges

Current through July 10, 2024
(a) The security agreement shall contain a provision permitting the debtor to prepay the debt in whole or in part upon any interest payment date after giving to the secured party thirty days' notice in writing in advance of its intention to so prepay.
(b) The security agreement may contain a provision for such additional charge in the event of prepayment of principal as may be agreed upon between the debtor and the secured party, provided the debtor shall be permitted to prepay up to thirty per cent of the original principal amount of the debt in any one calendar year without any such additional charge.
(c) The security agreement may provide for the collection by the secured party of a late charge, not to exceed two cents for each dollar of each payment to interest or principal more than fifteen days in arrears, to cover the expense involved in handling delinquent payments. Late charges shall be separately charged to and collected from the debtor and shall not be deducted from any aggregate periodic payment.
Connecticut Administrative Code › Title 32 - Commerce and Economic and Community Development › 13 - Insuring of Industrial Mortgages › Section 32-13-32 - Service of insured loans by secured parties

Current through July 10, 2024
All approved secured parties shall service insured loans in accordance with acceptable practices of prudent lending institutions. In the event of default, the secured party shall contact the debtor and otherwise exercise diligence in collecting the amounts due.