Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-2 - Definitions

Current through July 10, 2024
As used in sections
				  36a-744-1
				  to
				  36a-744-8,
				  inclusive, of the Regulations of Connecticut State Agencies, unless the context
				  otherwise requires:
(1) "Act" means
				the Home Mortgage Disclosure Act (Part IX of Chapter 669 of the Connecticut
				General Statutes).
(2) "Applicant"
				means any person who applies for a home purchase loan, home improvement loan or
				other mortgage loan whether or not the loan is granted.
(3) "Application" means an oral or written
				request for a home purchase loan, home improvement loan or other mortgage loan
				that is made in accordance with procedures established by a financial
				institution.
(4) "Branch office"
				means any office approved as a branch of A financial institution by the
				commissioner, and any office of a majority-owned for-profit mortgage-lending
				subsidiary of a financial institution which comes within the definition of
				"branch office" under the federal Home Mortgage Disclosure Act, but shall not
				include free-standing electronic terminals such as satellite devices.
(5) "Commissioner" means the commissioner of
				banking. With respect to any function of the commissioner, "commissioner"
				includes any person authorized or designated by the commissioner to carry out
				that function.
(6) "Dwelling" shall
				have the same meaning as provided in the federal Home Mortgage Disclosure
				Act.
(7) "Federal Home Mortgage
				Disclosure Act" means the Home Mortgage Disclosure Act of 1975,
				12 U.S.C. Section
				2801 et seq., as from time to time amended,
				and any regulations promulgated by the Federal Reserve Board pursuant to that
				act, as from time to time amended, except, for purposes of Part IX of Chapter
				669 of the Connecticut General Statutes and sections
				36a-744-1
				to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies, the supervisory
				agency shall be the commissioner.
(8) "Fair market value" means the highest
				price in terms of money which a residential real property will bring in a
				competitive and open market, the buyer and seller each acting prudently and
				knowledgeably.
(9) "Financial
				institution" means any Connecticut bank or Connecticut credit union which makes
				home purchase loans or home improvement loans or any for-profit mortgage
				lending institution other than a Connecticut bank or Connecticut credit union,
				whose home purchase loan originations equaled or exceeded ten per cent of its
				loan origination volume, measured in dollars, in the preceding calendar year,
				if such mortgage lending institution is licensed under sections
				36a-485
				to
				36a-498,
				inclusive, or 36a-510 to 36a-524, inclusive, of the Connecticut General
				Statutes. Any majority-owned for-profit mortgage-lending subsidiary of a
				financial institution which subsidiary is not itself a financial institution is
				deemed to be part of its parent financial institution.
However, for purposes of complying with the compilation of
				  data and disclosure requirements of Sections
				  36a-744-4
				  and
				  36a-744-5
				  of the Regulations of Connecticut State Agencies, any such subsidiary shall be
				  treated as a distinct entity.
(10) "Home improvement loan" shall have the
				same meaning as provided in the federal Home Mortgage Disclosure Act.
(11) "Home purchase loan" shall have the same
				meaning as provided in the Federal Home Mortgage Disclosure Act.
(12) "Mortgage loan" means a loan which is
				secured by residential real property.
(13) "Residential real property" means
				improved real property used or to be used for residential purposes, including
				single-family homes, dwellings for from two to four families, multi-family
				dwellings, and individual units of condominiums and cooperatives.