Are You Ready?

Recently Enacted Public Act 16-65 – also called The Act Concerning Banking and Consumer Protection:

• Implements a new procedure for maintaining priority of a modified residential mortgage loan capitalization over subsequent encumbrances

• Changes the foreclosure by market sale act requirements

• Implements a new judgment procedure for foreclosures

• Alters the execution for ejectment procedure for foreclosed properties

• Alters or amends various other banking institution regulations and statutes

The effective dates outlined in the Public Act vary, with some effective dates beginning immediately and others beginning July 1, 2016 or October 1, 2016.  Stay tuned for more information regarding the changes that will affect Community Bankers in Connecticut.