Connecticut 2017 Regular Session Status: In Committee

HB 7153 — AN ACT CONCERNING LENDING FOR LEAD ABATEMENT.

Last action — REF. BY HOUSE TO COMMITTEE ON Appropriations

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2017 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

13 added · 13 removed

Plain-language change summary

The amended bill focuses on establishing a lead abatement interest rate reduction program to assist property owners in obtaining financial support specifically for lead abatement. It defines "eligible borrower," "participating lender," and "qualifying loan" to clarify who can access these loans and the criteria involved. Additionally, it creates a dedicated account for the program to fund interest rate subsidies, ultimately helping borrowers lower their monthly payments when they take out loans for lead abatement.

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AN ACT CONCERNING THE PROMOTION OF SECURED AND UNSECURED LENDING FOR LEAD ABATEMENT.
AN ACT CONCERNING LENDING FOR LEAD ABATEMENT.
General Assembly   Raised Bill No.
General Assembly   Substitute Bill No.
7153 January Session, 2017   LCO No.
7153 January Session, 2017   *_____HB07153BA____030817____* AN ACT CONCERNING LENDING FOR LEAD ABATEMENT.
4297   *04297_______BA_* Referred to Committee on BANKING   Introduced by:
  (BA)   AN ACT CONCERNING THE PROMOTION OF SECURED AND UNSECURED LENDING FOR LEAD ABATEMENT.
(NEW) (Effective October 1, 2017) The Department of Banking shall, in consultation with the Connecticut Finance Housing Authority, promote secured and unsecured lending for the purpose of lead abatement.
(NEW) (Effective July 1, 2017) (a) For the purposes of this section:
(1) "Eligible borrower" means the owner of a single-family or multi-family dwelling, who has obtained qualified test results demonstrating that such dwelling contains lead.
(2) "Participating lender" means a bank or credit union that participates in the lead abatement interest rate reduction program established pursuant to this section.
(3) "Qualifying loan" means any loan provided to an eligible borrower for the purpose of abating lead and is (A) issued by a participating lender, (B) subject to such participating lender's applicable underwriting standards, and (C) subject to terms established by the Commissioner of Housing, in consultation with the Department of Public Health.
(b) There is established a lead abatement interest rate reduction program, administered by the Department of Housing, for the purpose of assisting property owners through the utilization of interest rate subsidies when such owners experience difficulty obtaining financing for the abatement of lead due to the high cost of such abatement, failure to meet underwriting criteria, decreased market value of an affected home or personal financial circumstances.
The Commissioner of Housing shall seek the participation of banks and credit unions to offer below market rate loans to eligible borrowers and develop additional terms for such loans, in consultation with the Lieutenant Governor and representatives of the banking and credit union industries, not later than thirty days before the program is made available to property owners.
The commissioner shall publish such terms and any subsequent amendments to such terms in the Department of Banking news bulletin not later than fifteen days before the program is made available to property owners.
(c) There is established an account to be known as the "lead abatement interest rate reduction account" which shall be a separate, nonlapsing account within the General Fund.
The account shall contain any moneys required by law to be deposited in the account.
Moneys in the account shall be expended by the Department of Housing for the purpose of providing credit enhancements in the form of interest rate subsidies for qualifying loans made to eligible borrowers, thereby lowering said borrowers' monthly payments.
Section 1 October 1, 2017 New section Statement of Purpose:
Section 1 July 1, 2017 New section BA Joint Favorable Subst.
To promote secured and unsecured lending options for purposes of lead abatement.
[Proposed deletions are enclosed in brackets.
Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
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Action History

  1. REF. BY HOUSE TO COMMITTEE ON Appropriations

  2. FILE NO. 196

  3. HOUSE CALENDAR NUMBER 165

  4. FAV. RPT., TABLED FOR HOUSE CALENDER

  5. RPTD. OUT OF LCO

  6. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 03/22/17

  7. FILED WITH LCO

  8. Joint Favorable Substitute

  9. PUBLIC HEARING 0302

  10. REF. TO JOINT COMM. ON Banking

Sponsors

  • Banking Committee · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 186 not signed on

Sponsors (1)

  • Banking Committee

Co-sponsors (0)

None.

Not signed on (186)

186 members have not signed on to this bill.

Show all 186 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

housing environment
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HB 7153?
HB 7153 is sponsored by Banking Committee.
What is the current status of HB 7153?
This bill died with 2017 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 7153?
Track HB 7153 free on One Click Politics — get push/email alerts when it moves.

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