State Senator Bob Duff
August 5, 2009
Banks Committee Leaders Remark on Several Session Successes
Governor holds ceremonial signing for Banks Committee bills
Despite uncertain financial times, and in response to the difficulties that the subprime mortgage crisis and subsequent nationwide economic downturn has caused for families across the state of Connecticut, the General Assembly’s Banks Committee moved several key legislative priorities through the state legislature this year that will help protect homeowners and consumers.
As Governor M. Jodi Rell today held a ceremonial bill signing in Bridgeport for two important committee bills, the Banks Committee co-chairs — Senator Bob Duff (D-Norwalk) and Representative Ryan Barry (D-Manchester) — said that these reforms will help to reduce home foreclosures and hold mortgage lenders and brokers, debt adjusters and certain financial advisers accountable.
“This was a difficult year in that we tried to undertake significant reforms to our banking and lending industries without having an impact on our state’s finances,” Senator Duff said. “These bills will protect consumers. They’ll help preserve property values and keep families in their homes. They work to protect seniors and to hold the unscrupulous accountable for their actions. That the Banks Committee was able to accomplish a number of its priorities for the session, to me, is a testament to the types of legislation we pursued: good government, common sense measures that benefit the people of this state directly without placing undue hardship on our business community.”
“If there is one lesson to be learned from the current economic crisis it is that the financial services industry needs to be more transparent and accountable to their customers,” said Representative Barry. “With that goal in mind, we focused on giving people facing foreclosure a better chance of keeping their homes as well as protecting consumers from unscrupulous debt counselors, mortgage brokers and investment advisors.”
Key legislation moved by the Banks Committee leadership this year includes:
- An Act Concerning Mortgage Practices (P.A. 09-207), which makes the crime of residential mortgage fraud a felony offense punishable by steep fines and potential prison time.
- An Act Concerning Neighborhood Protection (P.A. 09-144), which required the owners of foreclosed properties to register with a standard system or with a local town clerk so that any state or municipal property ordinance, including those regarding the clean-up of blighted property, can be more easily enforced.
- An Act Concerning Implementation of the S.A.F.E. Mortgage Licensing Act (P.A. 09-209), which not only implements provisions of the 2008 federal Secure and Fair Enforcement for Mortgage Licensing Act but also expands eligibility guidelines for the state Emergency Mortgage Assistance Program (EMAP) and CTFAMILIES mortgage assistance program and establishes a mandatory mediation program for all homeowners facing foreclosure action.
- An Act Concerning the Emergency Mortgage Assistance Program (P.A. 09-219), which made technical changes to the EMAP program to expand eligibility.
- An Act Concerning Consumer Credit Licensees (P.A. 09-208), which regulates debt negotiation companies and all debt adjustment companies, both nonprofit and for-profit, and requires all of them to register with the state Department of Banking, to pay a license fee and to post a surety bond.
- An Act Concerning the Use of a Certificate, Professional Designation or Advertising in Advising Senior Citizens (P.A. 09-174), which aims to protect seniors by prohibiting anyone who is directly or indirectly involved in securities sale from falsely expressing or implying that they have special training, education or experience in providing financial advice or services to seniors at a penalty of $2,000, two years imprisonment or both.
- An Act Concerning Credit Card Offers on College Campuses (P.A. 09-167), which restricts the ability of credit card companies to solicit college students as customers on Connecticut’s public college campuses.
Governor Rell ceremonially signed both P.A. 09-209 and P.A. 09-219 at Housatonic Community College this afternoon.
|
Senator Duff’s |
Listing of Senator Duff’s recent press releases and a Press Kit with official head shots and bio. |
Press Aide Jaclyn Falkowski |
