Sec. 32-63. Insurance of payments. Applications. - Connecticut Statutes

      Sec. 32-63. Insurance of payments. Applications. The authority may insure and make advance commitments to insure all or any portion of the payment required by a loan or any portion of a loan upon such terms and conditions as the authority may prescribe in accordance with this chapter. In administering the insurance program authorized by this chapter, the authority may establish application fees and prescribe application, notification, contract and insurance forms, rules and regulations it deems necessary or appropriate. The executive director shall, on the basis of the application and any other appropriate information, prepare a report to the authority concerning the credit-worthiness of the proposed borrower, the manner in which the project will advance the purposes of state commerce and the soundness of the proposed loan.

      (P.A. 81-388, S. 4, 12; P.A. 88-265, S. 17, 36.)

      History: P.A. 88-265 authorized commitments to insure all or part of loan payments, deleted provisions re lenders' committee and made other technical changes.