(a) The following terms, when used in this section shall have the following meanings, unless the context otherwise requires: “Trust fund” means any of the funds listed in section 3-13c; “mortgage lender” means any bank and trust company, savings bank or savings and loan association chartered under the laws of the state, national banking association, federal savings and loan association, insurance company authorized to transact business in the state or other firm or corporation subject to the banking laws of Connecticut and approved by the Treasurer; and “pension and retirement fund contributor” means any person who at the time of receiving a mortgage-secured loan from a mortgage lender as provided in subsection (b) of this section is, and has been during the three years immediately preceding such loan, a contributor to any pension or retirement fund included among the trust funds listed in this subsection.
(b) Notwithstanding any provision of the general statutes to the contrary, the Treasurer may invest as much of the funds of any trust fund as are not required for current disbursements, in loans to mortgage lenders, subject to the following conditions: (1) Any such investment shall be secured as to payment of both principal and interest by a pledge of and lien upon collateral security of such nature, in such amounts and under such terms as the Treasurer shall determine; (2) any such mortgage lender shall within a reasonable period of time, as determined by the Treasurer, following receipt by such mortgage lender of the loan proceeds, enter into written commitments to make and shall thereafter proceed as promptly as practicable to make and disburse loans from such loan proceeds, in an aggregate principal amount not less than the amount of such loan proceeds, and each such loan shall be secured by a mortgage of residential real property containing not more than four dwelling units and situated within the state, provided no more than twenty million dollars in such loans to mortgage lenders shall be outstanding at any one time and no more than ten million dollars in such loans shall be made in any one fiscal year, and further provided, the aggregate of such loans outstanding to any single mortgage lender shall not exceed the greater of one million dollars or one per cent of the deposits of such mortgage lender. Pension and retirement fund contributors shall be afforded a preference with respect to receipt of loans made under the provisions of this section, subject to such procedures as the Treasurer may prescribe.
(P.A. 75-347, S. 1, 2; P.A. 78-121, S. 1, 113; 78-236, S. 18, 20.)
History: P.A. 78-121 deleted words “building or” in phrase “building or savings and loan association”, effective January 1, 1979; P.A. 78-236 redefined “trust fund”.
Structure Connecticut General Statutes
Title 3 - State Elective Officers
Section 3-11. - Salary and bond of Treasurer. Office of Treasurer full time.
Section 3-11a. - Authority to enter into contractual agreements.
Section 3-12. - Deputy Treasurer.
Section 3-12a. - Appointment of officers and investment-related personnel.
Section 3-13. - Assistant treasurer for debt management. Additional assistant treasurer.
Section 3-13c. - Trust funds defined.
Section 3-13e. - Investment of trust funds in loans to mortgage lenders.
Section 3-13f. - State investment policy in relation to corporations doing business in South Africa.
Section 3-13g. - Divestment of state funds invested in companies doing business in Iran.
Section 3-13i. - Contracts for services related to investment of trust funds.
Section 3-13j. - Third party fees in investments by Treasurer or quasi-public agencies.
Section 3-14. - Management and sales of state property.
Section 3-14a. - Treasurer to administer trusts for counties.
Section 3-15. - Sites for beacon lights and other buildings.
Section 3-16. - Temporary borrowing. Approval by Governor. Notice to committees of General Assembly.
Section 3-17. - Collection of state revenue. Issuance of bonds.
Section 3-17a. - Payments to the state from certain financing litigation settlements.
Section 3-18. - Use of facsimile of state seal on bonds.
Section 3-19. - Place of payment of state bonds.
Section 3-20. - Short title: State General Obligation Bond Procedure Act. State Bond Commission.
Section 3-20a. - Redemption or repurchase of bonds. Additional security.
Section 3-20b. - Trusteeships.
Section 3-20c. - Certain appropriations not to lapse.
Section 3-20d. - Requirements for issuance of tax-exempt obligations by agents of state government.
Section 3-20g. - Economic recovery notes to finance deficit in fiscal year 2009.
Section 3-20i. - Disposition of bond proceeds.
Section 3-20j. - Credit revenue bonds.
Section 3-21. - Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation.
Section 3-21e. - Divestment of state funds invested in companies doing business in Sudan.
Section 3-22. - Bond Retirement Fund.
Section 3-22a. - Definitions: College savings bonds.
Section 3-22b. - Designation of bonds as college savings bonds.
Section 3-22c. - Negotiated sales of college savings bonds.
Section 3-22d. - Terms of issuance of college savings bonds.
Section 3-22e. - Connecticut Higher Education Trust Advisory Committee.
Section 3-22f. - Connecticut Higher Education Trust: Definitions.
Section 3-22g. - Connecticut Higher Education Trust: Established.
Section 3-22h. - Trust authority of the Treasurer.
Section 3-22i. - Investment of funds in the trust.
Section 3-22k. - Trust financial report.
Section 3-22l. - Exemption from taxation.
Section 3-22m. - State pledge for purposes of the trust.
Section 3-22p. - Investments in trust not considered an asset for certain programs and purposes.
Section 3-22u. - CHET Baby Scholars fund and program.
Section 3-23. - Destruction of matured bonds.
Section 3-23a. - Replacement of mutilated, destroyed, stolen or lost state obligations.
Section 3-24. - Deposit of funds.
Section 3-24a. - Tax-Exempt Proceeds Fund created.
Section 3-24b. - Deposit of money in Tax-Exempt Proceeds Fund.
Section 3-24c. - Investment in Tax-Exempt Proceeds Fund by other state funds.
Section 3-24d. - Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities.
Section 3-24e. - Investment of Tax-Exempt Proceeds Fund by the Treasurer.
Section 3-24g. - Borrowing for purposes of the Tax-Exempt Proceeds Fund. Issuance of notes.
Section 3-24h. - Borrowing from the Tax-Exempt Proceeds Fund for state capital projects.
Section 3-24k. - Investments with community banks and community credit unions.
Section 3-26. - Civil list funds; limitation.
Section 3-27. - Investment committee.
Section 3-27b. - Sale of certificates to state agencies.
Section 3-27c. - Use of fund for student loans.
Section 3-27d. - Investment of funds of the Short Term Investment Fund.
Section 3-27f. - Investment by Treasurer in participation certificates. Legal investments.
Section 3-27i. - Bonds and notes as legal investments.
Section 3-28. - Investment of sinking fund.
Section 3-28a. - Medium-Term Investment Fund.
Section 3-31a. - Authorized investments.
Section 3-31b. - Combined investment funds. Sale of participation units. Costs charged to income.
Section 3-32. - Acceptance of gifts and bequests by Treasurer.
Section 3-33. - Acceptance of land for military purposes.
Section 3-34. - Vote on stock of state bank owned by state or School Fund.
Section 3-35. - No execution against Treasurer.
Section 3-36. - Repayment of Town Deposit Fund.
Section 3-36a. - Connecticut Baby Bond Trust: Definitions.
Section 3-36b. - Connecticut Baby Bond Trust: Established.
Section 3-36c. - Treasurer's trust authority.
Section 3-36d. - Investment of funds in the trust.
Section 3-36e. - Exemption from taxation.
Section 3-36f. - Moneys invested in trust not considered assets or income.
Section 3-36g. - Accounting for designated beneficiary. Claim for accounting.
Section 3-36h. - Transfer to trust upon birth of designated beneficiary.
Section 3-37. - Annual report of Treasurer. Monthly report of Treasurer.
Section 3-39a. - Funds to be paid state recorded as receivables.
Section 3-39b. - Interest earnings on funds.
Section 3-39c. - Interest earnings credited to certain funds and accounts.
Section 3-39j. - Achieving a better life experience program: Definitions.
Section 3-39k. - Achieving a better life experience program: Establishment. Trust. Report.
Section 3-39l. - Trust authority of the State Treasurer.
Section 3-39m. - Investment of funds in the trust.
Section 3-39n. - Exemption from certain securities laws.
Section 3-39o. - Exemption from taxation.
Section 3-39p. - State pledge for purposes of the trust.
Section 3-39q. - Compliance with requirements for trust to constitute a qualified ABLE program.
Section 3-40. - Treasurer to have care and management.
Section 3-41. - School Fund interest.
Section 3-42. - Rate of interest on loans from the School Fund and Agricultural College Fund.
Section 3-43. - Loan expenses. Foreclosure costs.
Section 3-44. - Interest on overdue loans.
Section 3-45. - Loans and appraisals.
Section 3-46. - Reappraisal of securities.
Section 3-47. - Sale of real estate.
Section 3-48. - National bank stock; Treasurer attorney for state.
Section 3-49. - Debtor accounts.
Section 3-50. - Agents to give certified copies of bonds.
Section 3-51. - Annual schedule of assets.
Section 3-52. - Moneys paid on account.
Section 3-53. - Exhibition of claims against estates.
Section 3-54. - Mortgagor's affidavit of title.
Section 3-55. - Waste on mortgaged premises.
Section 3-55i. - Mashantucket Pequot and Mohegan Fund.
Section 3-55j. - Payments from fund.
Section 3-55k. - Municipality defined.
Section 3-57. - Escheat of property unclaimed or unused for seven years.
Section 3-57a. - Property held by banking or financial organization presumed abandoned, when.
Section 3-58. - Sale of escheated property.
Section 3-58a. - Funds held by insurance company presumed abandoned, when.
Section 3-59. - Petition in case of interest in escheated property. Appeal.
Section 3-59b. - Ownership interest in business association presumed abandoned, when.
Section 3-59c. - Duties of holder of abandoned interests in business associations.
Section 3-60. - Examination of witnesses.
Section 3-60b. - Wages, salary or other compensation for personal services presumed abandoned, when.
Section 3-60c. - Deposit, refund or other sum owed by utility presumed abandoned, when.
Section 3-60d. - Value of gift certificate presumed abandoned, when.
Section 3-61. - Action against custodian of property.
Section 3-61a. - Property held by fiduciary presumed abandoned, when.
Section 3-62. - Application of provisions.
Section 3-62a. - Property held by public body or officer presumed abandoned, when.
Section 3-62b. - Property held by federal court or agency presumed abandoned, when.
Section 3-62c. - Proceedings to recover property.
Section 3-62d. - Action to obtain decree of escheat.
Section 3-62e. - Treasurer to pay costs and deposit funds into General Fund.
Section 3-62f. - Claim for return of escheated property.
Section 3-62g. - Liability of state.
Section 3-63. - Notice of inactive bank accounts. Index. Interest. Escheat.
Section 3-63a. - Property in decedent's estate presumed abandoned, when.
Section 3-64. - Escheating of trust funds held by the Treasurer.
Section 3-64a. - Property presumed abandoned generally.
Section 3-65. - Conversion of escheated property into cash.
Section 3-65a. - Duties of holder of abandoned property.
Section 3-65c. - Charge, fee or penalty for inactivity prohibited.
Section 3-66. - Escheat of unclaimed life insurance company funds. Definitions.
Section 3-66a. - Maintenance of searchable list and provision of notice by Treasurer.
Section 3-66b. - Unclaimed intangible property. Conditions raising presumption of abandonment.
Section 3-66c. - Recovery of funds or property.
Section 3-67. - When funds escheat.
Section 3-68. - Report of unclaimed funds.
Section 3-68a. - Sale of property by Treasurer.
Section 3-69a. - Deposit of funds in General Fund and Citizens' Election Fund.
Section 3-70. - Payment to Treasurer.
Section 3-70a. - Claims for abandoned property.
Section 3-71. - State to assume custody and liability.
Section 3-73a. - Excepted property.
Section 3-73b. - Effect of expiration of limitation period or period specified in contract.
Section 3-74. - Payment of claim.
Section 3-74a. - Regulations. Agreements and enforcement with other states.
Section 3-76a. - Short title: Municipal Bond Refunding Trust Act.
Section 3-76b. - Statement of purpose and policy.
Section 3-76e. - Effect of filing of bond determination. Limits on Treasurer's contracts.
Section 3-76f. - Terms of special obligation bonds determined by State Treasurer.
Section 3-76g. - Optional provisions to secure payment of special obligation bonds.
Section 3-76h. - Additional powers of State Treasurer.
Section 3-76i. - Form of special obligation bonds.
Section 3-76j. - Special obligation bonds not general obligations of the state.
Section 3-76k. - Special obligation bonds as legal investments: Tax exemptions.
Section 3-76m. - Municipal Refunding Trust Fund. Required reserve. General Fund appropriations.
Section 3-76n. - Validity of pledges.
Section 3-76o. - State pledges to holders of special obligation bonds.
Section 3-76p. - Principal amounts of special obligation bonds not part of state indebtedness.
Section 3-76q. - Default by state, remedies of municipalities, holders.
Section 3-76s. - Defaults in principal or interest payments on municipal refunding bonds; remedies.
Section 3-76t. - Transfer of interest subsidy under section 10-292m.