AN ACT CONCERNING PARTIAL MORTGAGE PAYMENTS.

HB 5308 requires mortgage lenders and servicers to accept and apply any partial payment made by a homeowner toward their mortgage. This directly affects homeowners facing financial hardship who may not afford full payments and mortgage lenders who must change their payment handling practices. The key provision mandates that lenders cannot reject or hold partial payments, ensuring they are applied to the outstanding balance. The bill aims to provide immediate relief for homeowners struggling with mortgage obligations without requiring additional borrower documentation. It does not alter mortgage terms or interest rates, only requiring lenders to process partial payments as intended.