HB 5503 Connecticut House · 2025 Regular Session

AN ACT REQUIRING MORTGAGEES TO PROVIDE MORTGAGORS WITH PERIODIC STATEMENTS.

HB 5503 requires mortgage lenders (specifically those making more than five loans annually) to provide borrowers with periodic mortgage statements upon request. These statements must meet federal requirements (12 CFR 1026.41) for clarity and content, including payment history, due amounts, and transaction details for each billing cycle. The law applies to lenders servicing mortgages on properties within the state and takes effect October 1, 2025. Borrowers must actively request the statements, and lenders complying with federal rules are deemed compliant with this state requirement.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 21, 2025 Last action Mar 25, 2025

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What changed between versions

Proposed Bill → Committee Bill · 4 edits

MODERATE

The bill was amended from requiring lenders to provide monthly statements to requiring mortgagees to provide periodic statements to mortgagors upon request. The scope was narrowed from all short-term real property loans to only those mortgagees making more than five loans per year, and the effective date was set for October 1, 2025. The language now aligns with federal Regulation Z standards for periodic statements.

Scope change

The bill's scope changed from applying to all lenders of short-term real property loans to applying only to mortgagees who make more than five mortgage loans within any twelve consecutive months.

SCOPE

Changed the requirement from 'lenders of short-term loans' to 'mortgagees' who make more than five mortgage loans per year.

DEFINITION

Added formal definitions for 'mortgage', 'mortgagee', 'mortgagor', and 'periodic statement'.

REQUIREMENT

Changed the statement requirement from automatic monthly statements to periodic statements provided only upon request by the mortgagor.

TIMELINE

Set the effective date as October 1, 2025, and established that compliance with federal Regulation Z (12 CFR 1026.41) satisfies state requirements.

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 11, 2025

Lower · Passed

Joint Favorable

lower

Feb 27, 2025

Committee

REF. TO JOINT COMM. ON Banking

lower

Feb 26, 2025

Lower · Passed

DRAFTED BY COMMITTEE

lower

Jan 21, 2025

Committee

REF. TO JOINT COMM. ON Banking

lower

1 primary · 0 co-sponsors