AN ACT REQUIRING ACCEPTANCE OF PERIODIC AND PARTIAL PAYMENTS ON CERTAIN MORTGAGE LOANS ISSUED BY CONNECTICUT BANKS AND CONNECTICUT CREDIT UNIONS.

HB 5212 requires Connecticut banks and credit unions to accept and credit periodic (full) and partial (less than full) payments on new residential mortgage loans issued on or after October 1, 2026. It directly affects borrowers with these loans and the financial institutions that issue them. The bill mandates that payments must be accepted and credited on the business day received if the borrower follows written payment instructions and provides sufficient account details. This applies only to loans for personal, family, or household use on residential properties, effective October 2026.