Connecticut § 8-265tt - Definitions.

§ 8-265tt. Definitions.

Sec. 8-265tt. Definitions. As used in this section and sections 8-265uu to 8-265xx, inclusive:

(1) “Association” means an association of unit owners, as defined in section 47-68a, or an association or unit owners' association, each as defined in section 47-202;

(2) “Authority” means the Connecticut Housing Finance Authority created under section 8-244;

(3) “Bank” means a bank or an out-of-state bank, each as defined in section 36a-2;

(4) “Captive insurance company” means the captive insurance company established pursuant to section 38a-91vv;

(5) “Credit union” means a Connecticut credit union or a federal credit union, each as defined in section 36a-2;

(6) “Department” means the Department of Banking;

(7) “Eligible borrower” means (A) the owner or occupant of a residential building who has received a participation agreement from the captive insurance company, (B) an association that has received a participation agreement or agreements from the captive insurance company, or (C) the owner or occupant of a single-family or multifamily residential dwelling, including, but not limited to, a residential unit in a condominium, as such terms are defined or used in section 47-68a or a unit that is used for residential purposes and located in a common interest community, as such terms are defined in section 47-202, provided the association such dwelling is a part of has received a participation agreement or agreements from the captive insurance company concerning the building within which such dwelling is located;

(8) “Eligible financial institution” means a bank or credit union;

(9) “Participation agreement” means an agreement by the captive insurance company to pay for a portion of the cost to repair or replace a concrete foundation that has deteriorated due to the presence of pyrrhotite; and

(10) “Residential building” has the same meaning as provided in section 8-440.

(P.A. 19-192, S. 7; Sept. Sp. Sess. P.A. 20-3, S. 1; June Sp. Sess. P.A. 21-2, S. 460.)

History: P.A. 19-192 effective July 8, 2019; Sept. Sp. Sess. P.A. 20-3 added new Subdiv. (1) defining “association”, redefined “eligible borrower”, and redesignated existing Subdivs. (1) to (9) as Subdivs. (2) to (10), effective October 2, 2020; June Sp. Sess. P.A. 21-2 redefined “eligible financial institution” in Subdiv. (8), effective July 1, 2021.