No lender or mortgage broker shall attempt in bad faith to avoid the application of sections 36a-760a to 36a-760h , inclusive, by dividing any loan transaction into separate parts or to structure in bad faith a residential mortgage loan transaction as an open-end loan for the purpose of evading the applicable provisions of sections 36a-760a to 36a-760h , inclusive, when the loan would have been a nonprime home loan if the loan had been structured as a closed-end loan.
Conn. Gen. Stat. § 36a-760f
Prohibition against dividing or structuring loan to avoid application of nonprime home loan statutory provisions
(P.A. 08-176, S. 27.) History: P.A. 08-176 effective July 1, 2008.
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.