As used in this section and sections 8-265uu to 8-265xx, inclusive:
(1) “Authority” means the Connecticut Housing Finance Authority created under section 8-244;
(2) “Bank” means a bank or an out-of-state bank, each as defined in section 36a-2;
(3) “Captive insurance company” means the captive insurance company established pursuant to section 38a-91vv;
(4) “Credit union” means a Connecticut credit union or a federal credit union, each as defined in section 36a-2;
(5) “Department” means the Department of Banking;
(6) “Eligible borrower” means the owner or occupant of a residential building who has received a participation agreement from the captive insurance company;
(7) “Eligible financial institution” means a bank or credit union that has a physical presence in this state;
(8) “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
(9) “Residential building” has the same meaning as provided in section 8-440.
(P.A. 19-192, S. 7.)
History: P.A. 19-192 effective July 8, 2019.