Sec. 8-286c. Amount of guarantee. Record of payments to honor guarantees.
Sec. 8-286c. Amount of guarantee. Record of payments to honor guarantees.
(a) The maximum amount of any guarantee issued by the commissioner under the provisions of subsection (d) of section 8-286, section 8-289 and sections 8-286b to 8-286d,
inclusive, shall be in an amount equal to twenty per cent of the mortgage on the real
property.
(b) The guarantee shall secure the mortgagee up to the amount of the guarantee for
any loss incurred by the mortgagee because of default of the mortgagor, including losses
in principal balance, interest and fees and expenses due to foreclosure.
(c) The commissioner shall maintain a record of payments made to honor loan guarantees issued under the provisions of sections 8-286, 8-289 and 8-286b to 8-286d, inclusive.
(P.A. 95-202, S. 3.)