State Codes and Statutes

Statutes > Connecticut > Title32 > Chap579 > Sec32-15

      Sec. 32-15. Applications for insurance. All applications for insurance shall be forwarded, together with an application fee, if any, prescribed by the authority, to the executive director of the authority. The executive director, after preparing necessary records for the authority, shall prepare a report which may include, but shall not be limited to, such facts about the company under consideration as its history, wage standards, job opportunities, stability of employment, past and present financial condition and structure, pro-forma income statements, present and future markets and prospects, and integrity of management. Such report shall conclude with a brief discussion and opinion as to whether the applicant would contribute to the development and advancement of the business prosperity and economic welfare of the state of Connecticut. Such report shall be submitted to the authority through its executive director and shall be advisory in nature only. After receipt and consideration of the above report and after such other action as is deemed appropriate, the authority shall approve or deny the application. The applicant shall be promptly notified of such action by the authority. If the application is approved, notice of such approval shall be transmitted to the proposed mortgagee or lender chosen by the applicant. Such approval shall be conditioned upon payment to the authority, within such reasonable time after notification of approval as may be specified by the authority, of a commitment fee prescribed by the authority. No mortgage or loan shall be accepted for insurance unless the authority finds that the project with respect to which the mortgage or loan is executed is financially sound.

      (1961, P.A. 542, S. 6; 1963, P.A. 601, S. 4; February, 1965, P.A. 494, S. 7; 1972, P.A. 195, S. 19; June, 1972, P.A. 1, S. 15; P.A. 73-599, S. 27; P.A. 88-265, S. 3, 36; P.A. 93-360, S. 2, 19.)

      History: 1963 act required that applications be accompanied by fee prescribed by commission and specified that approval conditioned upon payment of commitment fee prescribed by commission; 1965 act authorized three-person committee to investigate and report re loan applications; 1972 acts deleted requirements that executive secretary forward a copy of each application to development commission and that copy of report be submitted to development commission "which may submit its recommendation and report to the commission", i.e. industrial building commission, and replaced executive secretary with director; P.A. 73-599 replaced industrial building commission and its director with Connecticut development authority and its executive director; P.A. 88-265 made technical changes and deleted references to the Connecticut Development Credit Corporation; P.A. 93-360 added "if any" after application fee, required executive director instead of committee to prepare reports on applications, deleted provision authorizing payment of committee members on consultant basis and added references to lender and loans, effective June 14, 1993.

      Cited. 150 C. 341.