Conn. Agencies Regs. § 16a-40b-13

Current through December 4, 2024
Section 16a-40b-13 - Program management
(a) The Commissioner shall adopt such internal management procedures as may be required for the processing and servicing of loans made from the Energy Conservation Loan Fund.
(b) The Commissioner shall refuse to provide any loan for any work done prior to receipt of a formal application from the borrower by the Department. The Department shall not be liable for any work performed, materials purchased, contracts signed or any other debt incurred in connection with any unsuccessful application for an energy conservation loan.
(c) The Commissioner shall recall any loan granted from the Energy Conservation Loan Fund when the proceeds of such loan are used for purposes other than those identified in regulations adopted by the Secretary of the Office of Policy and Management where applicable, or for purposes other than those identified in Section 16a-40b of the General Statutes or in these regulations.
(d) In the event a loan is in arrears for a period of 120 days or more, the Commissioner may:
(1) Require the recipient of any loan granted to repay the loan in full; or
(2) To facilitate repayment, the Commissioner may recast the balance of the outstanding indebtedness, at an interest rate not less than that originally levied, for a period of time not exceeding the original loan term and consistent with the appropriate underwriting income ratio.
(e) The Commissioner shall take steps to make the existence of the Energy Conservation Loan Fund known to low and moderate income families. He may use radio, newspaper, and/or television media. In addition, he shall consult with the Department of Human Resources, the Department of Income Maintenance and local Community Action Agencies in an effort to reach as many low and moderate income families as possible.
(f) The Commissioner shall reimburse the general fund for interest on the outstanding bonds and notes used to fund loans made under this program on or after July 1, 1982 by applying to the general fund (1) the interest payments received from recipients of loans made on and after July 1, 1982, less the administrative expenses incurred by the commissioner, and (2) the payments received from electric and gas companies as interest rate subsidy payments.

Conn. Agencies Regs. § 16a-40b-13

Effective August 4, 1988