Connecticut General Statutes 32-22a – Written procedures. Contracts
(a) The corporation may establish written procedures in accordance with § 1-121 to clarify and further carry out the purposes of sections 32-14 to 32-22, inclusive.
Terms Used In Connecticut General Statutes 32-22a
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) Any insurance contract and any procedure of the corporation implementing said sections of the general statutes may contain such other terms, provisions or conditions as the corporation deems necessary or appropriate, including, but not limited to, the payment of insurance premiums, the giving of notice, claim procedures, the sources for payment of claims, the priority of competing claims for payment, the release or termination of loan security and borrower liability, the timing of payment, the maintenance and disposition of projects and the use of amounts received during periods of loan delinquency or upon default, default and other provisions applicable to contracts of insurance insuring only a portion of the mortgage payments required by the mortgage and the rights of insured parties or conditions of the payment of insurance claims.