The corporation shall adopt written procedures in accordance with the provisions of section 1-121 setting forth the process to be followed by, and the responsibilities and obligations of regional corporations and the corporation under sections 32-271 to 32-284, inclusive. Such procedures shall establish underwriting standards for the purchase of loans made by regional corporations under section 32-276.
(P.A. 92-236, S. 21, 48; P.A. 93-217, S. 3, 5; June 12 Sp. Sess. P.A. 12-1, S. 152; P.A. 13-123, S. 30.)
History: P.A. 93-217 added provision requiring written procedures to establish underwriting standards, effective June 23, 1993; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012; P.A. 13-123 added “regional” re corporations, effective June 18, 2013.
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