Senate Bill No. 217 mandates that mortgagees must accept mortgage payments from mortgagors on a monthly, semimonthly, or biweekly basis for any mortgage loans initiated on or after October 1, 2026. The bill specifically defines "semimonthly" as payments occurring twice a month and "biweekly" as payments occurring every two weeks. This requirement applies to loans secured by one-to-four family residential properties, including units in common interest communities.

The bill also repeals subsection (i) of section 49-8a of the general statutes and replaces it with new provisions that outline acceptable forms of payment, such as bank checks, certified checks, and wire transfers, among others. The changes aim to provide more flexibility for borrowers in managing their mortgage payments without imposing any fiscal impact on the state or municipalities.