The proposed legislation, General Assembly Raised Bill No. 217, mandates that mortgagees must accept mortgage payments from mortgagors on a monthly, semimonthly, or biweekly basis, effective October 1, 2026. The bill amends subsection (i) of section 49-8a of the general statutes, which previously outlined acceptable forms of payment for mortgage loans. The new language specifies that for loans made on or after the effective date, mortgagees are required to accept payments tendered in these specified intervals, with "biweekly" defined as occurring every two weeks and "semimonthly" as occurring twice each month.

Additionally, the bill retains the existing provisions that allow mortgagees to accept various forms of payment, such as bank checks and wire transfers, while introducing the new requirement for payment frequency. The intent of the bill is to provide greater flexibility for mortgagors in managing their mortgage payments, thereby accommodating different financial situations and preferences.