The Connecticut Department of Banking has released the new minimum statutory interest rate for mortgage escrows and tenant security deposits, pursuant to Conn. Gen. Stat. §§ 49-2a and 47a-21(i), respectively. The minimum rate set for the 2010 calendar year is 1.5%. This is the same rate set for the last eight years, reflecting the statutory requirement that the annual rate shall be at least 1.5%, regardless of prevailing interest rates.
Information on rates set by the Department in previous years is available on the Department's web page.
Contact: Colleen Danehy Lindroos