Connecticut Bill Revises Licensing Laws, Numerous Other Financial Services Laws

more+
less-

On June 3, Connecticut Governor Dannel Malloy signed HB 5353, which makes numerous unrelated changes to Connecticut’s laws governing financial services companies. For example, with regard to mortgage servicing, the bill: (i) modifies who is subject to licensure and expands the scope of services subject to licensure; (ii) adds new licensing, application, fee, bonding, and recordkeeping requirements; (iii) establishes servicer conduct standards; and (iv) grants the state regulator authority to conduct investigations and examinations and take enforcement actions against violators. For the various types of mortgage loan originators, the bill increases the pre-licensing and continuing education and testing requirements, and modifies the exemptions from licensure that apply to certain subsidiaries of banks and credit unions. With regard to licensing in general, the bill extends the banking commissioner’s authority to use the NMLS, authorizes the system to receive and maintain licensing and registration records, and establishes filing, licensing, fees, reports, and other system procedures and requirements. The bill also, among other things, (i) establishes procedural requirements for a Connecticut bank that proposes to close a loan production office; (ii) expands the definition of an “automatic teller machine” to include those equipped with a telephone or televideo device that allows contact with bank employees; (iii) extends the state’s foreclosure mediation program by two years, until July 1, 2016; and (iv) establishes a task force to study and develop a report for the General Assembly on the reverse mortgage industry.

 

Topics:  ATMs, Banks, Licenses, Licensing Rules, Mortgage Loan Originators, Mortgage Servicing Rules, New Regulations, Reverse Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »