Regulatory Authority - Answers Connecticut Department of Banking
Commissioner
Appointed by Governor for 4 years, beginning March 1st
Laws - Answers Section 36a Connecticut Banking Law (Penalties and Fines)
Section 49 Mortgages and Liens (regulates foreclosure actions)
Section 20 Professional/Occupatins Licensing, Certification, Title Protection and Registration
Examination Boards (licensing and regulation for real estate brokers and salespersons)
Section 4 Management of State Agencies
Public Act 09-209
Amended Banking Law to conform with S.A.F.E. Act
Consumer Credit Division - Answers Regulatory and licensing authority over mortgage lenders,
correspondent lenders, brokers and loan originators. Enforces TIL and other laws.
Banking Commissioner - Answers Must make:
an annual report to the Governor
Quarterly report to General Assembly of revenue collected by Department
Report to prosecutor of each criminal violation of which he has knowledge
3 annual reports to the General Assembly containing financial statements concerning the NMLS
30 days notice - Answers Before an agency can adopt a new regulation
Must be reviewed for sufficiency by Connecticut Attorney General
Advance Fee - Answers Paid to mortgage lender or broker prior to closing:
Loan fees
Points
Broker's fees
Commissions
, Transaction Fees
Prepaid Finance Charges
Control Person - Answers 10%
Individual - Answers Natural Person\
Person - Answers Natural Person
Corporation
Company
Limited Liability Company
Partnership
Association
Sponsored - Answers Employed or
Retained as an independent contractor
Mortgage Correspondent Lender - Answers Holds loan for no longer than 90 days
Are funded by another person through a warehouse, table-funding or similar agreement
Table Funding Agreement - Answers A person agrees to fund mortgage loans to be made in another
person's name and to then purchase the loans after they are made.
Warehouse Agreement - Answers Agreement to provide credit to a person so it can make residential
mortgage loans and hold the loans pending sale to another person.
Mortgage Lender - Answers A person in the business of making residential mortgage loans in its own
name by using its own funds or by funding the loans through a warehouse, table funding or similar
agreement.
A mortgage lender licensee may also act as a correspondence lender and a mortgage broker, and a
correspondent lender licensee may also act as a mortgage broker.
Exempt from Licensing - Answers 5 or fewer loans within 12-month period
Non-profit
Lenders who make loans for less than $15,000