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Code · Connecticut · Title 36a — The Banking Law of Connecticut · CHAPTER 669* — Regulated Activities

Sec. 36a-708. Prohibited acts by mortgage brokers.

114 words·~1 min read·/ct/title-36a/chapter-669-regulated-activities/36a-708·

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No mortgage broker shall collect a rate lock-in fee, except where required by a governmental agency to be collected directly by the mortgage broker, issue a mortgage rate lock-in or otherwise represent to a first mortgage loan applicant or the applicant's representative that the loan will be made at a specified rate if the loan is closed by the expiration of a specified period of time. Notwithstanding the provisions of this section, a mortgage broker may provide a mortgage lender's mortgage rate lock-in to a mortgage loan applicant or the applicant's representative on behalf of such mortgage lender and collect a rate lock-in fee on the mortgage lender's behalf payable to the mortgage lender.
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