Sec. 36a-715. (Formerly Sec. 36-442m). Definitions.
318 words·~1 min read·
/ct/title-36a/chapter-669-regulated-activities/36a-715·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in sections 36a-715 to 36a-719 l , inclusive, unless the context otherwise requires:
(1)“Branch office” means a location other than the main office at which a licensee or any person on behalf of a licensee acts as a mortgage servicer.
(2)The terms “advertise or advertising”, “control person”, “individual”, “main office”, “mortgage broker”, “mortgage correspondent lender”, “mortgage lender”, “office”, “person” and “unique identifier” have the same meanings as provided in section 36a-485 .
(3)“Mortgage servicer”
(A)means any person, wherever located, who, for such person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records such payments on such person's books and records and performs such other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of such funds to the taxing authority and insurance company, and
(B)includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage.
(4)“Mortgagee” means the grantee of a residential mortgage, provided if the residential mortgage has been assigned of record, “mortgagee” means the last person to whom the residential mortgage has been assigned of record.
(5)“Mortgagor” means any person obligated to repay a residential mortgage loan.
(6)“Residential mortgage loan” means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in Section 103 of the Consumer Credit Protection Act, 15 USC 1602, located in this state, or real property located in this state upon which is constructed or intended to be constructed a dwelling.