Sec. 36a-718. (Formerly Sec. 36-442p). Licenses required. Exemptions.
367 words·~2 min read·
/ct/title-36a/chapter-669-regulated-activities/36a-718·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)On and after January 1, 2015, no person shall act as a mortgage servicer, directly or indirectly, without first obtaining a license under section 36a-719 from the commissioner for its main office and for each branch office where such business is conducted, unless such person is exempt from licensure pursuant to subsection
(b)of this section. Any activity subject to licensure pursuant to sections 36a-715 to 36a-719 l , inclusive, shall be conducted from an office located in a state, as defined in section 36a-2 .
(b)The following persons are exempt from mortgage servicer licensing requirements:
(1)Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union, provided such bank or credit union is federally insured;
(2)any wholly-owned subsidiary of such bank or credit union;
(3)any operating subsidiary where each owner of such operating subsidiary is wholly owned by the same such bank or credit union;
(4)any person licensed as a mortgage lender in this state while acting as a mortgage servicer from a location licensed as a main office or branch office under sections 36a-485 to 36a-498e , inclusive, 36a-534a and 36a-534b , provided
(A)such person meets the supplemental mortgage servicer surety bond, fidelity bond and errors and omissions coverage requirements under section 36a-719c , and
(B)during any period that the license of the mortgage lender in this state has been suspended, such exemption shall not be effective; and
(5)any person licensed as a mortgage correspondent lender in this state while acting as a mortgage servicer with respect to any residential mortgage loan it has made and during the permitted ninety-day holding period for such loan from a location licensed as a main office or branch office under sections 36a-485 to 36a-498e , inclusive, 36a-534a and 36a-534b , provided during any period the license of the mortgage correspondent lender in this state has been suspended, such exemption shall not be effective.
(c)The provisions of sections 36a-719e to 36a-719h , inclusive, shall apply to any person, including a person exempt from licensure pursuant to subsection
(b)of this section, who acts as a mortgage servicer in this state on or after January 1, 2015.