Sec. 36a-487. (Formerly Sec. 36-440b). Exemptions from licensure. - Connecticut Statutes

      Sec. 36a-487. (Formerly Sec. 36-440b). Exemptions from licensure. The following are exempt from licensing under sections 36a-485 to 36a-498a, inclusive:

      (1) Any bank, out-of-state bank, Connecticut credit union, federal credit union, or out-of-state credit union, provided subsidiaries of such institutions other than operating subsidiaries of federal banks and federally-chartered out-of-state banks are not exempt from licensure;

      (2) Persons making five or fewer mortgage loans within any period of twelve consecutive months, provided nothing herein shall relieve such persons from complying with all applicable laws;

      (3) Bona fide nonprofit corporations making mortgage loans to promote home ownership for the economically disadvantaged;

      (4) Agencies of the federal government, or any state or municipal government, or any quasi-governmental agency making mortgage loans under the specific authority of the laws of any state or the United States;

      (5) Persons licensed under sections 36a-555 to 36a-573, inclusive, when making mortgage loans authorized by said sections;

      (6) Persons owning real property who take back from the buyer of such property a secondary mortgage loan in lieu of any portion of the purchase price of the property;

      (7) Any corporation or its affiliate which makes mortgage loans exclusively for the benefit of its employees or agents;

      (8) Any corporation, licensed in accordance with section 38a-41, or its affiliate or subsidiary, which makes mortgage loans to promote home ownership in urban areas;

      (9) Persons acting as fiduciaries with respect to any employee pension benefit plan qualified under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, who make mortgage loans solely to plan participants from plan assets; and

      (10) Persons making secondary mortgage loans to individuals related to the maker by blood or marriage.

      (P.A. 85-399, S. 3; P.A. 88-65, S. 37; P.A. 89-211, S. 41; P.A. 92-12, S. 88; P.A. 94-122, S. 231, 340; P.A. 99-36, S. 24; P.A. 02-111, S. 4; P.A. 04-69, S. 3; P.A. 08-176, S. 41.)

      History: P.A. 88-65 deleted a reference to industrial bank in Subsec. (a); P.A. 89-211 clarified reference to the Internal Revenue Code of 1986; P.A. 92-12 redesignated Subdivs.; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-440b transferred to Sec. 36a-487 in 1995; P.A. 99-36 made a technical change; P.A. 02-111 amended Subdivs. (2), (3) and (4) by substituting "making" for "granting", amended Subdiv. (6) by changing "licensed lender" to "licensed mortgage lender" and amended Subdiv. (8) by substituting "makes" for "grants"; P.A. 04-69 substituted "36a-498a" for "36a-498"; P.A. 08-176 amended Subdiv. (1) to add reference to operating subsidiaries of federal banks and federally-chartered out-of-state banks, amended Subdiv. (2) to add "provided nothing herein shall relieve such persons from complying with all applicable laws", amended Subdiv. (6) to replace former provision with provision re owners who take back a secondary mortgage loan in lieu of any portion of purchase price, added Subdiv. (10) re making of secondary mortgage loans to relatives, and made conforming changes, effective July 1, 2008.