Sec. 36a-534b. Participation in Nationwide Mortgage Licensing System. Transition period. - Connecticut Statutes

      Sec. 36a-534b. Participation in Nationwide Mortgage Licensing System. Transition period. (a) The Banking Commissioner shall participate in the Nationwide Mortgage Licensing System for this state and permit such system to process applications for mortgage lender, mortgage correspondent lender, mortgage broker and mortgage loan originator licenses in this state and receive and maintain records related to such licenses that are allowed or required to be maintained by the commissioner.

      (b) (1) Each first mortgage lender license and secondary mortgage lender license in existence on June 30, 2008, shall be deemed on and after July 1, 2008, to be a mortgage lender license, as defined in section 36a-485; (2) each first mortgage correspondent lender license and secondary mortgage correspondent lender license in existence on June 30, 2008, shall be deemed on and after July 1, 2008, to be a mortgage correspondent lender license, as defined in section 36a-485; (3) each first mortgage broker license and secondary mortgage broker license in existence on June 30, 2008, shall be deemed on and after July 1, 2008, to be a mortgage broker license, as defined in section 36a-485; and (4) each originator registration in existence on June 30, 2008, shall be deemed on and after July 1, 2008, to be a mortgage loan originator license, as defined in section 36a-485.

      (c) (1) Each person licensed on July 1, 2008, as a mortgage lender, mortgage correspondent lender, mortgage broker or mortgage loan originator shall, prior to October 1, 2008, transition on to the Nationwide Mortgage Licensing System by submitting all licensing and license-related information required by the Nationwide Mortgage Licensing System for this state.

      (2) On and after July 1, 2008, any licensing or license-related filings shall be submitted exclusively through the Nationwide Mortgage Licensing System.

      (3) Any person making any filing or submission of any information on the Nationwide Mortgage Licensing System shall do so in accordance with the procedures and requirements of such system and pay the applicable fees or charges to such system.

      (d) Notwithstanding the provisions of this section, any initial application for a license submitted on the Nationwide Mortgage Licensing System between October 1, 2008, and December 31, 2008, shall not be approved by the commissioner prior to January 1, 2009.

      (P.A. 08-176, S. 39.)

      History: P.A. 08-176 effective July 1, 2008.