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CHAPTER 668

NONDEPOSITORY FINANCIAL INSTITUTIONS

PART I

MORTGAGE LENDERS AND BROKERS 

(B)* 

SECONDARY MORTGAGE LENDERS, BROKERS AND ORIGINATORS 

_________________ 

      *Annotation to former chapter 646a (Sec. 36-224a et seq.):

      Secondary mortgage act cited. 27 CA 628, 629, 631. 
 

      Sec. 36a-510.  (Formerly Sec. 36-224a).  Definitions.  As used in sections 36a-510 to 36a-524, inclusive, unless the context otherwise requires: 

      (1)  “Advance fee” means any consideration paid or given, directly or indirectly, to a mortgage lender, secondary mortgage broker or originator required to be licensed or registered pursuant to sections 36a-510 to 36a-524, inclusive, prior to the closing of a secondary mortgage loan to any person, including, but not limited to, loan fees, points, broker’s fees or commissions, transaction fees, or similar prepaid finance charges; 

      (2)  “Advertise” or “advertisement” means the use of media, mail, computer, telephone, personal contact or any other means to offer the opportunity for a secondary mortgage loan; 

      (3)  “Licensee” means any person who is required to be licensed pursuant to section 36a-511; 

      (4)  “Mortgage lender” means a secondary mortgage lender or a secondary mortgage correspondent lender, or both; 

      (5)  “Originator” means an individual who is employed or retained by a mortgage lender or secondary mortgage broker that is required to be licensed under sections 36a-510 to 36a-524, inclusive, for, or with the expectation of, a fee, commission or other valuable consideration, to negotiate, solicit, arrange or find a secondary mortgage loan.  “Originator” does not include an officer, if the licensee is a corporation; a general partner, if the licensee is a partnership; a member, if the licensee is a limited liability company; or a sole proprietor, if the licensee is a sole proprietorship; 

      (6)  “Principal amount of the loan” means the gross loan amount the borrower is obligated to repay including any prepaid finance charge and other charges which are financed.  The provisions of this subdivision apply to all loans negotiated before, on and after June 14, 1993; 

      (7)  “Secondary mortgage broker” means a person who, for a fee, commission or other valuable consideration, directly or indirectly, negotiates, solicits, arranges, places or finds a secondary mortgage loan that is to be made by a mortgage lender, whether or not the mortgage lender is required to be licensed under sections 36a-510 to 36a-524, inclusive; 

      (8)  “Secondary mortgage correspondent lender” means a person engaged in the business of making secondary mortgage loans in such person’s own name where the loans are not held by such person for more than ninety days and are funded by another person through a warehouse agreement, table funding agreement or similar agreement; 

      (9)  “Secondary mortgage lender” means a person engaged in the business of making secondary mortgage loans:  (A) In such person’s own name utilizing such person’s own funds, or (B) by funding loans through a table funding agreement; 

      (10)  “Secondary mortgage loan” means (A) a loan or an extension of credit, including, but not limited to, an extension of credit pursuant to a contract or an assigned contract for the sale of goods or services, made to a person, the proceeds of which are to be used primarily for personal, family or household purposes, and which is secured in whole or in part by a mortgage upon any interest in one-to-four-family residential owner-occupied real property located in this state, provided such real property is subject to one or more prior mortgages, and (B) the renewal or refinancing of any existing loan or extension of credit described in subparagraph (A) of this subdivision; 

      (11)  “Simulated check” means a document that imitates or resembles a check but is not a negotiable instrument; 

      (12)  “Table funding agreement” has the meaning given to that term in subdivision (11) of section 36a-485; and 

      (13) “Warehouse agreement” has the meaning given to that term in subdivision (12) of section 36a-485. 

      (P.A. 77-228, S. 1; 77-614, S. 161, 587, 610; P.A. 78-216, S. 1, 7; 78-303, S. 85, 136; P.A. 80-482, S. 251, 345, 348; P.A. 87-9, S. 2, 3; P.A. 90-184, S. 1; P.A. 92-12, S. 64; 92-132, S. 1, 5; P.A. 93-130, S. 1, 3; P.A. 94-122, S. 240, 340; P.A. 99-63, S. 4; P.A. 02-111, S. 15.) 

      History:  P.A. 77-614 and P.A. 78-303 replaced bank commissioner with banking commissioner within the department of business regulation, effective January 1, 1979; P.A. 78-216 added Subdivs. (e) and (f) defining “lender” and “broker”; P.A. 80-482 deleted reference to abolished department of business regulation and restored commissioner as head of independent banking department (as was the case before P.A. 77-614 which had made banking department a division within the department of business regulation); (Revisor’s note: Pursuant to P.A. 87-9 “banking commissioner” was changed editorially by the Revisors to “commissioner of banking”); P.A. 90-184 amended the definition of “secondary mortgage loan” in Subsec. (a) and amended the definition of “broker” in Subsec. (f); P.A. 92-12 redesignated Subsecs. and Subdivs. and made technical changes; P.A. 92-132 added Subdiv. (7) defining “advance fee”; P.A. 93-130 added Subdiv. (8) defining “principal amount of the loan”, effective June 14, 1993; P.A. 94-122 deleted definitions of “commissioner” and “person” and alphabetized remaining definitions with technical changes, effective January 1, 1995; Sec. 36-224a transferred to Sec. 36a-510 in 1995; P.A. 99-63 added new Subdivs. (7) and (8) defining “simulated check” and “advertise” or “advertisement”; P.A. 02-111 deleted definitions of “broker” and “lender”, redefined “advance fee”, and added definitions of “mortgage lender”, “originator”, “secondary mortgage broker”, “secondary mortgage correspondent lender”, “secondary mortgage lender”, “table funding agreement” and “warehouse agreement”, renumbering Subdivs. accordingly. 

      Cited. 41 CA 754, 756, 764—767. P.A. 93-130 cited. Id. P.A. 93-130 Sec. 1(8) cited. Id.

      Subdiv. (5):

      Cited erroneously as Sec. 36a-510a(5). 41 CA 754, 756. 
 

      Sec. 36a-511.  (Formerly Sec. 36-224b).  License required.  Registration of originator.  Violations.  (a) No person shall engage in the business of making secondary mortgage loans or act as a secondary mortgage broker unless such person has first obtained the required license under sections 36a-510 to 36a-524, inclusive.  A person shall be deemed to be engaged in the business of making secondary mortgage loans if such person advertises, causes to be advertised, solicits, offers to make or makes secondary mortgage loans, either directly or indirectly.  A secondary mortgage correspondent lender shall not be deemed to be acting as a secondary mortgage lender if such secondary mortgage correspondent lender makes a loan utilizing its own funds in a situation where another person does not honor such person’s commitment to fund the loan. 

      (b)  No licensee shall employ or retain an originator without first registering such originator under sections 36a-510 to 36a-524, inclusive, provided such registration shall not be required for any originator who is registered by such licensee under sections 36a-485 to 36a-498, inclusive.  No individual may act as an originator without being registered, or act as an originator, as defined in sections 36a-485 and 36a-510, for more than one person.  The registration of an originator is not effective during any period when such originator is not associated with a licensee.  Both the originator and the licensee shall promptly notify the commissioner, in writing, of the termination of employment or services of an originator. 

      (c)  Each secondary mortgage loan negotiated, solicited, placed, found or made without a license shall constitute a separate violation for purposes of section 36a-50. 

      (P.A. 77-228, S. 2; 77-604, S. 81, 84; P.A. 78-216, S. 2, 7; P.A. 90-184, S. 2; P.A. 94-122, S. 241, 340; P.A. 02-111, S. 16.) 

      History:  P.A. 77-604 rephrased and relocated provision re beneficiaries of estate and deleted provision which had considered persons becoming subsequent holders of mortgage or promissory notes received in connection with secondary mortgage loans in ordinary course of business to be engaged in the secondary mortgage loan business; P.A. 78-216 added “as a lender or a broker” re engaging in secondary mortgage loan business; P.A. 90-184 designated former section as Subsec. (a) and added Subsec. (b) re civil penalty for engaging in the secondary mortgage loan business without a license; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-224b transferred to Sec. 36a-511 in 1995; P.A. 02-111 amended Subsec. (a) by changing “secondary mortgage loan business” to “business of making secondary mortgage loans”, making technical changes, deleting provision re person not deemed to be engaging in the secondary mortgage loan business and adding provision re secondary mortgage correspondent lender not deemed to be acting as a secondary mortgage lender and added new Subsec. (b) re registration of originator, redesignating existing Subsec. (b) as Subsec. (c). 

      Secondary mortgage loan issued by lender in violation of licensing requirements is not enforceable in foreclosure action. 248 C. 769.

      Trial court properly rendered summary judgment in favor of plaintiffs; because plaintiff’s failure to meet licensing requirements of section to issue secondary mortgage loans did not render mortgage agreement a nullity or an illegal act relieving defendants of their obligations, defendant’s claim that trial court was misled by plaintiff’s affidavit stating plaintiffs were exempt from requirements of section did not create an issue of material fact. 48 CA 80. 
 

      Sec. 36a-512.  (Formerly Sec. 36-224c).  Persons exempt from license requirement.  The following are exempt from the licensing requirements of sections 36a-510 to 36a-524, inclusive:  (1) Persons licensed as small business investment companies by the Small Business Administration; (2) 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; (3) persons making secondary mortgage loans to persons related to the lender by blood or marriage; (4) any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union, provided subsidiaries of such institutions are not exempt from licensure; (5) persons making five or fewer secondary mortgage loans within any twelve consecutive months, provided (A) the aggregate total of such loans does not exceed one hundred thousand dollars, (B) each individual loan does not exceed twenty thousand dollars and (C) such loans are written in compliance with section 36a-521; (6) nonprofit corporations making secondary mortgage loans to promote home ownership or improvements for the disadvantaged; (7) agencies of the federal government or any state or municipal government or any quasi-governmental agency making secondary mortgage loans under the specific authority of the laws of this state or the United States; (8) persons licensed under sections 36a-555 to 36a-573, inclusive, when making loans authorized by said sections; (9) persons licensed under sections 36a-485 to 36a-498, inclusive, when making loans authorized by said sections, provided such licensed lender makes fewer than twelve secondary mortgage loans within any twelve consecutive months and such loans are written in compliance with section 36a-521; (10) any corporation or its affiliate which makes mortgage loans exclusively for the benefit of its employees or agents; (11) any corporation, licensed in accordance with section 38a-41 or its affiliate or subsidiary, which makes secondary mortgage loans to promote home ownership in urban areas; and (12) 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 secondary mortgage loans solely to plan participants from plan assets. 

      (P.A. 77-228, S. 3; 77-614, S. 161, 587, 610; P.A. 78-216, S. 3, 7; 78-303, S. 85, 136; P.A. 80-67, S. 1; P.A. 87-66; P.A. 89-211, S. 40; P.A. 90-184, S. 3; P.A. 94-122, S. 242, 340; P.A. 02-111, S. 17.) 

      History:  P.A. 77-614 and P.A. 78-303 replaced bank commissioner with banking commissioner, effective January 1, 1979; P.A. 78-216 rephrased and clarified Subdiv. (4); P.A. 80-67 deleted former Subpara. (B), i.e. “secondary mortgage loans, the aggregate total of which is less than twenty-five thousand dollars” in Subdiv. (4); P.A. 87-66 replaced former exemption (4) re persons granting fewer than three secondary mortgage loans with exemption re banks and credit unions, inserted new exemption as (5) re persons granting five or fewer secondary mortgage loans, renumbering former Subdivs. (6) and (7) accordingly, deleted former Subdiv. (8) re entities subject to banking commissioner, etc. and added new exemptions as Subdivs. (9) to (13); P.A. 89-211 clarified reference to the Internal Revenue Code of 1986; P.A. 90-184 deleted former Subdiv. (8) re exemption for persons granting secondary mortgage loans used primarily for other than personal, family or household purposes, and renumbered remaining Subdivs. accordingly; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-224c transferred to Sec. 36a-512 in 1995; P.A. 02-111 amended Subdivs. (3) and (5) to (7) by changing “granting” to “making” and amended Subdiv. (11) by changing “grants” to “makes”. 
 

      Sec. 36a-513.  (Formerly Sec. 36-224d).  License as secondary mortgage lender, secondary mortgage correspondent lender or secondary mortgage broker.  Prerequisites.  Application for license or registration.  Denial of application for license or registration.  (a) (1) The commissioner shall not issue a license as a secondary mortgage lender, a secondary mortgage correspondent lender or a secondary mortgage broker to any person unless such person meets the following tangible net worth and experience requirements, as applicable:  (A) The minimum tangible net worth requirement for a secondary mortgage lender shall be one hundred thousand dollars and the minimum tangible net worth requirement for a secondary mortgage correspondent lender and a secondary mortgage broker shall be twenty-five thousand dollars, and (B) a mortgage lender shall have at the location for which the license is sought, a person with supervisory authority over the lending activities who has had at least three years’ experience in the mortgage lending business within the five years immediately preceding the application for the license, and a secondary mortgage broker shall have, at the location for which the license is sought, a person with supervisory authority over the brokerage activities who has at least three years’ experience in the mortgage lending or mortgage brokerage business within the five years immediately preceding the application for the license, provided such experience requirements shall not apply to any person whose license is renewed effective July 1, 2003. 

      (2)  Each licensee shall maintain the net worth required by this subsection and shall promptly notify the commissioner if such licensee’s net worth falls below the net worth required by this subsection. 

      (b)  The commissioner may issue a secondary mortgage lender license, a secondary mortgage correspondent lender license or a secondary mortgage broker license.  Each secondary mortgage lender licensee may also act as a secondary mortgage correspondent lender and a secondary mortgage broker, and each secondary mortgage correspondent lender licensee may also act as a secondary mortgage broker.  Any application for a license or renewal of such license shall be under oath and on a form provided by the commissioner.  The application shall include:  (1) The type of license sought; (2) the name and address of the applicant; (3) the location for which the license is sought; (4) the name and address of each member, partner, officer, director, authorized agent and shareholder owning ten per cent or more of the outstanding stock, as applicable; (5) if the applicant is a trust or the lead lender in one or more participation loans, the name and address of each trustee or lead lender and each beneficiary of the trust or other participant lenders in all outstanding participation loans; (6) a financial statement as of a date not more than six months prior to the filing of the application which reflects tangible net worth, and if such financial statement is unaudited, the proprietor, general partner, or duly authorized officer, trustee or member shall swear to its accuracy under oath before a notary public; (7) evidence that the person with supervisory authority over the lending or brokerage activities at the location for which the license is sought meets the experience required by subsection (a) of this section; (8) an application for registration of each originator or prospective originator of the applicant at such location; and (9) such other information pertaining to the applicant, the applicant’s background, the background of its principals and employees and the applicant’s activities as the commissioner may require. 

      (c)  If the commissioner finds, upon the filing of an application for a license, that the applicant meets the requirements of subsection (a) of this section, and that the financial responsibility, character, reputation, integrity and general fitness of the applicant and of the partners thereof if the applicant is a partnership, of the members if the applicant is a limited liability company or association, and of the officers, directors and principal employees if the applicant is a corporation, are such as to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of sections 36a-510 to 36a-524, inclusive, the commissioner may thereupon issue the applicant the license.  If the commissioner fails to make such findings, or if the commissioner finds that the applicant made any material misstatement in the application, the commissioner shall not issue a license, and shall notify the applicant of the denial and the reasons for such denial.  Any denial of an application by the commissioner shall, when applicable, be subject to the provisions of section 46a-80. 

      (d)  An application for registration or renewal of such registration shall be made on a form provided by the commissioner. 

      (e)  Upon the filing of an application for registration, the commissioner shall register the originator named in the application unless the commissioner finds that the applicant has made any material misstatement in the application or that the financial responsibility, character, reputation, integrity and general fitness of the originator named in the application, are not such as to warrant belief that granting such registration would be in the public interest and consistent with the purposes of sections 36a-510 to 36a-524, inclusive.  If the commissioner denies registration, the commissioner shall notify the originator named in the application and the applicant filing the application of the denial and the reasons for such denial.  Any denial of an application by the commissioner shall, when applicable, be subject to the provisions of section 46a-80. 

      (P.A. 77-228, S. 4; P.A. 78-216, S. 4, 7; P.A. 80-67, S. 2; P.A. 94-122, S. 243, 340; P.A. 02-111, S. 18.) 

      History:  P.A. 78-216 required that application set forth whether applicant is a lender and/or broker in Subsec. (b); P.A. 80-67 included renewal of licenses in Subsec. (a), reworded Subsec. (b) and specified applicability of Subdiv. (4) to lead and participant lenders and added Subsec. (c); P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-224d transferred to Sec. 36a-513 in 1995; P.A. 02-111 replaced former Subsec. (a) with new provisions re obtaining license as secondary mortgage lender, secondary mortgage correspondent lender or secondary mortgage broker and re obligation to notify commissioner if net worth falls below requisite net worth, amended Subsec. (b) to reflect commissioner’s authority to issue secondary mortgage lender license, secondary mortgage correspondent lender license and secondary mortgage broker license and to revise application requirements, deleted former Subsec. (c) re investigation and issuance of license, added new Subsec. (c) re findings and issuance of license, added new Subsec. (d) re application for registration of originator and added new Subsec. (e) re commissioner’s denial of originator registration. 
 

      Sec. 36a-514.  (Formerly Sec. 36-224e).  License and registration fees.  (a) (1) Each applicant for a secondary mortgage lender license or a secondary mortgage correspondent lender license, at the time of making such application, shall pay to the commissioner a license fee of eight hundred dollars, provided if such application is filed not earlier than one year before the date such license will expire, the applicant shall pay to the commissioner a license fee of four hundred dollars, and if such application is for renewal of a license that expires on June 30, 2003, the applicant shall pay to the commissioner a license fee of five hundred dollars.  Each applicant for a secondary mortgage broker license, at the time of making such application, shall pay to the commissioner a license fee of four hundred dollars, provided if such application is filed not earlier than one year before the date such license will expire, the applicant shall pay to the commissioner a license fee of two hundred dollars, and if such application is for renewal of a license that expires on June 30, 2003, the applicant shall pay to the commissioner a license fee of two hundred fifty dollars.  Each license issued pursuant to this section shall expire at the close of business on September thirtieth of the even-numbered year following its issuance unless such license is renewed.  Each licensee shall, on or before September first of the year in which the license expires, or in the case of a license that expires on June 30, 2003, on or before June 1, 2003, file a renewal application and pay to the commissioner the appropriate license fee as provided in this section to renew the license.  Any renewal application filed with the commissioner after September first, or in the case of a license that expires on June 30, 2003, after June 1, 2003, shall be accompanied by a one-hundred-dollar late fee.  (2) Whenever an application for a license, other than a renewal application, is filed under this section by any person who was a licensee and whose license expired less than sixty days prior to the date such application was filed, such application shall be accompanied by a one-hundred-dollar processing fee in addition to the application fee. 

      (b)  A licensee filing an application for registration of an originator shall, at the time of making such application pay to the commissioner a registration fee of one hundred dollars for each originator, provided if such application is filed not earlier than one year before the date the license of the applicant will expire, the applicant shall pay to the commissioner a registration fee of fifty dollars for each originator.  Each registration shall expire at such time as the licensee’s license expires unless such registration is renewed.  Such licensee shall file an application for renewal of the registration and pay to the commissioner the appropriate registration fee as provided in this subsection for the succeeding two years, commencing October first. 

      (c)  No abatement of the license or registration fee shall be made if the license or registration is surrendered, revoked or suspended prior to the expiration of the period for which it was issued.  All fees required by this section shall be nonrefundable. 

      (P.A. 77-228, S. 5; P.A. 78-216, S. 5, 7; P.A. 88-150, S. 2; P.A. 92-89, S. 4, 20; P.A. 94-104, S. 1; P.A. 96-71, S. 3, 8; P.A. 02-111, S. 19.) 

      History:  P.A. 78-216 made previous license fees applicable to lender’s and combination licenses and added provisions for broker’s fee; P.A. 88-150 amended Subsec. (a) by providing that the license fees are nonrefundable, increasing the license fee to be a broker to two hundred dollars and adding the provision re expiration of licenses on June thirtieth of each year; P.A. 92-89 increased the fee applicable to lender’s and combination licenses from two hundred fifty to four hundred dollars; P.A. 94-104 changed the license renewal deadline from June twentieth to June first, added a one-hundred-dollar late fee and added a one-hundred-dollar processing fee for a person whose license expired within sixty days of his application in Subsec. (a); Sec. 36-224e transferred to Sec. 36a-514 in 1995; P.A. 96-71 clarified that all fees required by this section are nonrefundable, effective July 1, 1996; P.A. 02-111 amended Subsec. (a) by providing for license expiration at the close of business on September thirtieth of the even-numbered year following its issuance unless renewed, adding provisions re fee of eight hundred dollars for secondary mortgage lender license and secondary mortgage correspondent lender license and fee of four hundred dollars for secondary mortgage broker license, adding provisions re lesser fees if application filed not earlier than one year before expiration date or if license expires on June 30, 2003, and making conforming changes, replaced former Subsec. (b) with new provisions re application for registration of originator and amended Subsec. (c) by adding “or registration”. 
 

      Sec. 36a-515.  (Formerly Sec. 36-224f).  License.  (a) Each license shall state the location at which the business is to be conducted and shall state fully the name of the licensee.  If the licensee desires to make secondary mortgage loans in more than one location or to act as a mortgage broker in more than one location, the licensee shall procure a license for each location where the business is to be conducted.  Each license shall be maintained at the location for which the license was issued and shall be available for public inspection.  Such license shall not be transferable or assignable.  Any change of location of a licensee shall require only prior written notice to the commissioner.  No licensee shall use any name other than the name stated on the license issued by the commissioner. 

      (b)  The licensee shall promptly notify the commissioner, in writing, of any change in the information provided in the application for license or most recent renewal of such license. 

      (c)  Each license and registration shall remain in force and effect until it has been surrendered, revoked, suspended or expires in accordance with the provisions of sections 36a-510 to 36a-524, inclusive. 

      (P.A. 77-228, S. 6; P.A. 80-67, S. 3; P.A. 81-472, S. 69, 159; P.A. 02-111, S. 20.) 

      History:  P.A. 80-67 clarified provision re posting of license and added reference to lead and participant lenders; P.A. 81-472 made technical changes; Sec. 36-224f transferred to Sec. 36a-515 in 1995; P.A. 02-111 replaced former provisions with new Subsecs. (a), (b) and (c) re license requirements, licensee location and name, change of information and effectiveness of license and registration. 
 

      Sec. 36a-516.  (Formerly Sec. 36-224g).  Records to be maintained by licensee.  (a) Each licensee shall maintain adequate records of each loan transaction at the place of business named in the license or shall make such records available at such place of business not later than five business days after requested by the commissioner to do so.  Such records shall provide the following information:  (1) A copy of any disclosures required under part III of chapter 669; (2) whether the licensee acted as mortgage lender, secondary mortgage broker, or both; (3) in the case of a licensee acting as a mortgage lender, an adequate loan history, itemizing the amount and date of each payment and the unpaid balance at all times; (4) the purpose for which the loan was made; (5) the original or an exact copy of the note, contract or other evidence of indebtedness and the mortgage deed; and (6) the name and address of the mortgage broker, if any, involved in the loan transaction. 

      (b)  For each loan that is made and serviced by a licensee, the licensee shall retain records of such loan transaction as required under subsection (a) of this section, for not less than two years following the final payment thereon, or the assignment of such loan, whichever occurs first, or such longer period as may be required by any other provision of law. 

      (c)  For each loan transaction in which a licensee acts as a mortgage lender or secondary mortgage broker but does not service the loan, the licensee shall retain the records of such loan transaction for not less than two years from the date of the transaction or such longer period as may be required by any other provision of law. 

      (P.A. 77-228, S. 7; P.A. 78-216, S. 6, 7; P.A. 80-67, S. 4; P.A. 87-9, S. 2, 3; P.A. 88-14; P.A. 90-184, S. 4; P.A. 94-122, S. 244, 340; P.A. 02-111, S. 21.) 

      History:  P.A. 78-216 revised requirements re records to be maintained in Subsec. (a); P.A. 80-67 authorized examination of books and records in Subsec. (b) and added Subsec. (c); (Revisor’s note: Pursuant to P.A. 87-9 “banking commissioner” was changed editorially by the Revisors to “commissioner of banking”); P.A. 88-14 amended Subsec. (c) and added a new Subsec. (d) re record retention schedule; P.A. 90-184 amended Subsec. (a) by requiring records of secondary mortgage loan transactions to include the original or an exact copy of the contract or other evidence of indebtedness and the name and address of the broker, if any, involved in the transaction, and amended Subsec. (b) by authorizing a representative of the commissioner of banking to examine books and records of licensees; P.A. 94-122 deleted Subsec. (b) re examination of books and records, relettered Subsecs. (c) and (d) as Subsecs. (b) and (c) and made technical changes, effective January 1, 1995; Sec. 36-224g transferred to Sec. 36a-516 in 1995; P.A. 02-111 amended Subsec. (a) by specifying that records of each loan transaction shall be maintained and be made available at the place of business named in the license, adding “mortgage” in Subdivs. (1), (3) and (6) and “secondary mortgage” in Subdiv. (6) and by making technical changes, amended Subsec. (b) by extending record retention period for licensees who make or service loans from one to two years following final payment or assignment and by making technical changes, and amended Subsec. (c) by deleting reference to licensee acting as a broker and substituting “mortgage lender or secondary mortgage broker but does not service the loan” and by making technical changes. 
 

      Sec. 36a-517.  (Formerly Sec. 36-224h).  Suspension, revocation or refusal to renew license or registration.  (a) (1) The commissioner may suspend, revoke or refuse to renew any license, in accordance with section 36a-51, for any reason which would be sufficient grounds for the commissioner to deny an application for a license under sections 36a-510 to 36a-524, inclusive, or if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has done any of the following:  (A) Made any material misstatement in the application; (B) committed any fraud, misappropriated funds or misrepresented, concealed, suppressed, intentionally omitted or otherwise intentionally failed to disclose any of the material particulars of any secondary mortgage loan transaction, including disclosures required by part III of chapter 669 or regulations adopted pursuant thereto, to anyone entitled to such information; (C) violated any of the provisions of this title, or of any regulations adopted pursuant thereto or any other law or regulation applicable to the conduct of its business; or (D) failed to perform any agreement with a licensee or a borrower. 

      (2)  The commissioner may suspend, revoke or refuse to renew any registration of an originator, in accordance with the provisions of section 36a-51, for any reason which would be sufficient grounds for the commissioner to deny an application for a registration under sections 36a-510 to 36a-524, inclusive, or if the commissioner finds that the registrant has committed any fraud, misappropriated funds or misrepresented any of the material particulars of any secondary mortgage loan transaction. 

      (b)  Whenever it appears to the commissioner that any person has violated, is violating or is about to violate any of the provisions of sections 36a-510 to 36a-524, inclusive, or any licensee has failed to perform any agreement with a borrower, the commissioner may take action against such person or licensee in accordance with section 36a-50. 

      (P.A. 77-228, S. 8; P.A. 80-67, S. 5; P.A. 82-174, S. 1, 14; P.A. 86-403, S. 76, 132; P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; P.A. 94-122, S. 245, 340; P.A. 00-61, S. 3, 9; P.A. 02-111, S. 22.) 

      History:  P.A. 80-67 specified that commissioner may suspend, revoke etc. license “for any reason which would be sufficient grounds for the commissioner to deny an application under this chapter” in Subsec. (a), specified “intentional” omission or failure to disclose information in Subdiv. (2) “including disclosures required by chapter 657 or regulations adopted thereto”, added reference to chapters 647a, 657, 657a, 659 and 660 and substituted “adopted” for “promulgated” in Subdiv. (3) and added Subsec. (b); P.A. 82-174 amended Subsec. (b) by deleting a provision authorizing the commissioner to issue cease and desist orders and added Subsec. (c) containing new provisions re issuance of cease and desist orders; P.A. 86-403 amended Subsec. (a) to delete reference to Chapters 657a and 660 and to add reference to Secs. 46a-65 to 46a-67 and 46a-98; P.A. 88-230 replaced “judicial district of Hartford-New Britain” with “judicial district of Hartford”, effective September 1, 1991; P.A. 90-98 changed the effective date of P.A. 88-230 from September 1, 1991, to September 1, 1993; P.A. 93-142 changed the effective date of P.A. 88-230 from September 1, 1993, to September 1, 1996, effective June 14, 1993; P.A. 94-122 deleted Subsec. (c) re cease and desist provisions and made technical changes, effective January 1, 1995; Sec. 36-224h transferred to Sec. 36a-517 in 1995; P.A. 00-61 amended Subsec. (a)(4) by replacing “a written agreement” with “any agreement” and amended Subsec. (b) by adding language re licensee’s failure to perform an agreement with a borrower, effective July 1, 2000; P.A. 02-111 amended Subsec. (a) by designating existing provisions as Subdiv. (1) and, within said Subdiv., redesignating existing Subdivs. (1) to (4) as Subparas. (A) to (D), replacing “owner” with “proprietor”, adding reference to misappropriated funds in Subpara. (B), replacing former statutory references with reference to “this title” and adding provision re other law or regulation applicable to the conduct of business in Subpara. (C) and adding reference to licensee in Subpara. (D), and by adding new Subdiv. (2) re commissioner’s authority to suspend, revoke or refuse to renew registration of originator. 
 

 Sec. 36a-518.  (Formerly Sec. 36-224i).  Regulations.  Section 36a-518 is repealed, effective October 1, 2002. 

      (P.A. 77-228, S. 9; P.A. 02-111, S. 51.) 
 

      Sec. 36a-519.  (Formerly Sec. 36-224j).  Prepayment penalties.  In any transaction subject to part III of chapter 669, no mortgage lender licensee shall impose any charge as a penalty for the prepayment of principal of a secondary mortgage loan which exceeds five per cent of the balance prepaid, provided no penalty shall be imposed for any prepayment occurring more than three years after the date of such loan. 

      (P.A. 80-67, S. 6; P.A. 94-122, S. 246, 340; P.A. 02-111, S. 23, P.A. 03-61, S. 1.) 

      History:  P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-224j transferred to Sec. 36a-519 in 1995; P.A. 02-111 substituted “secondary” for “second”. 
 

      Sec. 36a-520.  (Formerly Sec. 36-224k).  Release of secondary mortgage.  Notice of loan balance.  (a) Each licensee shall deliver to the mortgagor a release of a secondary mortgage:  (1) Upon receipt by such licensee of cash or a certified check in the amount of the outstanding balance of the obligation secured by such mortgage; or (2) upon payment by the payor bank, as defined in section 42a-4-105, of any check which is payable to such licensee or its assignee in the amount of the outstanding balance of the obligation secured by such mortgage. 

      (b)  Each licensee shall advise any person designated by the mortgagor of the amount of the outstanding balance of the obligation secured by the secondary mortgage granted to such licensee no later than the second business day after the licensee receives a request for such information. 

      (P.A. 80-67, S. 7; P.A. 02-111, S. 24.) 

      History:  Sec. 36-224k transferred to Sec. 36a-520 in 1995; P.A. 02-111 substituted “secondary” for “second” in Subsecs. (a) and (b). 
 

      Sec. 36a-521.  (Formerly Sec. 36-224l).  Limitation on prepaid finance charges.  Demand for payment prior to maturity.  Liability of mortgage lender to borrower for noncompliance.  Refundability of advance fees.  Exceptions.  (a) No person engaged in the secondary mortgage loan business in this state as a mortgage lender, or a secondary mortgage broker, including any licensee under sections 36a-510 to 36a-524, inclusive, and any person who is exempt from licensing under section 36a-512, may (1) charge, impose or cause to be paid, directly or indirectly, in connection with any secondary mortgage loan transaction, prepaid finance charges that exceed in the aggregate eight per cent of the principal amount of the loan, or (2) include in the loan agreement under which prepaid finance charges have been assessed any provision which permits the mortgage lender to demand payment of the entire loan balance prior to the scheduled maturity, except that such loan agreement may contain a provision which permits the mortgage lender to demand payment of the entire loan balance if any scheduled installment is in default for more than sixty days or if any condition of default set forth in the mortgage note exists.  For purposes of this section, “prepaid finance charge” has the meaning given to that term in section 36a-746a. 

      (b)  Any mortgage lender who fails to comply with the provisions of this section shall be liable to the borrower in an amount equal to the sum of:  (1) The amount by which the total of all prepaid finance charges exceeds eight per cent of the principal amount of the loan; (2) eight per cent of the principal amount of the loan or two thousand five hundred dollars, whichever is less; and (3) the costs incurred by the borrower in bringing an action under this section, including reasonable attorney’s fees, as determined by the court, provided no such mortgage lender shall be liable for more than the amount specified in this subsection in a secondary mortgage loan transaction involving more than one borrower. 

      (c)  Except as provided in subsection (e) of this section, every advance fee paid or given, directly or indirectly, to a mortgage lender or secondary mortgage broker required to be licensed pursuant to sections 36a-510 to 36a-524, inclusive, shall be refundable. 

      (d)  No originator required to be registered pursuant to sections 36a-510 to 36a-524, inclusive, shall accept payment of any advance fee except an advance fee on behalf of a licensee.  Nothing in this subsection shall be construed as prohibiting the licensee from paying an originator all or part of an advance fee, provided such advance fee paid is not refundable under this section. 

      (e)  Subsection (c) of this section shall not apply if:  (1) The person providing the advance fee and the licensee agree, in writing, that the advance fee shall not be refundable, in whole or in part; and (2) the written agreement complies in all respects with the provisions of subsection (f) of this section. 

      (f)  An agreement under subsection (e) of this section shall meet all of the following requirements to be valid and enforceable:  (1) The agreement shall be dated, signed by both parties, and be executed prior to the payment of any advance fee; (2) the agreement shall expressly state the total advance fee required to be paid and any amount of the advance fee that shall not be refundable; (3) the agreement shall clearly and conspicuously state any conditions under which the advance fee will be retained by the licensee; (4) the term “nonrefundable” shall be used to describe each advance fee or portion thereof to which the term is applicable and shall appear in boldface type in the agreement each time it is used; and (5) the form of the agreement shall (A) be separate from any other forms, contracts or applications utilized by the licensee, (B) contain a heading printed in a size equal to at least ten-point boldface type that shall title the form “AGREEMENT CONCERNING NONREFUNDABILITY OF ADVANCE FEE”, (C) provide for a duplicate copy, which shall be given to the person paying the advance fee at the time of payment of the advance fee, and (D) include such other specifications as the commissioner may by regulation prescribe. 

      (g)  An agreement under subsection (e) of this section that does not meet the requirements of subsection (f) of this section shall be voidable at the election of the person paying the advance fee. 

      (P.A. 83-460, S. 1—3; P.A. 84-69, S. 1, 3; P.A. 90-184, S. 5; P.A. 91-306, S. 6; P.A. 92-132, S. 2, 5; P.A. 93-130, S. 2, 3; P.A. 01-34, S. 14; P.A. 02-12, S. 3; 02-111, S. 25, P.A. 03-61, S. 2.) 

      History:  P.A. 84-69 repealed section 2 of public act 83-460, which was originally slated for codification as Subsec. (b) of this section, and incorporated its language in section 1 of public act 83-460, i.e., this section, by amendment; P.A. 90-184 designated former section as Subsec. (a), provided that limitation on charges and restriction on demand for payment prior to maturity applies to any person engaged in the secondary mortgage loan business in this state as a lender or a broker, and added Subsec. (b) re liability of lender to borrower for noncompliance with provisions of section; P.A. 91-306 amended Subsec. (a) by adding broker’s fees or commissions for which the borrower may be obligated to the limitation on fees and charges in Subdiv. (1); P.A. 92-132 added Subsecs. (c) to (f), inclusive, concerning the refundability of advance fees; P.A. 93-130 decreased from “ten” to “eight” the amount by which the total of all loan fees, points, commissions, transaction fees, other prepaid finance charges and broker’s fees and commission exceed the principal amount of the loan, effective July 1, 1993; Sec. 36-224l transferred to Sec. 36a-521 in 1995; (Revisor’s note: In 1997 a reference in Subsec. (a) to “sections 36a-510 to 361-524,” was changed editorially by the Revisors to “sections 36a-510 to 36a-524,” thereby correcting a clerical error which occurred during the preparation of the 1995 revision); P.A. 01-34 amended Subsec. (a) by excepting time-price differential from list of fees; P.A. 02-12 amended Subsec. (a) by deleting “as an incident to or a condition of the extension of credit” and added “connection with”, deleting “any loan fees, points, commissions, transaction fees or similar prepaid finance charges determined in accordance with sections 36a-675 to 36a-685, inclusive, and regulations adopted thereunder, except the time-price differential, which, when added to any broker’s fee or commission for which the borrower may be obligated,” and added “prepaid finance charges that”, adding “For purposes of this section, “prepaid finance charge” has the meaning given to that term in section 36a-746a.” and making technical and conforming changes, effective April 22, 2002; P.A. 02-111 replaced references to “lender” and “broker” with references to “mortgage lender” and “secondary mortgage broker” throughout, amended Subsec. (c) by adding provisions re advance fee paid or given, directly or indirectly, to lender or broker required to be licensed, added new Subsec. (d) re acceptance of advance fee by originator, redesignated existing Subsecs. (d) to (f) as Subsecs. (e) to (g) and made technical changes throughout. 

      Annotations to former section 36-224l:

      Cited. 223 C. 80—82, 85—87, 93, 94, 103—105, 107, 109—116.

      Subsec. (a):

      Cited. 223 C. 80, 103, 105.

      Cited. 27 CA 628, 629, 631.

      Subsec. (b):

      Cited. 223 C. 80, 105.

      Annotations to present section:

      Cited. 41 CA 754, 757, 758, 764—767. P.A. 93-130 cited. Id.

      Subsec. (a):

      Cited. 41 CA 754, 765. 
 

      Sec. 36a-522.  (Formerly Sec. 36-224m).  Mortgage deeds.  Any mortgage deed to secure a secondary mortgage loan that is recorded in the land records of any town shall contain the word “Mortgage” in the heading, either in capital letters or underscored, and shall contain the principal amount of the loan. 

      (P.A. 90-184, S. 6.) 

      History:  Sec. 36-224m transferred to Sec. 36a-522 in 1995. 
 

      Sec. 36a-523.  (Formerly Sec. 36-224n).  Applications and referrals from unlicensed secondary mortgage brokers.  No person engaged in the business of making secondary mortgage loans in this state, whether licensed in accordance with the provisions of sections 36a-510 to 36a-524, inclusive, or exempt from licensing, shall accept applications or referral of applicants from, or pay a fee to, any secondary mortgage broker who is required to be licensed under said sections but is not licensed to act as such by the commissioner, if the lender has actual knowledge that the broker is not licensed by the commissioner. 

      (P.A. 91-306, S. 4; P.A. 94-122, S. 247, 340; P.A. 02-111, S. 26.) 

      History:  P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-224n transferred to Sec. 36a-523 in 1995; P.A. 02-111 substituted “business of making secondary mortgage loans” for “secondary mortgage loan business”, deleted “as a lender”, and replaced reference to “broker” with reference to “secondary mortgage broker”. 
 

      Sec. 36a-524.  (Formerly Sec. 36-224o).  Advertisements.  No person licensed pursuant to section 36a-513 shall: 

      (1)  Advertise or cause to be advertised in this state, any secondary mortgage loan in which such person intends to act only as a secondary mortgage broker unless the advertisement includes the following statement, clearly and conspicuously expressed:  BROKER ONLY, NOT A LENDER; or 

      (2)  In connection with an advertisement in this state, use (A) a simulated check; (B) a comparison between the loan payments under the secondary mortgage loan offered and the loan payments under a hypothetical loan or extension of credit, unless the advertisement includes, with respect to both the hypothetical loan or extension of credit and the secondary mortgage loan being offered, the interest rate, the loan balance, the total amount of finance charges, the total number of payments and the monthly payment amount that would be required to pay off the outstanding loan balance shown; (C) representations such as “verified as eligible”, “eligible”, “preapproved”, “prequalified” or similar words or phrases, without also disclosing, in immediate proximity to and in similar size print, language which sets forth prerequisites to qualify for the secondary mortgage loan, including, but not limited to, income verification, credit check, and property appraisal or evaluation; or (D) any words or symbols in the advertisement or on the envelope containing the advertisement that give the appearance that the mailing was sent by a government agency. 

      (P.A. 91-306, S. 5; P.A. 94-122, S. 248, 340; P.A. 99-63, S. 5; P.A. 02-111, S. 27.) 

      History:  P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-224o transferred to Sec. 36a-524 in 1995; P.A. 99-63 designated existing provisions as Subdiv. (1), changing “in any medium” to “in this state” and making technical changes, and added Subdiv. (2) re advertising restrictions; P.A. 02-111 amended Subdiv. (1) to replace reference to “broker” with reference to “secondary mortgage broker”. 
 

      Secs. 36a-525 to 36a-534.  Reserved for future use. 
 
 

(C) 

GENERAL PROVISIONS 

      Sec. 36a-534a.  Notice of discriminatory lending practices.  Violation as grounds for license suspension, revocation or nonrenewal.  (a) Any first mortgage broker or mortgage lender, as defined in section 36a-485 and licensed pursuant to section 36a-486, and any secondary mortgage broker or mortgage lender, as defined in section 36a-510 and licensed pursuant to section 36a-511, shall notify the commissioner by written affidavit if any such broker or lender, as a result of a transaction in which such broker or lender was involved, reasonably believes that the lending practices of a financial institution or federal bank violate section 36a-737 or 46a-66.  Such broker or lender shall provide the commissioner with any written document containing lending restrictions which a financial institution or federal bank has provided to such broker or lender.  In the event the commissioner finds that there is a reasonable basis for said notification, the commissioner shall notify the Commission on Human Rights and Opportunities of said notification and the action the commissioner plans to take with respect thereto. 

      (b)  The commissioner may suspend, revoke or refuse to renew the license of any such broker or lender who violates subsection (a) of this section. 

      (P.A. 98-221; P.A. 99-36, S. 31; P.A. 02-111, S. 28.) 

      History:  P.A. 99-36 made technical changes; P.A. 02-111 amended Subsec. (a) by adding references to “first” mortgage broker, “secondary mortgage” broker and “mortgage” lender and made a technical change in Subsec. (b). 
 

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