Title 36a — Title 36a: The Banking Law of Connecticut

Sec. 36a-699a. Written summary of consumer's rights. Each written summary of a consumer's rights under state and federal consumer credit reporting statutes shall be in a form substantially similar to the following: “You have a right to obtain a copy of your credit file from a cre…

Sec. 36a-699b. Dispute by consumer re completeness or accuracy of information. (a) If the completeness or accuracy of any item of information contained in any credit file of a credit rating agency is disputed by the consumer, the consumer may notify, in writing, the credit rating…

Sec. 36a-699c. Procedures by credit rating agency to assure accuracy. Each credit rating agency shall maintain reasonable procedures to assure maximum possible accuracy of the information concerning the consumer and to avoid the reinsertion of previously deleted information witho…

Sec. 36a-699d. Credit report for use in credit transaction not initiated by consumer. (a) A credit rating agency shall not provide a credit report for use in a credit transaction which is not initiated by the consumer if the consumer notifies, in writing, the credit rating agency…

Sec. 36a-699e. Existing consent judgment or settlement with Attorney General. Nothing in sections 36a-696 or 36a-699a to 36a-699d, inclusive, shall prohibit a credit rating agency from complying with any requirement contained in any existing consent judgment or settlement with th…

Sec. 36a-699f. Blocking of information appearing on credit report as result of identity theft. (a) A consumer, as defined in section 36a-695, who believes he or she is a victim of a violation of section 53a-129a of the general statutes, revision of 1958, revised to January 1, 200…

Sec. 36a-700. (Formerly Sec. 36-435l). Credit clinics. Definitions. Contracts. Prohibited acts. Penalties. (a) As used in this section, “credit clinic” means any person who sells, provides or performs, or who represents that such person can or will sell, provide or perform, a ser…

Sec. 36a-701. Security freeze on credit report: Definitions. As used in this section and section 36a-701a: (1) “Consumer” means any person who is utilizing or seeking credit for personal, family or household purposes; (2) “Credit rating agency” means credit rating agency, as defi…

Sec. 36a-701a. Security freeze on credit report. Timing. Disclosure of report to third party during freeze. Procedures for freeze. Refusal by credit rating agency to implement freeze. Exceptions. Prohibition on fees. (a) Any consumer may submit a written request, by certified mai…

Sec. 36a-701b. Breach of security re computerized data containing personal information. Notice of breach. Provision of identity theft prevention services and identity theft mitigation services. Delay for criminal investigation. Means of notice. Exemption from public disclosure. U…

Sec. 36a-701c. Regulations. The Banking Commissioner shall adopt regulations in accordance with chapter 54 to require credit rating agencies to provide to the Banking Commissioner dedicated points of contact through which the Department of Banking may assist consumers in the even…

Secs. 36a-702 to 36a-704. Reserved for future use. PART VI MORTGAGE PROCESSING

Sec. 36a-705. (Formerly Sec. 36-442). Definitions. As used in this section and sections 36a-706, 36a-707 and 36a-708, unless the context otherwise requires: (1) “First mortgage loan” means “first mortgage loan”, as defined in section 36a-485; (2) “Mortgage broker” means a “mortga…

Sec. 36a-706. (Formerly Sec. 36-442a). Mortgage rate lock-in. (a) Duration. (1) No mortgage lender shall commit to a first mortgage loan applicant or the applicant's representative that the lender will make the loan at a specified rate if the loan is closed by the expiration of a…

Sec. 36a-707. (Formerly Sec. 36-442b). Applicant's remedies. (a) Any mortgage lender who violates any provision of sections 36a-705 to 36a-707, inclusive, with respect to any applicant shall be liable to such applicant for all fees and charges paid by the applicant in connection …

Sec. 36a-708. Prohibited acts by mortgage brokers. No mortgage broker shall collect a rate lock-in fee, except where required by a governmental agency to be collected directly by the mortgage broker, issue a mortgage rate lock-in or otherwise represent to a first mortgage loan ap…

Secs. 36a-709 to 36a-714. Reserved for future use. PART VII MORTGAGE SERVICING

Sec. 36a-715. (Formerly Sec. 36-442m). Definitions. As used in sections 36a-715 to 36a-719l, 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 mortg…

Sec. 36a-716. (Formerly Sec. 36-442n). Escrow accounts. (a) Any mortgage servicer who receives funds from a mortgagor to be held in escrow for payment of taxes and insurance premiums shall: (1) Keep records that (A) reflect the mortgage servicer's handling of each mortgagor's esc…

Sec. 36a-717. (Formerly Sec. 36-442o). Penalties. Any mortgage servicer who violates any provision of section 36a-716 shall be liable to the mortgagor for: (1) Any penalties, interest or other charges levied by the taxing authority or insurance company as a result of such violati…

Sec. 36a-718. (Formerly Sec. 36-442p). Licenses required. Exemptions. (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 ea…

Sec. 36a-719. Mortgage servicer license. Issuance. Application. Criminal history records checks. Renewal standards. Automatic suspension of license. Abandonment of application. Schedule and report. Unique identifier of license. Advertising of license. (a) The commissioner shall i…

Sec. 36a-719a. License not assignable or transferable. Change in any control persons. Surrender of license. Change of name or address. Required filings on system or notification of commissioner. Automatic suspension of license. (a) A mortgage servicer license shall not be transfe…

Sec. 36a-719b. Expiration of license. Application for renewal. Fees. (a) Each mortgage servicer license shall expire at the close of business on December thirty-first of the year in which it is approved, unless such license is renewed, and provided any such license that is approv…

Sec. 36a-719c. Surety bond, fidelity bond and errors and omissions coverage. Cancellation. Automatic suspension of license. Notices. (a) Each mortgage servicer applicant or licensee and any person exempt from mortgage servicer licensure pursuant to subdivision (4) of subsection (…

Sec. 36a-719d. Records to be maintained by licensee. (a) Each mortgage servicer licensee and person exempt from licensure pursuant to subdivision (4) or (5) of subsection (b) of section 36a-718 shall maintain adequate records of each residential mortgage loan transaction at the o…

Sec. 36a-719e. Disclosure of notice and schedule of ranges and categories of costs and fees. Upon assignment of servicing rights on a residential mortgage loan, the mortgage servicer shall disclose to the mortgagor: (1) Any notice required by the Real Estate Settlement Procedures…

Sec. 36a-719f. Compliance with federal laws and regulations. A mortgage servicer shall comply with all applicable federal laws and regulations relating to mortgage loan servicing, including, but not limited to, the Real Estate Settlement Procedures Act of 1974, 12 USC Section 260…

Sec. 36a-719g. Fee schedule. Imposition of late fee or delinquency charge. (a) A mortgage servicer shall maintain and keep current a schedule of fees that it charges mortgagors for its servicing-related activities. The schedule shall identify each fee, provide a plain English exp…

Sec. 36a-719h. Prohibited acts. Duty to establish, enforce and maintain policies and procedures for compliance. (a) No mortgage servicer shall, directly or indirectly: (1) Employ any scheme, device or artifice to defraud or mislead mortgagors or mortgagees or to defraud any perso…

Sec. 36a-719i. Authority of commissioner re investigations and examinations. Prohibited acts by subjects of investigation or examination. Section 36a-719i is repealed, effective October 1, 2018. (P.A. 14-89, S. 14; P.A. 18-173, S. 102.)

Sec. 36a-719j. Suspension, revocation or refusal to renew license or taking of other action. Removal from office and from employment or retention. Temporary order to cease business. (a) The commissioner may suspend, revoke or refuse to renew any mortgage servicer license or take …

Sec. 36a-719k. Regulations. The Banking Commissioner may adopt such regulations, in accordance with chapter 54, as the commissioner deems necessary to administer and enforce the provisions of sections 36a-715 to 36a-719l, inclusive. (P.A. 14-89, S. 16.)

Sec. 36a-719l. Exemptions. The provisions of sections 36a-718 to 36a-719h, inclusive, shall not apply to (1) a person exempt from licensure as a mortgage lender or mortgage correspondent lender pursuant to subsection (b) of section 36a-487 while servicing residential mortgage loa…

Sec. 36a-720. Capital and liquidity requirements of covered institutions. Policies and procedures. Board of directors. External audit. Risk management program. Commissioner's authority re investigation, inquiry or examinations. (a) For purposes of this section: (1) “Covered insti…

Secs. 36a-721 to 36a-724. Reserved for future use. PART VIII MORTGAGE INSURANCE

Sec. 36a-725. (Formerly Sec. 36-442aa). Definitions. As used in this section and section 36a-726, unless the context otherwise requires: (1) “First mortgage loan” means any loan made to an individual, the proceeds of which are to be used primarily for personal, family or househol…

Sec. 36a-726. (Formerly Sec. 36-442bb). Disclosure required. (a) Any mortgage lender who requires a borrower to pay for mortgage insurance as a condition of obtaining a first mortgage loan shall disclose to the applicant in writing at the time the first mortgage loan application …

Secs. 36a-727 to 36a-734. Reserved for future use. PART IX HOME MORTGAGE DISCLOSURE

Sec. 36a-735. (Formerly Sec. 36-443). Short title: Home Mortgage Disclosure Act. Sections 36a-735 to 36a-744, inclusive, shall be known and may be cited as the “Home Mortgage Disclosure Act”. (P.A. 77-153, S. 1; P.A. 94-122, S. 315, 340.) History: P.A. 94-122 made a technical cha…

Sec. 36a-736. (Formerly Sec. 36-444). Definitions. As used in sections 36a-735 to 36a-744, inclusive, unless the context otherwise requires: (1) “Applicant” means any person who applies for a home purchase loan, home improvement loan or other mortgage loan as defined in sections …

Sec. 36a-737. (Formerly Sec. 36-445). Discrimination in making of home purchase, home improvement and mortgage loans. Applications submitted by members of reserves or National Guard. (a) No financial institution and no federal bank or federal credit union shall discriminate, on a…

Sec. 36a-738. (Formerly Sec. 36-446). Disclosure requirements for financial institutions. A financial institution shall comply with all applicable provisions of the federal Home Mortgage Disclosure Act, and, in addition, shall report on the federal Home Mortgage Disclosure Act lo…

Sec. 36a-739. (Formerly Sec. 36-448). Reports by financial institutions. Filing requirements. A financial institution which is required to provide the commissioner with information pursuant to section 36a-738 and which fails to submit such information on the date required shall b…

Sec. 36a-740. (Formerly Sec. 36-449). Violations by financial institutions. Rights of loan applicant. Any applicant who has been discriminated against as a result of a violation of section 36a-737 and the regulations adopted pursuant to sections 36a-735 to 36a-744, inclusive, may…

Sec. 36a-741. (Formerly Sec. 36-451). Cease and desist order. Enforcement action. (a) If the commissioner finds that a financial institution is violating the provisions of sections 36a-735 to 36a-744, inclusive, the commissioner shall order the institution to cease and desist fro…

Sec. 36a-742. (Formerly Sec. 36-452). Protection of confidentiality of an individual's financial status. To insure and protect the confidential nature of an individual's financial status, no provision of sections 36a-735 to 36a-744, inclusive, shall be construed as requiring any …

Sec. 36a-743. (Formerly Sec. 36-454). Commissioner to analyze home financing. The commissioner shall analyze the practices and actions of the financial institutions in the home financing area in relationship to its customers and to the housing needs and conditions of the state. (…

Sec. 36a-744. (Formerly Sec. 36-455). Regulations. The commissioner may adopt, in accordance with the provisions of chapter 54, such regulations as the commissioner deems necessary for the proper operation and enforcement of sections 36a-735 to 36a-743, inclusive. (P.A. 77-153, S…

Sec. 36a-745. Reserved for future use. PART IXa CONNECTICUT ABUSIVE HOME LOANLENDING PRACTICES ACT