Login to NMLS
   
Skip Navigation Links
State Licensing Requirements
Multistate MSB Licensing Agreement Program
Common Requirements
Annual Renewal
Advance Change Notice
Electronic Surety Bond
Financial Statements
Policy
Professional Standards
Mortgage Call Report
Money Services Businesses Call Report
Temporary Authority to Operate
Uniform Authorized Agent Reporting
Resources & Support
Quick Guides - Company
Quick Guides - Individual
Report Samples
NMLS Call Center Information
Account Administration
Policy/Help Documents
NMLS Expanded Industries

 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Cashing License This license is required of any person engaged in the business of cashing checks, drafts or money orders for consideration must first obtain a license to operate a general facility. “General facility” means a facility at a fixed location where a licensee may engage in the business of cashing checks, drafts or money orders and which is open to the general public for at least six hours per day four days per week.
Consumer Collection Agency License “Consumer collection agency” means any person (A) engaged as a third party in the business of collecting or receiving for payment for others of any account, bill or other indebtedness from a consumer debtor, (B) engaged directly or indirectly in the business of collecting any account, bill or other indebtedness from a consumer debtor for such person’s own account if the indebtedness was acquired from another person and if the indebtedness was either delinquent or in default at the time it was acquired, or (C) engaged in the business of collecting or receiving for payment property tax from a property tax debtor on behalf of a municipality, including any person who, by any device, subterfuge or pretense, makes a pretended purchase or takes a pretended assignment of accounts from any other person or municipality of such indebtedness for the purpose of evading the provisions of sections 36a-800 to 36a-810, inclusive. It includes persons who furnish collection systems carrying a name which simulates the name of a consumer collection agency and who supply forms or form letters to be used by the creditor, even though such forms direct the consumer debtor or property tax debtor to make payments directly to the creditor rather than to such fictitious agency. “Consumer collection agency” further includes any person who, in attempting to collect or in collecting such person’s own accounts or claims from a consumer debtor, uses a fictitious name or any name other than such person’s own name which would indicate to the consumer debtor that a third person is collecting or attempting to collect such account or claim.
Debt Adjuster For-Profit License “Debt adjustment” means, for or with the expectation of a fee, commission or other valuable consideration, receiving, as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor.
Debt Adjuster Non-Profit License “Debt adjustment” means, for or with the expectation of a fee, commission or other valuable consideration, receiving, as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor.
Debt Negotiation License "Debt negotiation" means, for or with the expectation of a fee, commission or other valuable consideration, assisting a debtor in negotiating or attempting to negotiate on behalf of a debtor the terms of a debtor's obligations with one or more mortgagees or creditors of the debtor, including the negotiation of short sales of residential property or foreclosure rescue services.
Exempt Company Registration This registration is available for any person exempt from licensure as a mortgage lender, mortgage correspondent lender, or mortgage broker with a need to sponsor and bond its mortgage loan originators, or a need to sponsor its loan processors/underwriters. (More Details)
Lead Generator License This license is required for any person or entity who, for compensation or gain: sells, assigns or otherwise transfers one or more leads for a residential mortgage loan; generates or augments one or more leads for another person; or directs a consumer to another person for a residential mortgage loan by performing marketing services, including, but not limited to, online marketing, direct response advertising or telemarketing. "Lead" means any information identifying a potential consumer of a residential mortgage loan. On and after January 1, 2018, no person shall, directly or indirectly, act as a lead generator without first obtaining a license under section 36a-489, as amended by Public Act No. 17-38, unless such person is exempt from licensure.
Money Transmission License “Money transmission” means engaging in the business of issuing or selling payment instruments or stored value, receiving money or monetary value for current or future transmission or the business of transmitting money or monetary value within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer.
Mortgage Broker License This license is required for any person or entity who, for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan, which is secured by a mortgage on an interest in one-to-four family owner-occupied residential property located in Connecticut, that is to be made by a mortgage lender, whether or not the mortgage lender is required to be licensed under Connecticut law.
Mortgage Correspondent Lender License This license is required for any person or entity who is engaged in the business of making residential mortgage loans, or issuing extensions of credit, in their own name which are secured by a mortgage on an interest in one-to-four family owner-occupied residential property located in Connecticut where the loans are not held by such person or entity for more than 90 days and are funded by another person or entity through a warehouse agreement, table funding agreement or similar agreement.
Mortgage Lender License This license is required for any person or entity who is engaged in the business of making residential mortgage loans, or issuing extensions of credit, in their own name utilizing their own funds or by funding loans through a warehouse agreement, table funding agreement or similar agreement, which are secured by a mortgage on an interest in one-to-four family owner occupied residential property located in Connecticut.
Mortgage Servicer License This license is required for any person, who directly or indirectly, services mortgage loans by receiving payments of principal and interest, recording payments and performing other administrative functions as may be necessary including, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of such funds to the taxing authority and insurance company. This includes any person who owns servicing rights but contracts out the servicing functions and any person who makes payments to borrowers pursuant to the terms of a equity conversion mortgage or reverse mortgage.
Sales Finance Company License “Sales finance company” means any person engaging in this state in the business, in whole or in part, of acquiring retail installment contracts from retail sellers, or installment loan contracts from the holders thereof, by purchase, discount or pledge, or by loan or advance to the holder of either on the security thereof, or otherwise.
Small Loan Company License This license is required of any person engaging in the business of making loans of money or credit through any method, including but not limited to, mail, telephone, Internet or any electronic means, in the amount of or to the value of fifteen thousand dollars or less, and charging, contracting for, or receiving a greater rate of interest, charge or consideration than 12% per annum. It includes any person making, offering, brokering, or assisting a borrower in Connecticut to obtain such loan, or a person who, in whole or in part, arranges such loans through a third party or acts as an agent for a third party, regardless of whether approval, acceptance or ratification by the third party is necessary to create a legal obligation for the third party. (More Details)
Student Loan Servicer License Any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower is required to have this license. “Servicing” means receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan; applying the payments of principal and interest and such other payments with respect to the amounts received from a student loan borrower, as may be required pursuant to the terms of a student education loan; and performing other administrative services with respect to a student education loan. “Student loan borrower” and “Student education loan” is further defined in Section 36a-846 of the Connecticut General Statutes.
Branch Licenses Description Requirements Checklist
Check Cashing Branch License – General Facility This license is required if the company already has a general facility main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as either a general facility branch office or a limited facility branch office. This describes a general facility branch. “General facility” means a facility at a fixed location where a licensee may engage in the business of cashing checks, drafts or money orders and which is open to the general public for at least six hours per day four days per week.
Check Cashing Branch License – Limited Facility This license is required if the company already has a general facility main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as either a general facility branch office or a limited facility branch office. This describes a limited facility branch. “Limited facility” means a mobile facility, where on no more than two days per week, on property occupied by an employer, a licensed operator of a general facility may, under written contract with such employer, engage in the business of cashing payroll checks for the employees of the employer.
Consumer Collection Agency Branch License This license is required if the company already has a main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as a branch office.
Debt Adjuster For-Profit Branch License This license is required if the company already has a main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as a branch office.
Debt Adjuster Non-Profit Branch License This license is required if the company already has a main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as a branch office.
Debt Negotiation Branch License This license is required if the company already has a main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as a branch office.
Mortgage Broker Branch License This license is required for any Connecticut Mortgage Broker Licensee who, for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan, which is secured by a mortgage on an interest in one-to-four family owner-occupied residential property located in Connecticut, that is to be made by a mortgage lender, whether or not the mortgage lender is required to be licensed under Connecticut law.
Mortgage Correspondent Lender Branch License This license is required for any Connecticut Mortgage Correspondent Lender Licensee who, through a branch office, engages in the business of making loans or issuing extensions of credit, in their own name which are secured by a mortgage on an interest in one-to-four family owner occupied residential property located in Connecticut where the loans are not held by such person or entity for more than 90 days and are funded by another person or entity through a warehouse agreement, table funding agreement or similar agreement.
Mortgage Lender Branch License This license is required for any Connecticut Mortgage Lender Licensee who, through a branch office, engages in the business of making loans or issuing extensions of credit which are secured by a mortgage on an interest in one-to-four family owner-occupied residential property located in Connecticut.
Mortgage Servicer Branch License This license is required for any person who, through a branch office, directly or indirectly, services mortgage loans by receiving payments of principal and interest, recording payments and performing other administrative functions as may be necessary including, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of such funds to the taxing authority and insurance company. This includes any person who owns servicing rights but contracts out the servicing functions and any person who makes payments to borrowers pursuant to the terms of a equity conversion mortgage or reverse mortgage.
Sales Finance Company Branch License This license is required if the company already has a main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as a branch office.
Small Loan Company Branch License This license is required if the company already has a main office license but plans to conduct Connecticut business at a location other than the main office, it must first license that other location as a branch office. (More Details)
Student Loan Servicer Branch License A location other than the main office at which, any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower is required to have this license. “Servicing” means receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan; applying the payments of principal and interest and such other payments with respect to the amounts received from a student loan borrower, as may be required pursuant to the terms of a student education loan; and performing other administrative services with respect to a student education loan. “Student loan borrower” and “Student education loan” is further defined in Section 36a-846 of the Connecticut General Statutes
Individual Licenses Description Requirements Checklist
Loan Processor/Underwriter License An individual who performs clerical or support duties and is either: (a) an independent contractor; or (b) an employee of any person other than: (1) a licensed mortgage lender, mortgage correspondent lender or mortgage broker; or (2) a 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; an operating subsidiary of a federal bank or a federally chartered out-of-state bank; or a wholly-owned subsidiary of a Connecticut bank or a Connecticut credit union. (More Details)
Mortgage Loan Originator License This license is required for any individual who for compensation or gain or with the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. (More Details)
 

©2019 SRR LLC       Terms of Use  |  Privacy Notice  |  SRR Home