The act will amend various sections of the general statutes, affecting statutory provisions related to mortgage lenders, brokers, and servicers. It aims to redefine important terms such as 'sales finance company' and establish clearer procedures for registering as an exempt mortgage servicer. Furthermore, it outlines the requirements for timelines and associated fees for registrants exempt from licensing, aiming to create a more consistent regulatory framework while emphasizing adequate safeguards against fraud and mismanagement in the consumer credit domain.
Summary
SB00187, referred to as the Act Concerning Consumer Credit, proposes significant revisions to the regulatory landscape surrounding mortgage servicers and other entities involved in consumer credit within Connecticut. One of the main objectives of the bill is to modernize and streamline the processes associated with the cancellation of surety bonds for mortgage-related licenses, allowing for electronic submissions. This change is designed to facilitate better compliance and monitoring of the mortgage servicing industry, addressing concerns over accountability and transparency.
Contention
There may be points of contention surrounding the bill, primarily revolving around the balance of regulatory authority and consumer protection. Supporters might argue that streamlining regulations will enhance operational efficiency for mortgage servicers and reduce costs, benefiting consumers in the long term. Conversely, critics could raise concerns that loosening regulatory constraints might expose consumers to risks, particularly in the areas of debt negotiation and student loans, where lack of oversight could lead to predatory practices.
An Act Concerning Consumer Credit, Certain Bank Real Estate Improvements, The Connecticut Uniform Securities Act, Shared Appreciation Agreements, Innovation Banks, The Community Bank And Community Credit Union Program And Technical Revisions To The Banking Statutes.
An Act Concerning Mortgage Servicers, Connecticut Financial Institutions, Consumer Credit Licenses, The Foreclosure Mediation Program, Minor Revisions To The Banking Statutes, The Modernization Of Corporation Law And Reverse Mortgage Transactions.
An Act Implementing The Department Of Banking's Recommended Changes To The Banking Statutes Concerning Financial Institutions And Consumer Credit Licenses.
An Act Concerning Consumer Credit, Certain Bank Real Estate Improvements, The Connecticut Uniform Securities Act, Shared Appreciation Agreements, Innovation Banks, The Community Bank And Community Credit Union Program And Technical Revisions To The Banking Statutes.
An Act Concerning Connecticut Financial Institutions, Martin Luther King, Jr. Corridors, Money Transmission In The State And Fiduciary Duties Of Mortgage Servicers, Lead Generators, Technical Revisions To The Connecticut Uniform Securities Act, Retail Installment Sales Financing, Advance Rental Payments, Protecting Tenants In Foreclosure, Assessments And Technical Changes To The Mortgage Servicing Statutes.