Connecticut Seal

General Assembly

Amendment

 

January Session, 2009

LCO No. 5646

   
 

*SB0094805646SDO*

Offered by:

 

SEN. DUFF, 25th Dist.

SEN. KANE, 32nd Dist.

REP. BARRY, 12th Dist.

REP. STRIPP, 135th Dist.

 

To: Subst. Senate Bill No. 948

File No. 232

Cal. No. 205

Change the effective dates of sections 1 to 23, inclusive, to "Effective July 31, 2009. "

In line 101, bracket "36a-498a" and after the closing bracket insert "36a-498c"

In line 102, after "36a-534b," insert "as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 126, after "more" insert "of any class of voting securities; (C) in the case of a limited liability company, is a managing member; or (D) in the case of a partnership, has the right to receive upon dissolution, or has contributed, ten per cent or more"

In line 200, after the closing bracket, strike "takes a residential mortgage loan application or offers" and insert "for compensation or gain or with the expectation of compensation or gain (A) takes a residential mortgage loan application or (B) offers or negotiates terms of a residential mortgage loan. "Mortgage loan originator" does not include (i) an individual engaged solely as a loan processor or underwriter except as otherwise provided in subdivision (3) of subsection (b) of section 36a-486, as amended by this act; (ii)"

Strike lines 201 to 204, inclusive, in their entirety

In line 205, strike "behalf of a mortgage loan originator; (B)"

In line 207, strike "individual" and insert "person" in lieu thereof

In line 208, strike "mortgage correspondent lender,"

In line 210, strike "mortgage correspondent lender,"

In line 211, strike "(C)" and insert "(iii)" in lieu thereof

In line 213, strike ". For purposes of this subdivision, "administrative or" and insert "; " in lieu thereof

Strike lines 214 to 218, inclusive, in their entirety

In line 229, after "exchange", strike "or" and insert "of" in lieu thereof

In line 234, after "be" insert "registered or"

In line 249, strike "located in this state"

In line 300, strike ", by"

In line 301, strike "order or regulation, the requirements and procedures" and insert "requirements as" in lieu thereof

In line 302, strike ", including, but not limited to: (A) Applicant" and insert ", including: (A)" in lieu thereof

In line 303, strike "background" and insert "Background" in lieu thereof

In line 305, after "(B)" insert "the payment of"

In line 306, strike "license" and insert "the setting or resetting of" in lieu thereof

In line 307, strike "process" and insert "requirements" in lieu thereof

In line 312, strike "36a-498a" and insert "36a-498c" in lieu thereof, and after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 313, after "system." insert "For the purposes of implementing an orderly and efficient licensing process, the commissioner may adopt licensing regulations, in accordance with the provisions of chapter 54, and interim procedures for licensing and acceptance of applications. For previously licensed individuals, the commissioner may establish expedited review and licensing procedures."

In line 315, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 316, strike "sections 19 and 20 of this act" and insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act"

In line 322, strike "498a" and insert "498c" in lieu thereof, and before the period insert ", sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act"

In line 323, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 324, after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 325, strike "under the" and insert "for purposes of subsections (b) and (c) of section 36a-488, as amended by this act," in lieu thereof

In line 326, strike "federal S.A.F.E. Mortgage Licensing Act,"

In line 330, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 331, after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 332, before the comma insert "for purposes of subsections (b) and (c) of section 36a-488, as amended by this act"

Strike lines 375 and 376 in their entirety

In line 404, bracket "36a-498a" and after the closing bracket insert "36a-498c"

In line 405, after the comma, strike "and" and before the period insert ", as amended by this act, and sections 9 and 19 to 21, inclusive, of this act"

In line 428, insert an opening bracket before "sections"

In line 429, after "inclusive" insert a closing bracket, strike ", as amended by this act, or section 36a-534b" and insert "section 36a-489, as amended by this act" in lieu thereof

In line 435, strike "sections 36a-485 to 36a-498a, inclusive," and insert "section 36a-489, as amended by this act." in lieu thereof

Strike line 436 in its entirety

In line 437, strike "amended by this act."

In line 441, strike the brackets around "person" and strike "sponsor"

After line 478, insert the following:

"(5) Notwithstanding the licensing requirements of this subsection, an individual acting exclusively as a servicer engaging in loss mitigation efforts with respect to existing mortgage transactions is not required to meet the education, testing, background and licensing requirements applicable to mortgage loan originators until July 1, 2011, provided this extension is approved by the United States Department of Housing and Urban Development."

In line 485, bracket "36a-498a" and after the closing bracket insert "36a-498c" and strike "and section" and insert "sections 36a-534a and" in lieu thereof

In line 486, before the colon insert ", and sections 9 and 19 to 21, inclusive, of this act"

In line 499, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 500, strike "and section" and insert "sections 36a-534a and" in lieu thereof

In line 501, before the colon insert ", and sections 9 and 19 to 21, inclusive, of this act"

In line 545, bracket "with" and after the closing bracket insert "who has"

In line 546, strike the opening bracket

In line 547, before "has]" insert an opening bracket and strike "with" and insert "have" in lieu thereof

In line 553, strike "has" and insert "have" in lieu thereof

In line 581, strike "this"

In line 582, strike "chapter," and after "act," insert "sections 36a-485 to 36a-498c, inclusive, as amended by this act, sections 36a-534a and 36a-534b, as amended by this act," in lieu thereof

In line 585, after "person" insert "of the applicant"

In line 624, strike "for" and insert "of" in lieu thereof and after "persons" insert "for the system and the commissioner"

In line 636, strike "this chapter, section 36a-21, as"

In line 637, strike "amended by this act," and insert "sections 36a-485 to 36a-498c, inclusive, as amended by this act, sections 36a-534a and 36a-534b, as amended by this act," in lieu thereof

In line 685, after "(B)" insert "notwithstanding the provisions of section 46a-80,"

In line 700, strike "this"

In line 701, strike "chapter" and insert "sections 36a-485 to 36a-498c, inclusive, as amended by this act, sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act" in lieu thereof

In line 752, strike "this"

In line 753, strike "chapter" and insert "sections 36a-485 to 36a-498c, inclusive, as amended by this act, sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act" in lieu thereof

In line 790, strike "or"

In line 791, strike "the date of evaluation" and after "for" insert "an initial license or"

In line 794, strike "under" and insert "referred to in" in lieu thereof

In line 795, strike "a person" and insert "an applicant" in lieu thereof

In line 810, strike "employer" and insert "sponsor" in lieu thereof

Strike lines 815 to 819, inclusive, in their entirety and insert the following in lieu thereof:

"(5) When prelicensing education requirements described in subdivision (1) of this subsection are completed in another state, such out-of-state prelicensing education requirements shall be accepted as credit towards completion of the prelicensing education requirements of this state, provided such out-of-state prelicensing requirements are approved by the system. "

Strike lines 820 to 828, inclusive, in their entirety and insert the following in lieu thereof:

"(6) A person previously licensed under section 36a-489 of the general statutes, as amended by this act, subsequent to the applicable effective date of the prelicensing and testing requirements referred to in section 36a-489 of the general statutes, as amended by this act, applying to be licensed again shall prove that he or she completed all of the continuing education requirements for the year in which the license was last held. "

In line 829, strike "under" and insert "referred to in" in lieu thereof

Strike line 845 in its entirety and insert the following in lieu thereof: "sponsor of the applicant, any subsidiary or affiliate of the sponsor"

In line 856, strike "(c)" and insert "(C)" in lieu thereof

In line 861, strike "(d)" and insert "(c)" in lieu thereof

In line 862, strike "under" and insert "referred to in" in lieu thereof

Strike line 864 in its entirety

In line 878, strike "employer" and insert "sponsor" in lieu thereof

Strike line 879 in its entirety and insert the following in lieu thereof: "mortgage loan originator or an entity that is affiliated with the mortgage loan originator by an agency"

In line 880, strike "employer" and insert "sponsor" in lieu thereof

Strike line 887 in its entirety and insert the following in lieu thereof: "(6) A licensed mortgage loan originator who is an instructor of an approved continuing"

Strike lines 891 to 895, inclusive, in their entirety and insert the following in lieu thereof:

"(7) When education requirements described in subdivision (1) of subsection (a) of this section are completed in another state, such out-of-state education requirements shall be accepted as credit towards completion of the education requirements of this state, provided such out-of-state education requirements are approved by the system. "

In line 905, strike "(e)" and insert "(d)" in lieu thereof

In line 1009, bracket "36a-498a" and after the closing bracket insert "36a-498c"; and strike "and"

In line 1010, before the period insert ", and sections 9 and 19 to 21, inclusive, of this act"

In line 1013, bracket "(1)"

In line 1045, strike the opening bracket before "Each" and insert an opening bracket before "(2)"

In line 1130, after "licensee" insert "and, effective July 31, 2010, any mortgage loan originator who is covered by the surety bond of a mortgage lender, mortgage correspondent lender or mortgage broker,"

In line 1137, strike "36a-498a" and insert "36a-498c" in lieu thereof

Strike line 1138 in its entirety and insert the following in lieu thereof: "inclusive, as amended by this act, sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act."

In line 1216, bracket "36a-498a" and after the closing bracket insert "36a-498c"; and after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1218, after "person" and before the comma, insert "of the licensee"

In line 1236, bracket "36a-498a" and after the closing bracket insert "36a-498c"

In line 1237, after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1247, bracket "36a-498a" and after the closing bracket insert "36a-498c"; and after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

Strike lines 1258 to 1266, inclusive, in their entirety and insert the following in lieu thereof:

"(c) (1) The commissioner may remove any individual conducting business under sections 36a-485 to 36a-498c, inclusive, as amended by this act, sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act, from office and from employment or retention as an independent contractor in the mortgage business in this state whenever the commissioner finds as the result of an investigation that such person: (A) Has violated any of said sections or any regulation or order issued thereunder; or (B) for any reason that would be sufficient grounds for the commissioner to deny a license under section 36a-489, as amended by this act, by sending a"

In line 1267, strike "commissioner may send"

In line 1292, strike "subparagraphs (A) to (C), inclusive," and insert "subparagraph (A) or (B)" in lieu thereof

In line 1356, bracket "36a-498a" and after the closing bracket insert "36a-498c"

In line 1357, after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1359, bracket "36a-498a" and after the closing bracket insert "36a-498c"; and after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1399, bracket "36a-498a" and after the closing bracket insert "36a-498c"; and after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1408, bracket "36a-498a" and after the closing bracket insert "36a-498c"; and after "act," insert "sections 36a-534a and 36a-534b, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1476, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1477, after the comma strike "and"

In line 1478, after "statutes," insert "as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1489, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1490, after "act," strike "or"

In line 1491, after "act" insert "and sections 9 and 19 to 21, inclusive, of this act,"

In line 1492, strike "mortgage"

Strike line 1493 in its entirety

In line 1494, strike "mortgage loan originator" and insert "licensee, individual or person" in lieu thereof

In line 1502, strike "mortgage lender, mortgage correspondent lender," and insert "licensee, individual or person" in lieu thereof

In line 1503, strike "mortgage broker and mortgage loan originator"

In line 1504, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1505, after "act," strike "and"

In line 1506, after "act," insert "and sections 9 and 19 to 21, inclusive, of this act,"

In line 1524, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1525, after "act," strike "or"

In line 1526, after "20" insert "or 21"

Strike line 1542 in its entirety

In line 1543, strike "mortgage loan originator" and insert "licensee, individual or person" in lieu thereof; and strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1544, strike "and"

In line 1545, before the semicolon insert ", and sections 9 and 19 to 21, inclusive, of this act"

In line 1547, after the semicolon insert "and"

In line 1549, strike "mortgage lender, mortgage correspondent lender,"

In line 1550, strike "mortgage broker or mortgage loan originator" and insert "licensee, individual or person" in lieu thereof

In line 1551, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1552, after "act," strike "and"

In line 1553, after "act," insert "and sections 9 and 19 to 21, inclusive, of this act,"

In line 1556, strike "; or" and insert a period in lieu thereof

Strike lines 1557 to 1562, inclusive, in their entirety

Strike line 1564 in its entirety

In line 1565, strike "or mortgage loan originator" and insert "a licensee, individual or person" in lieu thereof; and strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1566, strike "and"

In line 1567, after "act," insert "and sections 9 and 19 to 21, inclusive, of this act,"

In line 1575, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1576, after "act," strike "and"

In line 1577, after "act," insert "and sections 9 and 19 to 21, inclusive, of this act,"

In line 1592, strike "36a-498a" and insert "36a-498c" in lieu thereof; and after "act," insert "sections 36a-534a and 36a-534b of the general statutes, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

Strike line 1596 in its entirety and insert "said sections; " in lieu thereof

Strike line 1597 in its entirety

In line 1599, strike "498a" and insert "498c" in lieu thereof; and after "act," insert "sections 36a-534a and 36a-534b of the general statutes, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1601, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1602, after "act," insert "sections 36a-534a and 36a-534b of the general statutes, as amended by this act, and sections 9 and 19 to 21, inclusive, of this act,"

In line 1618, after "loan," insert ", as defined in section 36a-485 of the general statutes, as amended by this act,"

In line 1624, strike "36a-498a" and insert "36a-498c" in lieu thereof

In line 1625, before the semicolon insert ", and sections 9 and 19 to 21, inclusive, of this act"

Strike lines 1638 to 1647, inclusive, in their entirety and insert the following in lieu thereof:

"Sec. 22. (NEW) (Effective July 31, 2009) If any provision or application of sections 9 and 19 to 21, inclusive, of this act, section 36a-21 of the general statutes, as amended by this act, sections 36a-485 to 36a-498c, inclusive, of the general statutes, as amended by this act, or 36a-534b of the general statutes, as amended by this act, to any person or circumstance is held invalid by a court of this state, the remainder of said sections or the application of such provision to other persons or circumstances shall not be affected. "