Substitute for Raised S.B. No. 1143
Session Year 2007
 


AN ACT CONCERNING MORTGAGE, SMALL LOAN AND MONEY TRANSMITTER LICENSEES, MORTGAGE LOANS AND EMERGENCY ORDERS OF THE BANKING COMMISSIONER AND ADOPTING THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT.

To clarify the definitions of "mortgage broker" and "originator" and clarify that real estate brokers and salespersons who act as a mortgage broker or originator shall be licensed or registered as such; to clarify the Banking Commissioner's authority to adopt regulations governing the small loan business in association with other businesses; to clarify the information required to effect a change of name or location of a first or secondary mortgage loan licensee or a change of person with supervisory authority at a licensed location, the time frame for filing such information with the Banking Commissioner and the time frame for the Banking Commissioner to disapprove any such change; to clarify the applicability of the terms "money transmission", "money", "monetary value", "payment instrument" and "Connecticut payment instrument" within the provisions of the Money Transmission Act; to amend the provisions relating to the payment of loan proceeds to clarify inconsistencies and ensure that borrowers are paid the loan proceeds in a timely fashion; and to authorize the Banking Commissioner to order summary suspension of a license if said commissioner finds that public health, safety or welfare requires emergency action and to require the licensee to take or refrain from taking such action as in the commissioner's opinion will effectuate the purposes of section 36a-51 of the general statutes, pending proceedings for suspension, revocation or refusal to renew.

Introduced by:
Banking Committee

 New today  2-4 days old  5 days & older

Co-sponsors for Amendment LCO:

Bill History

 Date Action Taken
 6/5/2007Signed by the Governor
 6/4/2007Transmitted to the Secretary of State
 6/1/2007(LCO)Public Act 07-91
 5/22/2007In Concurrence
 5/22/2007House Passed as Amended by Senate Amendment Schedule A
 5/22/2007House Adopted Senate Amendment Schedule A
 5/17/2007House Calendar Number 644
 5/17/2007Favorable Report, Tabled for the Calendar, House
 5/16/2007On Consent Calendar
 5/16/2007Senate Passed as Amended by Senate Amendment Schedule A
 5/16/2007Senate Adopted Senate Amendment Schedule A 7303
 4/30/2007Favorable Report, Tabled for the Calendar, Senate
 4/30/2007No New File by Committee on Judiciary
 4/30/2007(LCO)Reported Out of Legislative Commissioners' Office
 4/30/2007(LCO)Filed with Legislative Commissioners' Office
 4/27/2007(JUD)Joint Favorable
 4/18/2007Immediate Transmittal
 4/18/2007Referred by Senate to Committee on Judiciary
 4/11/2007Favorable Report, Tabled for the Calendar, Senate
 4/11/2007No New File by Committee on Insurance and Real Estate
 4/11/2007(LCO)Reported Out of Legislative Commissioners' Office
 4/11/2007(LCO)Filed with Legislative Commissioners' Office
 4/11/2007(INS)Joint Favorable
 4/4/2007Immediate Transmittal
 4/4/2007Referred by Senate to Committee on Insurance and Real Estate
 3/21/2007(LCO)File Number 97
 3/21/2007Senate Calendar Number 140
 3/21/2007Favorable Report, Tabled for the Calendar, Senate
 3/21/2007(LCO)Reported Out of Legislative Commissioners' Office
 3/15/2007(LCO)Referred to Office of Legislative Research and Office of Fiscal Analysis 03/20/07 5:00 PM
 3/7/2007(LCO)Filed with Legislative Commissioners' Office
 3/6/2007(BA)Joint Favorable Substitute
 2/15/2007Public Hearing 02/20
 2/9/2007Referred to Joint Committee on Banking

Co-sponsors of SB-1143

Sen. Louis C. DeLuca, 32nd Dist.
Rep. Antonietta Boucher, 143rd Dist.
Sen. Joseph J. Crisco, 17th Dist.
Sen. Bob Duff, 25th Dist.

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