Licensure of Mortgage Lenders
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Statutes
The commissioner shall not issue a mortgage lender license, a mortgage correspondent lender license or a mortgage broker license to any person unless such person meets net worth and experience requirements. (C.G.S.A. § 36a-488)
Cases
Loans made by unlicensed non-depository lenders have been determined to be void and unenforceable, since such loans are viewed as violative of public policy. See Solomon v. Gilmore, 248 Conn. 769 (1999).
There is support for the position that wholly owned subsidiaries of national banks are not required to obtain Connecticut mortgage licenses, since the Connecticut state statutes are deemed pre-empted under the National Banking Act, 12 U.S.C. §24, 12 CFR §5.34, 12 U.S.C. §371 and 12 CFR §7.4006. See Wachovia Bank, N.A. v. John P. Burke, Banking Commissioner, 2004 WL 1171368 (D. Conn. 2004).
Comments
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Contributors
Joseph P. Benanti, Esq.
Benanti & Associates
The statutory information was edited and reviewed with the support of MultiState
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