Student Loan Servicer Licensing
In response to the outbreak of the coronavirus, the Banking Commissioner issued a memo on March 9, 2020 advising the mortgage industry, and other financial services sectors licensed by the Department, that it would take a no action position with regard to employees working from home who otherwise would be required to work from a licensed branch location. Revised memos extending the no action position were issued on April 16, 2020 and on May 20, 2020:
No Action Position Regarding Temporarily Working from Home Due to COVID-19, Updated May 20, 2020
No Action Position Regarding Temporarily Working from Home Due to COVID-19, Updated April 16, 2020
No Action Position Regarding Temporarily Working from Home Due to COVID-19
Please reference the relevant Connecticut Statutes (§§ 36a-846 to 36a-854) before applying for a license.
Effective July 1, 2016, no person shall act as a student loan servicer, directly or indirectly, without first obtaining a license, unless such person is exempt from licensing.
Notice to Student Loan Servicers
Publication of Student Loan Servicing Standards
Order Establishing Requirements and Interim Procedures for System-Based Licensure for Certain Financial Services Industries
How to Apply
If you wish to apply for a student loan servicer license you should begin by first reviewing Connecticut’s Jurisdiction-Specific Requirements along with Connecticut's student loan servicer licensing statutes, which provides the current licensing procedures and requirements applicable to student loan servicer facilities.
If your company already has a completed record in the Nationwide Multistate Licensing System and Registry, then applying for a license in Connecticut merely involves filing your company's record (Form MU1), control person records (Form MU2), and relevant branch records (Form MU3) with Connecticut through the NMLS and mailing in the jurisdiction-specific requirements to the Department.
Go to the Getting Started page of the NMLS website and follow the steps outlined:
Any questions relating to the NMLS should be directed to the NMLS Call Center at (855) 665-7123.
Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103-1800
Telephone: (860) 240-8200 or toll-free 800-831-7225
Fax: (860) 240-8215
WHO TO CONTACT - Contact Jessica Morton by phone at 860-240-8158 or send your questions
via e-mail to Jessica.Morton@ct.gov for additional assistance.