2019 Banking and Related Legislation
Each year, the Department of Banking (DOB) conducts an active legislative program coordinated by the Government Relations and Consumer Affairs Division. During the 2019 legislative session, the Department proposed two bills which were not taken up by the full legislature.
Please note that the hyperlinks for the bill lead to the Connecticut General Assembly website. These links provide you with a more detailed legislative summary of each bill.
Department of Banking Proposals
HB-6993, An Act Concerning Temporary Authority to Act as a Mortgage Loan Originator and Defining the Circumstances Constituting a Change of Control Person
To (1) allow mortgage loan originators who have been licensed as a mortgage loan originator in another state or employed as a federal registered loan originator to temporarily act as a mortgage loan originator in this state, and (2) define the circumstances constituting a "change in control" for purposes of filing certain advance change notices with the commissioner.
HB-6995, Act Concerning Shared Appreciation Agreements and Certain Startup Companies Engaged in the Activity of Money Transmission
To (1) make shared appreciation agreements subject to the same licensing and regulatory compliance requirements as residential mortgage loans, and (2) permit a start-up company engaged in the activity of a money transmission to provide a statement of condition as part of licensure application in lieu of certain financial statements.
Other Banking Related Legislation
Public Act 19-145 - HB-6996, An Act Extending the Ezequiel Santiago Foreclosure Mediation Program Until June 30, 2023
This bill extends the state’s foreclosure mediation program for four years, until July 1, 2023, at which time the court may not accept new mediation requests. By law, the program terminates when the mediation of all timely submitted requests concludes. Under current law, the court may not accept mediation requests on or after July 1, 2019. The bill also designates the program the “Ezequiel Santiago Foreclosure Mediation Program.”
Effective Date: Upon passage