CT SB00067

Revises mortgage licensing requirements under the Nationwide Mortgage Licensing System (NMLS), including definitions for mortgage lenders, brokers, loan originators, and loan processors/underwriters, with expanded exemptions for certain employees and nonprofits

Establishes prelicensing education (20 hours minimum) and annual continuing education (8 hours minimum) requirements for mortgage loan originators and qualified individuals, including topics on federal law, ethics, fraud prevention, and nontraditional mortgage products

Modifies civil penalty authority to allow the commissioner to order restitution and disgorgement of funds obtained in violation of banking statutes, in addition to penalties up to $100,000 per violation

Updates public depository collateral requirements to reference "uninsured" public deposits specifically and allows reduced collateral ratios (100% instead of 120%) for depositories meeting certain capital and operational standards

Allows Connecticut banks and out-of-state banks to establish loan production offices with commissioner approval, and revises various technical banking definitions and procedures