CT SB00826

Adds "System" (Nationwide Mortgage Licensing System and Registry) as a defined term in Connecticut banking statutes to establish standardized licensing infrastructure for mortgage and financial services industry professionals

Authorizes the Banking Commissioner to require system-based licensure for persons engaged in financial services industries under the commissioner's jurisdiction, effective October 1, 2013, with power to set background checks, fees, and other participation requirements by order

Modifies confidentiality provisions to allow information provided to the system to be shared with federal and state regulatory officials with mortgage or financial services oversight authority while maintaining privilege protections, with public employment and disciplinary records excluded from confidentiality

Establishes procedures for system-based license applications including nonrefundable fees, automatic suspension for returned payments, abandonment of applications after 60-day non-response, and standards for challenges to information accuracy

Clarifies mortgage loan originator licensing exemptions to include Connecticut licensed attorneys and individuals engaged in limited residential mortgage transactions, effective October 1, 2013