HB 5268 Summary

• Adds definition of "System" to section 36a-2 as the Nationwide Mortgage Licensing System and Registry (NMLS/NMLSR) or successor entity for licensing and registration in mortgage and financial services industries.

• Authorizes the Banking Commissioner to require persons engaged in financial services industries under the commissioner's jurisdiction to be licensed or registered through the System, effective October 1, 2014.

• Establishes commissioner authority to set System participation requirements including background checks, fees, license expiration dates, and amendments; allows commissioner to waive or modify existing statutory requirements for System implementation.

• Modifies confidentiality provisions in section 36a-21 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 privacy and privilege protections.

• Updates license surrender procedures in section 36a-51 to require requests for surrender of System-issued licenses to be filed through the System and accepted by the commissioner before becoming effective.