CT SB00886

Requires licensed mortgage lenders making first or secondary mortgage loans in Connecticut to transfer loan proceeds via wire transfer to the mortgagee's attorney's bank account by the scheduled closing date and time, or by the disbursement date for refinanced mortgages where rescission rights have terminated.

Applies to secondary mortgage loans only when they finance acquisition or initial construction of the mortgagor's principal dwelling.

Authorizes the Banking Commissioner to suspend, revoke, or refuse to renew the license of any lender that fails to comply with the wire transfer requirements.

Takes effect October 1, 2015.