HB 6993 Summary

• Allows individuals employed by licensed mortgage lenders, correspondent lenders, or brokers to act as mortgage loan originators with temporary authority while their license application is pending, provided they meet specified eligibility requirements including no prior license denials, revocations, or suspensions.

• Temporary authority period commences when an application is submitted and ends on the earliest of: application withdrawal, commissioner denial, license issuance, or 120 days after submission if marked incomplete.

• Defines "change of control" across multiple financial licensing statutes (sections 36a-490, 36a-540, 36a-566, 36a-583, 36a-598, 36a-658, 36a-671, 36a-719a, 36a-801, and 36a-848) as any change causing majority ownership, voting rights, or control to transfer to a different control person or group, excluding routine director or officer changes not involving acquisition.

• Requires advance change notice to commissioner at least 30 days before any change of control takes effect, with commissioner approval required before change occurs.

• Effective date: October 1, 2019.