SB 809 Summary

• Exempts federally insured banks, credit unions, and out-of-state equivalents from obtaining a lead generator license

• Exempts wholly owned subsidiaries of exempt banks or credit unions, and operating subsidiaries where each owner is wholly owned by the same bank or credit union

• Exempts mortgage lenders, mortgage correspondent lenders, and mortgage brokers licensed in Connecticut, provided their licenses are not suspended

• Exempts consumer reporting agencies as defined under the Fair Credit Reporting Act and employees of licensed lead generators acting on their employer's behalf

• Exempts employees of bank or credit union affiliates who are registered or licensed with state or federal regulators for securities brokerage, investment advisory, or insurance sales and incidentally perform lead generation by referring leads to their affiliated bank or credit union

• Takes effect October 1, 2019