Bill Summary: HB 5049

• Amends Connecticut credit union bylaws and certificate of incorporation procedures to streamline approval processes, with the commissioner approving amendments within 30 days or providing written notice of extension needed for additional analysis.

• Modifies bank audit requirements to allow Connecticut bank subsidiaries of holding companies to file consolidated audit reports instead of individual bank audits, unless the commissioner determines good cause exists to require separate audits.

• Expands the definition of "consumer debtor" to include individuals owing property taxes to municipalities and Internal Revenue Code debts, effective October 1, 2020.

• Establishes comprehensive definitions and licensing requirements for mortgage loan originators, loan processors, underwriters, lead generators, and related mortgage industry participants, with temporary authority provisions allowing qualified individuals to act as mortgage loan originators pending license approval.

• Standardizes "change of control" provisions across multiple financial licensing statutes (money transmitters, mortgage lenders, debt adjusters, student loan servicers, and consumer collection agencies) requiring 30-day advance notice and commissioner approval before majority ownership or voting control changes occur.