Bill Summary: Raised Bill No. 382

• Adds a new exemption category (G) to lead generator licensing requirements for individuals employed by bank or credit union affiliates who are registered with state or federal regulators for securities, investment advisory, or insurance activities and who incidentally refer leads to the bank or credit union.

• Defines "affiliate" for purposes of the new exemption as an entity controlled by or under common control with the bank or credit union, including entities where the bank or credit union owns more than 50% of voting securities, controls director/trustee elections, or exercises controlling influence over management.

• Exempts commercial mortgage loan originators who are highly compensated employees (as defined in 29 CFR 541.601) from overtime requirements under Connecticut labor law, effective October 1, 2020.

• Defines "commercial mortgage loan originator" as an individual who takes applications for or negotiates terms of loans not primarily for personal, family, or household use.

• Provides that the commercial mortgage loan originator overtime exemption does not apply to individuals who work solely from their home office.