Connecticut General Statutes
Chapter 668 - Nondepository Financial Institutions
Section 36a-498b. - Release of secondary mortgage. Notice of outstanding balance of obligation secured by secondary mortgage.

(a) Each mortgage lender, mortgage correspondent lender and mortgage broker, all as defined in section 36a-485 and licensed under section 36a-489, shall deliver to the mortgagor a release of a secondary mortgage: (1) Upon receipt by such licensee of cash or a certified check in the amount of the outstanding balance of the obligation secured by such mortgage; or (2) upon payment by the payor bank, as defined in section 42a-4-105, of any check that is payable to such licensee or its assignee in the amount of the outstanding balance of the obligation secured by such mortgage.

(b) Each such licensee shall advise any person designated by the mortgagor of the amount of the outstanding balance of the obligation secured by the secondary mortgage granted to such licensee no later than the second business day after the licensee receives a request for such information.
(P.A. 08-176, S. 55.)
History: P.A. 08-176 effective July 1, 2008.

<< Previous
Next >>

Structure Connecticut General Statutes

Connecticut General Statutes

Title 36a - The Banking Law of Connecticut

Chapter 668 - Nondepository Financial Institutions

Section 36a-485. (Formerly Sec. 36-440). - Definitions.

Section 36a-486. (Formerly Sec. 36-440a). - Licenses required. Exemptions. Prohibited advertisements. Violations. Temporary authority to act as mortgage loan originator.

Section 36a-487. (Formerly Sec. 36-440b). - Exemptions from licensure.

Section 36a-488. (Formerly Sec. 36-440c). - Mortgage lender, mortgage correspondent lender, mortgage broker, mortgage loan originator, loan processor, underwriter and lead generator licenses. Requirements.

Section 36a-489. (Formerly Sec. 36-440d). - Licenses: Issuance; denial; renewal; suspension; financial responsibility; withdrawal or abandonment of application.

Section 36a-489a. - Prelicensing education, written test and annual continuing education requirements.

Section 36a-490. (Formerly Sec. 36-440e). - License requirements. Request to surrender license. Requirements for filing information with system.

Section 36a-491. (Formerly Sec. 36-440f). - Expiration of licenses. Applications for renewal. Fees.

Section 36a-492. (Formerly Sec. 36-440g). - Surety bond required. Cancellation of bond. Automatic suspension of license. Notices.

Section 36a-493. (Formerly Sec. 36-440h). - Records to be maintained by licensee.

Section 36a-494. (Formerly Sec. 36-440i). - Suspension, revocation or refusal to renew license or taking other action. Removal from office and from employment or retention. Temporary order to cease business.

Section 36a-495. (Formerly Sec. 36-440j). - Regulations.

Section 36a-496. (Formerly Sec. 36-440k). - Applications and referrals from unlicensed mortgage brokers or mortgage loan originators.

Section 36a-497. (Formerly Sec. 36-440l). - Advertisements.

Section 36a-498. (Formerly Sec. 36-440m). - Refundability of advance fees. Exceptions. Prohibited acts by mortgage lenders, correspondent lenders, brokers and loan originators re borrowers.

Section 36a-498a. - Prepaid finance charges; restrictions. Secondary mortgage loan; demand for payment prior to maturity; liability for noncompliance; deed.

Section 36a-498b. - Release of secondary mortgage. Notice of outstanding balance of obligation secured by secondary mortgage.

Section 36a-498c. - Adoption of mortgage loan policy with respect to subprime mortgage loans and nontraditional mortgage loans.

Section 36a-498d. - Unique identifier of licensee. Advertising of licensee.

Section 36a-498e. - Prohibited acts.

Section 36a-498f. - Authority of commissioner re investigations and examinations. Prohibited acts by subjects of investigation or examination.

Section 36a-498g. - Severability.

Section 36a-498h. - Lead generator licensees. Prohibited acts.

Section 36a-510 to 36a-517. (Formerly Secs. 36-224a to 36-224h). - Definitions. License required; violations. Persons exempt from license requirement. License as secondary mortgage lender, secondary mortgage correspondent lender or secondary mortgage...

Section 36a-518. (Formerly Sec. 36-224i). - Regulations.

Section 36a-519 to 36a-524. (Formerly Secs. 36-224j to 36-224o). - Prepayment penalties. Release of secondary mortgage; notice of loan balance. Limitation on prepaid finance charges; demand for payment prior to maturity; liability of mortgage lender...

Section 36a-534a. - Notice of discriminatory lending practices. Violation as grounds for license suspension, revocation or nonrenewal.

Section 36a-534b. - Participation in system. Authority of commissioner to establish requirements. Reports.

Section 36a-534c. - Reports re system.

Section 36a-535. (Formerly Sec. 36-254). - Definitions.

Section 36a-536. (Formerly Sec. 36-255). - License required. Location of licensed activity.

Section 36a-537. (Formerly Sec. 36-256a). - Application. Criminal history records check, fingerprints, investigation of financial condition. Abandonment of application.

Section 36a-538. (Formerly Sec. 36-256b). - Payment of cost of investigation.

Section 36a-539. (Formerly Sec. 36-257). - License fee. Automatic suspension of license. Notice. Opportunity for hearing. Prohibited acts.

Section 36a-540. (Formerly Sec. 36-258). - License. Change in control person. Automatic suspension of license. Surrender of license.

Section 36a-541. (Formerly Sec. 36-259a). - Authority of commissioner to issue license or deny application for license. Standards for renewal.

Section 36a-542. (Formerly Sec. 36-259b). - Requirements for filing with system. Unique identifier of licensee. Advertising of license.

Section 36a-543. (Formerly Sec. 36-260a). - Suspension, revocation or refusal to renew license or taking of other action. Enforcement powers of commissioner.

Section 36a-544. (Formerly Sec. 36-260b). - Regulations.

Section 36a-545. (Formerly Sec. 36-262a). - Books and records.

Section 36a-546. (Formerly Sec. 36-263). - Penalty.

Section 36a-547. - Retail installment contract records.

Section 36a-555. (Formerly Sec. 36-225). - Definitions.

Section 36a-556. (Formerly Sec. 36-226). - Small loan lending and related activities prohibited without license or exemption.

Section 36a-557. (Formerly Sec. 36-227). - Exemptions.

Section 36a-558. (Formerly Sec. 36-228). - Prohibitions re small loans and related activities. Permitted small loan provisions. Open-end small loans. Lead generation activities.

Section 36a-559. (Formerly Sec. 36-229). - Credit life insurance. Credit accident and health insurance.

Section 36a-560. (Formerly Sec. 36-230). - Restrictions on licensee.

Section 36a-561. (Formerly Sec. 36-231). - Prohibited practices.

Section 36a-562. (Formerly Sec. 36-232). - Main and branch offices.

Section 36a-563. (Formerly Sec. 36-233). - Application for small loan license.

Section 36a-564. (Formerly Sec. 36-233a). - License fees. Renewal. Automatic suspension.

Section 36a-565. (Formerly Sec. 36-233b). - Findings required for issuance of license. Denial of application. Minimum funds. Standards for renewal. Surrender of license.

Section 36a-566. (Formerly Sec. 36-234). - License not assignable or transferable. Use of name. Change in control person, name or place of business. Automatic suspension of license.

Section 36a-567. (Formerly Sec. 36-235). - Change in information. Required system filing or notice to commissioner.

Section 36a-568. (Formerly Sec. 36-236). - Unique identifier of licensee. Advertising of licensee.

Section 36a-569. (Formerly Sec. 36-237). - Books and records. Reports of condition. Submission of sworn statement and other information.

Section 36a-570. (Formerly Sec. 36-239). - Suspension, revocation or refusal to renew license or taking of other action. Enforcement action and orders. Removal from office and employment. Temporary order to cease business.

Section 36a-571. (Formerly Sec. 36-241). - License suspension.

Section 36a-572. (Formerly Sec. 36-242). - Investigations and examinations.

Section 36a-573. (Formerly Sec. 36-243). - Regulations.

Section 36a-580. (Formerly Sec. 36-564). - Definitions. Applicability of provisions.

Section 36a-581. (Formerly Sec. 36-565). - License required. Application. Criminal history records check. Change in information. Required system filing or notice to commissioner. Authority of commissioner to deny application for license. Abandonment...

Section 36a-582. (Formerly Sec. 36-566). - License and location fees. Automatic suspension of license or renewal license. Notice. Opportunity for hearing. Expenses of examination.

Section 36a-583. (Formerly Sec. 36-567). - License not transferable or assignable. Change in control person. Automatic suspension. Surrender of license.

Section 36a-584. (Formerly Sec. 36-568). - Maximum fees for the cashing of state checks. Regulations. Maximum amount of check that may be cashed by check cashing licensee. Exceptions. Report.

Section 36a-585. (Formerly Sec. 36-569). - Maximum fees set by Banking Commissioner.

Section 36a-586. (Formerly Sec. 36-570). - Records to be maintained by check cashing license. Reporting requirements. Prohibited acts. Advertisements.

Section 36a-587. (Formerly Sec. 36-571). - Suspension, revocation or refusal to renew license or taking of other action. Removal from office and from employment or retention. Temporary order to cease business.

Section 36a-588. (Formerly Sec. 36-572). - Regulations.

Section 36a-589. (Formerly Sec. 36-573). - Violations.

Section 36a-595. (Formerly Sec. 36-530). - Short title: Money Transmission Act.

Section 36a-596. (Formerly Sec. 36-531). - Definitions.

Section 36a-597. (Formerly Sec. 36-532). - License required. Penalty.

Section 36a-598. (Formerly Sec. 36-533). - Application. Criminal history records check. Abandonment of application. Required system filing or notice to commissioner. License not assignable or transferable. Use of name. Automatic suspension.

Section 36a-599. (Formerly Sec. 36-534). - License fees. Surrender of license.

Section 36a-600. (Formerly Sec. 36-536). - Investigation of applicant. Issuance of license. Authority of commissioner to deny application for license.

Section 36a-601. (Formerly Sec. 36-537). - Renewal of license. Automatic suspension of renewal license. Notice. Opportunity for hearing.

Section 36a-602. (Formerly Sec. 36-538). - Surety bond. Investments in lieu of surety bond.

Section 36a-603. (Formerly Sec. 36-539). - Investments equal to amount of money transmissions. Virtual currency equal to amount owed or obligated. Investments and virtual currency held in trust.

Section 36a-604. (Formerly Sec. 36-540). - Net worth requirements.

Section 36a-605. (Formerly Sec. 36-541). - Examination of licensees.

Section 36a-606. (Formerly Sec. 36-542). - Reports. Annual financial reports required.

Section 36a-606a. - Federal reporting requirements. Anti-money-laundering program.

Section 36a-607. (Formerly Sec. 36-543). - Conduct of business authorized by delegate. Prohibited practices. Deadline to remit value received for transmission.

Section 36a-608. (Formerly Sec. 36-544). - Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business.

Section 36a-609. (Formerly Sec. 36-545). - Exemptions.

Section 36a-610. (Formerly Sec. 36-546). - Regulations.

Section 36a-611. - Maintenance of records. Unique identifier of license. Advertising of license.

Section 36a-612. - Notification of change in list of authorized delegates or locations.

Section 36a-615. (Formerly Sec. 36-577). - Definitions.

Section 36a-616. (Formerly Sec. 36-578). - Advance fees imposed by loan brokers prohibited.

Section 36a-617. (Formerly Sec. 36-580). - Penalties for violations.

Section 36a-618. (Formerly Sec. 36-581). - Remedies.

Section 36a-619. (Formerly Sec. 36-582). - Remedies provided by sections 36a-615 to 36a-620, inclusive, not exclusive.

Section 36a-620. (Formerly Sec. 36-583). - Regulations.

Section 36a-625. - Short title: Connecticut Business and Industrial Development Corporation Act.

Section 36a-626. - Definitions.

Section 36a-627. - License required. Exemptions.

Section 36a-628. - Application. Fee. Examination. Criminal history records check.

Section 36a-629. - Safe and sound business practice required.

Section 36a-630. - Licensees to provide financing and management assistance to small businesses.

Section 36a-631. - Books and records. Annual financial reports.

Section 36a-632. - Jurisdiction of Banking Commissioner.

Section 36a-633. - License fee. Costs of examination to be borne by applicants. Automatic suspension of license or renewal license. Notice. Opportunity for hearing.

Section 36a-634. - Regulations.

Section 36a-636. - Defintions.

Section 36a-636a. - License.

Section 36a-636b. - Duties of licensees.

Section 36a-636c. - Books and records. Annual report.

Section 36a-636d. - Licensees subject to jurisdiction of commissioner.

Section 36a-636e. - License fees and expenses. Expiration and renewal. Automatic suspension. Surrender or termination of license.

Section 36a-636f. - Regulations.