Sec. 36a-708. Prohibited acts by mortgage brokers. - Connecticut Statutes

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Statutes > Connecticut > Title36a > Chap669 > Sec36a-708

      Sec. 36a-708. Prohibited acts by mortgage brokers. No mortgage broker shall collect a rate lock-in fee, except where required by a governmental agency to be collected directly by the mortgage broker, issue a mortgage rate lock-in or otherwise represent to a first mortgage loan applicant or the applicant's representative that the loan will be made at a specified rate if the loan is closed by the expiration of a specified period of time. Notwithstanding the provisions of this section, a mortgage broker may provide a mortgage lender's mortgage rate lock-in to a mortgage loan applicant or the applicant's representative on behalf of such mortgage lender and collect a rate lock-in fee on the mortgage lender's behalf payable to the mortgage lender.

      (P.A. 04-105, S. 3.)

      History: P.A. 04-105 effective May 21, 2004.

State Codes and Statutes

Statutes > Connecticut > Title36a > Chap669 > Sec36a-708

      Sec. 36a-708. Prohibited acts by mortgage brokers. No mortgage broker shall collect a rate lock-in fee, except where required by a governmental agency to be collected directly by the mortgage broker, issue a mortgage rate lock-in or otherwise represent to a first mortgage loan applicant or the applicant's representative that the loan will be made at a specified rate if the loan is closed by the expiration of a specified period of time. Notwithstanding the provisions of this section, a mortgage broker may provide a mortgage lender's mortgage rate lock-in to a mortgage loan applicant or the applicant's representative on behalf of such mortgage lender and collect a rate lock-in fee on the mortgage lender's behalf payable to the mortgage lender.

      (P.A. 04-105, S. 3.)

      History: P.A. 04-105 effective May 21, 2004.

State Codes and Statutes

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State Codes and Statutes

Statutes > Connecticut > Title36a > Chap669 > Sec36a-708

      Sec. 36a-708. Prohibited acts by mortgage brokers. No mortgage broker shall collect a rate lock-in fee, except where required by a governmental agency to be collected directly by the mortgage broker, issue a mortgage rate lock-in or otherwise represent to a first mortgage loan applicant or the applicant's representative that the loan will be made at a specified rate if the loan is closed by the expiration of a specified period of time. Notwithstanding the provisions of this section, a mortgage broker may provide a mortgage lender's mortgage rate lock-in to a mortgage loan applicant or the applicant's representative on behalf of such mortgage lender and collect a rate lock-in fee on the mortgage lender's behalf payable to the mortgage lender.

      (P.A. 04-105, S. 3.)

      History: P.A. 04-105 effective May 21, 2004.