"First Mortgage Broker" is defined in Section 2 (3) of the Public Act 02-111 to mean "a person who, for a fee, commission or other valuable consideration, directly or indirectly, negotiates, solicits, arranges, places or finds a first mortgage loan that is to be made by a mortgage lender, whether or not the mortgage lender is required to be licensed under sections 36a-485 to 36a-498, inclusive, as amended by this act."

"Secondary Mortgage Broker" is defined in Section 15 (7) of the Public Act 02-111 to mean "a person who, for a fee, commission or other valuable consideration, directly or indirectly, negotiates, solicits, arranges, places or finds a secondary mortgage loan that is to be made by a mortgage lender, whether or not the mortgage lender is required to be licensed under sections 36a-510 to 36a-524, inclusive, as amended by this act."

For both types of licenses, a Lender and Correspondent Lender is required to have at the location for which the license is sought, a person with supervisory authority over the lending activities who has at least three years experience in the mortgage lending business within the five years immediately preceding the application for the license and a Broker is required to have, at the location for which the license is sought, a person with supervisory authority over the brokerage activities who has at least three years experience in the mortgage lending or mortgage brokerage business within the five years immediately preceding the application for the license.

It is imperative that the licensees register loan originators. In case the applicants wish to employ or utilize two or more loan originators, they must submit an application for registration of loan originators. In case the originator is discharged from the service or the services of the originator are no longer required, the licensee must notify the department.

First as well as Secondary Mortgage Correspondent Lenders and Mortgage Brokers are required to have and maintain a minimum tangible net worth of $25,000. Applicants are also required to submit a financial statement as of a date not more than 6 months prior to the filing of the application which reflects tangible net worth.

There are no specific education or experience requirements to obtain a Connecticut Mortgage Brokers License.

Renewal applications must be submitted with the appropriate annual fee described above on or before September 1, 2004.

Visit the Connecticut Licensing Info Center for information on all licensing and permitting activities across Connecticut State government. Also visit Consumer Credit Division of the Connecticut Department of Banking for additional information on mortgage broker licenses.