(a) No person licensed to act as a private student loan servicer under § 36a-847 or registered to act as a federal student loan servicer under § 36a-847a shall do so under any other name or at any other place of business than that named in the license or registration. No such licensee or registrant may use any name other than its legal name or a fictitious name approved by the commissioner, provided such licensee or registrant may not use its legal name if the commissioner disapproves use of such name. A licensee or registrant may change the name of the licensee or registrant or the address of the office specified on the most recent filing with the system if, at least thirty calendar days prior to such change, the licensee or registrant files such change with the system and the commissioner does not disapprove such change, in writing, or request further information from the licensee or registrant within such thirty-day period. Not more than one place of business shall be maintained under the same license or registration but the commissioner may issue more than one license or registration to the same licensee or registrant upon compliance with the provisions of sections 36a-846 to 36a-854, inclusive, as to each new licensee or registrant.

Terms Used In Connecticut General Statutes 36a-848

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Commissioner: means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function. See Connecticut General Statutes 36a-2
  • Conviction: A judgement of guilt against a criminal defendant.
  • Director: means a member of the governing board of a financial institution. See Connecticut General Statutes 36a-2
  • Executive officer: means every officer of a Connecticut bank who participates or has authority to participate, otherwise than in the capacity of a director, in major policy-making functions of such bank, regardless of whether such officer has an official title or whether that title contains a designation of assistant and regardless of whether such officer is serving without salary or other compensation. See Connecticut General Statutes 36a-2
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Licensee: means any person who is licensed or required to be licensed pursuant to the applicable provisions of this title. See Connecticut General Statutes 36a-2
  • Loan: includes any line of credit or other extension of credit. See Connecticut General Statutes 36a-2
  • Person: means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (11) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof. See Connecticut General Statutes 36a-2
  • State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands. See Connecticut General Statutes 36a-2
  • System: means the Nationwide Mortgage Licensing System and Registry, NMLS, NMLSR or such other name or acronym as may be assigned to the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in the mortgage and other financial services industries. See Connecticut General Statutes 36a-2

(b) No such license or registration shall be transferable or assignable. Any change in any control person of the licensee or registrant, except a change of a director, general partner or executive officer that is not the result of an acquisition or change of control of the licensee or registrant, shall be the subject of an advance change notice filed on the system at least thirty days prior to the effective date of such change and no such change shall occur without the commissioner’s approval. For purposes of this section, “change of control” means any change causing the majority ownership, voting rights or control of a licensee or registrant to be held by a different control person or group of control persons.

(c) (1) The commissioner may automatically suspend any license for a violation of subsection (a) or (b) of this section. After a license has been automatically suspended pursuant to this subsection, the commissioner shall (A) give the licensee notice of such automatic suspension pending proceedings for revocation of or refusal to renew the license pursuant to § 36a-852 and an opportunity for a hearing in accordance with § 36a-51, and (B) require the licensee to take or refrain from taking action as the commissioner deems necessary to effectuate the purpose of this section.

(2) The commissioner may impose a civil penalty against any registrant for a violation of subsection (a) or (b) of this section after notice and an opportunity for a hearing in accordance with § 36a-50.

(d) Each private student loan servicer licensee and each federal student loan servicer registrant shall file on the system or, if the information cannot be filed on the system, notify the commissioner, in writing, of the occurrence of any of the following developments not later than fifteen days after the date the licensee or registrant had reason to know of the occurrence of any of the following developments:

(1) Filing for bankruptcy or the consummation of a corporate restructuring of the licensee or registrant;

(2) Filing of a criminal indictment against the licensee or registrant in any way related to the student loan servicer activities of the licensee or registrant, or receiving notification of the filing of any criminal felony indictment or felony conviction of any control person, branch manager or qualified individual of the licensee or registrant;

(3) Receiving notification of the institution of license denial, cease and desist, suspension or revocation procedures, or other formal or informal action by any governmental agency against the licensee or registrant, or any control person, branch manager or qualified individual of the licensee or registrant and the reasons therefor;

(4) Receiving notification of the initiation of any action against the licensee or registrant, or any control person, branch manager or qualified individual of the licensee or registrant by the Attorney General or the attorney general of any other state and the reasons therefor; or

(5) Receiving notification of filing for bankruptcy of any control person, branch manager or qualified individual of the licensee or registrant.

(e) Any person filing or submitting any information on the system shall do so in accordance with the procedures and requirements of the system and shall pay the applicable fees or charges to the system. Each private student loan servicer licensee and each federal student loan servicer registrant shall, to the extent required by the system, timely submit to the system accurate reports of condition that shall be in such form and shall contain such information as the system may require. Failure by a licensee or registrant to submit a timely and accurate report of condition shall constitute a violation of this provision.

(f) The unique identifier of any person licensed as a private student loan servicer or registered as a federal student loan servicer shall be clearly shown on all solicitations and advertisements, including business cards and Internet web sites, and any other documents as established by rule, regulation or order of the commissioner, and shall be clearly stated in all audio solicitations and advertisements. The solicitations and advertisements of any such licensee or registrant: (1) Shall not include any statement that such person is endorsed in any way by this state, except that such solicitations and advertisements may include a statement that such person is licensed or registered in this state; (2) shall not include any statement or claim that is deceptive, false or misleading; (3) shall otherwise conform to the requirements of sections 36a-846 to 36a-854, inclusive, any regulations issued thereunder and any other applicable law; and (4) shall be retained for two years from the date of use of such solicitation or advertisement.

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