Regulatory Alerts2021-10-29
Added · Updated
Order Establishing Requirements and Procedures for Use of Electronic Bonds on the System
The Connecticut Department of Banking mandates that money transmitters, consumer collection agencies, mortgage lenders, mortgage brokers, mortgage servicers, and debt adjusters file surety bonds electronically via the Nationwide Multistate Licensing System. Debt negotiators and exempt mortgage servicers are exempted from this requirement and must continue filing paper bonds. The order waives statutory requirements for branch office addendums and separate location bonds, requiring a single electronic bond to cover all authorized locations for affected entities. This transition takes effect on November 1, 2021, or when system functionality becomes available, with existing licensees required to transition by March 1, 2022.
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