U.S. Office Required for all Licenses Issued by the Connecticut Consumer Credit Division
Effective October 1, 2018, all licenses under the jurisdiction of the Connecticut Credit Division will require a U.S. office location. Companies currently with main or branch licenses located outside of the U.S. will have until October 1, 2018 to establish an office within the U.S. Those who fail to meet this criteria will not have their licenses renewed and initial license applications will be rejected.
The rule change affects the following license types: Small Loan, Consumer Collection Agency, Sales Finance Company, Debt Adjuster, Debt Negotiator, Student Loan Servicer, Money Transmitter, Check Casher, Mortgage Services, Mortgage Lenders, Mortgage Brokers, Lead Generators and Mortgage Correspondent Lenders. The new requirement is due to a change in Public Act 18-173, which can be viewed by clicking here.
Have questions about the new license requirement? Contact us LicenseLogix today for more information.