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