DOB: Debt Negotiation Licensing Information
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Department of Banking
260 Constitution Plaza
Hartford CT 06103-1800
 
Phone
(860) 240-8299
 
Toll-Free
(800) 831-7225
 

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Debt Negotiation Licensing

Loan Modification, Short Sale or Foreclosure Rescue

Who needs a license?

"Debt negotiation" means, for or with the expectation of a fee, commission or other valuable consideration, assisting a debtor in negotiating or attempting to negotiate on behalf of a debtor the terms of a debtor's obligations with one or more mortgagees or creditors of the debtor, including the negotiation of short sales of residential property or foreclosure rescue services.
 

Who does not need this license?
  1. Any attorney admitted to the practice of law in this state, when engaged in such practice.
     
  2. Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union, provided subsidiaries of such institutions other than operating subsidiaries of federal banks and federally-chartered out-of-state banks are not exempt from licensure.
     
  3. Any person licensed as a debt adjuster pursuant to Sections 36a-655 to 36a-665, inclusive, of the Connecticut General Statutes while performing debt adjuster services.
     
  4. Any person acting under the order of a court.
     
  5. Any bona fide nonprofit organization organized under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.

Essential Statutes

Please reference Sections 20 to 33, inclusive, of Public Act 09-208 and Section 41 of Public Act 09-209, before applying for a license.  Please also note the Schedule of Maximum Fees.

Frequently Asked Questions


Licensing Fees

The licensing fees for the main office and the branch office applications are the same.

$1600 - Application filed between 10/1/2009 and 9/30/2010
  $800 - Application filed between 10/1/2010 and 9/30/2011


License Application Forms

Main Office

If you will be conducting Connecticut licensing activity from the corporate office/headquarters, you are required to designate this location as the "Main Office."
If you will not be conducting Connecticut licensing activity from this location, then the initial application filed with this department will be considered the Main Office for licensing purposes in the State of Connecticut.

Branch Office

Any additional location to be licensed in the State of Connecticut.

Note: where indicated the following forms must be printed on legal size paper or required information may be lost. (See PDF handling notes.)


Contact

Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103-1800

Staff:  Jessica Salvatore
Telephone: 860-240-8158 or toll-free 800-831-7225
Fax: (860) 622-4974
E-mail: jessica.salvatore@ct.gov

 
Visit the Connecticut Licensing Info Center for information on all licensing and permitting activities across Connecticut State government.
 

Content Last Modified on 11/18/2009 8:04:53 AM
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