DOB: Student Loan Servicer Licensing Information

Student Loan Servicer Licensing

Essential Statutes
Please reference the relevant 2016 Supplement to the Connecticut Statutes (§§ 36a-846 to 36a-854) before applying for a license.

Effective July 1, 2016, no person shall act as a student loan servicer, directly or indirectly, without first obtaining a license, unless such person is exempt from licensing.
 

 Notice to Student Loan Servicers
 
 
On May 12, 2016, the Commissioner elected to require use of the Nationwide Mortgage Licensing System (“NMLS” or “System”) for the licensing of student loan servicers.

The Order Requiring Student Loan Servicers to be Licensed on NMLS and Interim Procedures (pdf file) addresses changes in procedures that will occur by operation of law and otherwise by order to enable participation in the System.  It also sets forth detailed Interim Procedures regarding use of NMLS by applicants and a position on the deadline for licensure and enforcement. 

For you reference, use this link to a June 17, 2015, Order Establishing Requirements and Interim Procedures for System-Based Licensure for Certain Financial Services Industries (pdf file).


If you wish to apply for a student loan servicer license you should begin by first reviewing Connecticut’s Jurisdiction-Specific Requirements along with Connecticut's student loan servicer licensing statutes, which provides the current licensing procedures and requirements applicable to student loan servicer facilities.
 
All new applications must be submitted to the Department via the Nationwide Multistate Licensing and Registry.
 
If your company already has a completed record in the National Mortgage Licensing System, then applying for a license in Connecticut merely involves filing your company's record (Form MU1), control person records (Form MU2), and relevant branch records (Form MU3) with Connecticut through the NMLS and mailing in the required jurisdiction-specific requirements to the Department.
 
Go to the Getting Started page of the NMLS website and follow the steps outlined.
 
  {NMLS Button}
 
Any questions relating to the NMLS should be directed to the NMLS Call Center at (855) 665-7123.


CONTACT

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

Telephone: (860) 240-8200 or toll-free 800-831-7225
Fax: (860) 240-8215

WHO TO CONTACT - Contact Jessica Morton by phone at 860-240-8158 or send your questions
via e-mail to Jessica.Morton@ct.gov for additional assistance.



Content Last Modified on 6/30/2017 11:47:10 AM