Consumer Collection Agency Licensing

In response to the outbreak of the coronavirus, the Banking Commissioner issued a memo on March 10, 2020 advising the mortgage industry, and other financial services sectors licensed by the Department, that it would take a no action position with regard to employees working from home who otherwise would be required to work from a licensed branch location. Please read the memo for details:

No Action Position Regarding Temporarily Working from Home Due to COVID-19

Essential Statutes

Please reference the relevant Connecticut Statutes (§§ 36a-800 to 36a-814, inclusive) as amended from time to time, and Regulations before applying for a license.

Warning to Licensees Who Collect Debt From CT Consumers: 
It is illegal to collect on consumer loans which violate Connecticut’s small loan regulatory scheme or to receive payment processing fees not contemplated by a consumer’s underlying debt contract - see attached memo.  A person is prohibited from directly or indirectly assisting or aiding and abetting any person in conduct prohibited by Sections 36a-555 to 36a-573, inclusive.

Notice to all Consumer Collection Agencies:

• No Action Position on Mortgage Servicer Licensure Requirement for Licensed Consumer Collection Agencies
• Memorandum from the Banking Commissioner regarding his “no action” position regarding the student loan servicer requirement for licensed consumer collection agencies

How to Apply:

If you wish to apply for a consumer collection agency license you should begin by first reviewing Connecticut’s Jurisdiction-Specific Requirements along with Connecticut's consumer collection licensing statutes, which provides the current licensing procedures and requirements applicable to consumer collection agencies.

If your company already has a completed record in the Nationwide Multistate Licensing System and Registry, 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 jurisdiction-specific requirements to the Department.

Go to the Getting Started page of the NMLS website and follow the steps outlined:

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

WHO TO CONTACT - Contact Paola Barry by phone at 860-240-8252 or send your questions
via e-mail to paola.barry@ct.gov  for additional assistance.