Conn. Gen. Stat. Ann. § 36a-498(a) requires any advance fees paid to a lender, broker, or correspondent lender to be refundable – unless an agreement, made pursuant to Subsections (c) and (d) of said Section is entered into. We provide Cx3751 for these Subsections, thus enabling advance fees to largely be non-refundable.
We will be making the following changes to this document:
1. The title of the document will be changed from “Connecticut Agreement Concerning Nonrefundability of Advance Fees” to “Agreement Concerning Nonrefundability of Advance Fee,” in order to match the prescribed title of the agreement.
2. The acknowledgment section at the end of the document will be revised from “By signing below, you acknowledge receipt of this disclosure” to an execution section stating: “By signing below, both you and the Lender (or an authorized representative of the Lender) hereby agree to the terms, considerations, and conditions of this Agreement.”
These changes will take effect on March 19, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
March 12, 2014