Document Updates: CT Real Estate Broker/Salesperson Disclosure (Cx3589)

Conn. Gen. Stat. § 20-325c(a) requires a disclosure to be made when a real estate broker or salesperson is also acting as a mortgage broker on a transaction. Specifically, the statute states “no real estate licensee, and no person affiliated with such real estate licensee, who receives a fee, commission or other valuable consideration for the sale of residential real property, may receive a fee, commission or other valuable consideration for negotiating, soliciting, arranging, placing or finding a first mortgage loan for the buyer in connection with the same sale unless disclosure is made in accordance with the provisions of subsection (b) of this section.” The disclosure referenced in “subsection b” is our CT Real Estate Broker/Salesperson disclosure (Cx3589). We have adjusted the logic for the document header label in Cx3589 (which isn’t prescribed as part of the statute) to print the brokers name if sent from the LOS, otherwise it will continue to display the lenders name.

This change will be available for testing of Stage and Stage 2 servers and will take effect on June 7, 2024. If you have any questions or concerns, please contact Client Support at 800.497.3584.

DR-150592

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.