Compilation of mortgage loan data

(a) Unless exempt under Section 36a-744-6 of the Regulations of Connecticut State Agencies, financial institutions shall compile the loan data required under the federal Home Mortgage Disclosure Act. (b) Unless exempt under section 36a-744-6 of the Regulations of Connecticut State Agencies, each financial institution shall report on the federal home mortgage disclosure act loan application register the reason for denial in connection with each application subject to federal reporting that is denied by the financial institution.