Conn. Gen. Stat. § 36b-18 — Connecticut Code / Title 36b / Chapter 672a / Section 36b-18
Sec. 36b-18. (Formerly Sec. 36-487). Registration of security by qualification. Statement contents. Effective date.
Status: in_force

(b) A registration statement under this section shall contain the following information and be accompanied by the following documents in addition to the information specified in subsection (c) of section 36b-19 and the consent to service of process required by subsection (g) of section 36b-33 : (1) With respect to the issuer and any significant subsidiary: Its name, address, and form of organization; the state or foreign jurisdiction and date of its organization; the general character and location of its business; a discussion of the principal factors that make the offering speculative or one of high risk; a description of its physical properties and equipment, and a statement of the general competitive conditions in the industry or business in which it is or will be engaged; (2) with respect to every director and officer of the issuer, or person occupying a similar status or performing similar functions: His name, address and principal occupation for the past five years; the amount of securities of the issuer held by him as of a specified date within thirty days of the filing of the registration statement; the amount of the securities covered by the registration statement to which he has indicated his intention to subscribe; and a description of any material interest in any material transaction with the issuer or any significant subsidiary effected within the past three years or proposed to be effected; (3) with respect to persons covered by subdivision (2) of this subsection: The remuneration paid during the past twelve months and estimated remuneration to be paid during the next twelve months, directly or indirectly, by the issuer together with all predecessors, parents, subsidiaries and affiliates to all such persons in the aggregate; (4) with respect to any person owning of record, or beneficially if known, ten per cent or more of the outstanding shares of any class of equity security of the issuer: The information specified in said subdivision (2) of this subsection other than his occupation; (5) with respect to every promoter if the issuer was organized within the past three years: The information specified in said subdivision (2) of this subsection, any amount paid to him within that period or intended to be paid to him, and the consideration for any such payment; (6) with respect to any person on whose behalf any part of the offering is to be made in a nonissuer distribution: His name and address; the amount of securities of the issuer held by him as of the date of the filing of the registration statement; a description of any material interest in any material transaction with the issuer or any significant subsidiary effected within the past three years or proposed to be effected; and a statement of his reasons for making the offering; (7) the capitalization and long-term debt, on both a current and pro forma basis, of the issuer and any significant subsidiary, including a description of each security outstanding or being registered or otherwise offered, and a statement of the amount and kind of consideration, whether in the form of cash, physical assets, services, patents, good will or anything else, for which the issuer or any subsidiary has issued any of its securities within the past two years or is obligated to issue any of its securities; (8) the kind and amount of securities to be offered; the proposed offering price or the method by which it is to be computed; any variation therefrom at which any proportion of the offering is to be made to any person or class of persons other than the underwriters, with a specification of any such person or class; the basis upon which the offering is to be made if otherwise than for cash; the estimated aggregate underwriting and selling discounts or commissions and finders' fees, including separately cash, securities, contracts or anything else of value to accrue to the underwriters or finders in connection with the offering, or, if the selling discounts or commissions are variable, the basis of determining them and their maximum and minimum amounts; the estimated amounts of other selling expenses, including legal, engineering and accounting charges; the name and address of every underwriter and every recipient of a finder's fee; a copy of any underwriting or selling-group agreement pursuant to which the distribution is to be made, or the proposed form of any such agreement whose terms have not yet been determined, and a description of the plan of distribution of any securities which are to be offered otherwise than through an underwriter; (9) the estimated cash proceeds to be received by the issuer from the offering; the purposes for which the proceeds are to be used by the issuer; the amount to be used for each purpose, the order or priority in which the proceeds will be used for the purposes stated; the amounts of any funds to be raised from other sources to achieve the purposes stated; the sources of any such funds, and, if any part of the proceeds is to be used to acquire any property, including good will, other than in the ordinary course of business, the names and addresses of the vendors, the purchase price, the names of any persons who have received commissions in connection with the acquisition, and the amounts of any such commissions and any other expense in connection with the acquisition, including the cost of borrowing money to finance the acquisition; (10) a description of any stock options or other security options outstanding, or to be created in connection with the offering, together with the amount of any such options held or to be held by every person required to be named in subdivision (2), (4), (5), (6) or (8) of this subsection and by any person who holds or will hold ten per cent or more in the aggregate of any such options; (11) the dates of, parties to and general effect concisely stated of, every management or other material contract made or to be made otherwise than in the ordinary course of business if it is to be performed in whole or in part at or after the filing of the registration statement or was made within the past two years, together with a copy of every such contract; (12) a description of any material litigation or proceeding commenced or resolved within the past ten years, including any administrative proceeding or any disciplinary action by self-regulatory organizations, to which the issuer or any of its officers, directors, persons nominated as directors or general partners, any beneficial owner of ten per cent or more of any class of its equity securities, any promoter or any underwriter of the securities to be offered, including any partner, director or officer of any such underwriter, was named a party, provided any conviction for any misdemeanor involving a security or any aspect of the securities business or any felony shall be deemed material unless determined by the commissioner not to be material; (13) a copy of any prospectus, pamphlet, circular, form letter, advertisement or other sales literature intended as of the effective date to be used in connection with the offering; (14) a specimen or copy of the security being registered; a copy of the issuer's articles of incorporation and bylaws, or their substantial equivalents, as currently in effect, and a copy of any indenture or other instrument covering the security to be registered; (15) a signed or conformed copy of an opinion of counsel as to the legality of the security being registered with an English translation if it is in a foreign language, which shall state whether the security when sold will be legally issued, fully paid and nonassessable, and, if a debt security, a binding obligation of the issuer; (16) the written consent of any accountant, engineer, appraiser or other person whose profession gives authority to a statement made by him if any such person is named as having prepared or certified a report or valuation other than a public and official document or statement which is used in connection with the registration statement; (17) (A) a balance sheet, statement of income and cash flow and changes in stockholders' equity of the issuer as of the date within four months prior to the filing of the registration statement, which financial statements may be unaudited, provided if the issuer has been in business for less than one full year from the date of the filing of the registration statement, such financial statements must be reviewed by an independent certified public accountant; (B) a balance sheet, statement of income and cash flow and changes in stockholders' equity for each of the three preceding fiscal years, which financial statements must be audited by an independent certified public accountant; and (C) if any part of the proceeds of the offering is to be applied to the purchase of any business, the same financial statements which would be required if that business were the registrant; and (18) such additional information as the commissioner requires by regulation or order.

(c) A registration statement under this section becomes effective when the commissioner so orders.

(d) The commissioner may by regulation or order require as a condition of registration under this section that a prospectus containing any designated part of the information specified in subsection (b) of this section be sent or given to each person to whom an offer is made before or concurrently with (1) the first written offer made to him, otherwise than by means of a public advertisement, by or for the account of the issuer or any other person on whose behalf the offering is being made, or by any underwriter or broker-dealer who is offering part of an unsold allotment or subscription taken by him as a participant in the distribution, (2) the confirmation of any sale made by or for the account of any such person, (3) payment pursuant to any such sale, or (4) delivery of the security pursuant to any such sale, whichever first occurs.
Conn. Gen. Stat. § 36a-136 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-136
Sec. 36a-136. (Formerly Sec. 36-142m). Conversion of a mutual institution to a capital stock bank. Plan of conversion.
Status: in_force

(b) A conversion of a federal mutual savings bank or federal mutual savings and loan association to a capital stock Connecticut bank shall be authorized only if permitted by federal law and shall be subject to all requirements prescribed by federal law. A conversion of a mutual savings bank or mutual savings and loan association to a capital stock federal bank shall be authorized only if permitted by federal law and shall be subject to all requirements prescribed by federal law.

(c) The converting institution shall file with the commissioner a proposed plan of conversion, a copy of the proposed amended certificate of incorporation and a certificate by the secretary of the converting institution that the proposed plan of conversion has been approved, in accordance with subsection (d) of this section, by the governing board and in the case of a converting savings and loan association, federal savings bank or federal savings and loan association, the depositors or members thereof.

(d) The plan of conversion shall require the approval of a majority of the governing board of the converting institution. In the case of a converting savings and loan association, the plan of conversion shall also require the favorable vote of not less than fifty-one per cent of the votes cast by depositors of such association at a special meeting called to consider such conversion. In the case of a federal savings bank or federal savings and loan association, the plan of conversion shall require any vote of depositors or members prescribed by federal law.

(e) The plan of conversion for a mutual savings bank shall also require approval by (1) unless a greater percentage is required by the charter or certificate of incorporation of the converting bank, a majority of all the corporators of the converting bank, provided the converting bank shall, at the time of such vote, have no fewer than twenty-five corporators unless otherwise permitted by the commissioner based on restrictions contained in the charter or certificate of incorporation of the converting bank, and (2) a majority of the independent corporators of the converting bank, provided the total number of independent corporators shall at the time of such vote constitute no less than sixty per cent of all corporators. Such approval shall be obtained at a meeting held in accordance with the charter or certificate of incorporation or the bylaws of the mutual savings bank. For purposes of subdivision (2) of this subsection, an independent corporator means a corporator who is not an employee, officer, director, trustee or significant borrower of the mutual savings bank.

(f) A converting mutual savings bank shall, prior to the meeting required by subsection (e) of this section, provide the corporators with informational material regarding the plan of conversion, which informational material shall have been filed with and approved by the commissioner before being distributed to the corporators, and which informational material shall include disclosures summarizing the plan of conversion, the distribution of shares and compensation plans proposed for management.

(g) A converting mutual savings bank shall provide the commissioner with the following information with respect to the corporators eligible to vote at the meeting required by subsection (e) of this section:

(1) The number of corporators who (A) are not employees, officers, directors or trustees of the mutual savings bank, (B) are employees, but not officers, directors or trustees of the mutual savings bank, and (C) are officers, directors or trustees of the mutual savings bank;

(2) A description of any loan relationships, outstanding within the five-year period prior to the date of the required meeting, between the mutual savings bank and any of its corporators who are not employees, officers, directors or trustees of the mutual savings bank; and

(3) A description of any commercial relationships, other than loan relationships described in subdivision (2) of this subsection, in existence within the five-year period prior to the date of the required meeting, between the mutual savings bank and any of the corporators who are not employees, officers, directors or trustees of the mutual savings bank. For purposes of this subsection, the term “commercial relationships” means any sale or lease of real or personal property and any provision of commercial services.

(h) A converting mutual savings bank shall file with the commissioner a certificate of the secretary of the converting bank certifying that a meeting of the corporators has been held and that the plan of conversion has been approved by the corporators in accordance with the requirements of subsection (e) of this section.

(i) In any conversion under this section, each account holder of the converting institution deemed eligible under regulations adopted pursuant to subsection (j) of this section shall receive, without payment, nontransferable subscription rights to purchase capital stock of the converted institution pursuant to a subscription offering, and such offering shall precede any offering of the converting institution's stock to the members of the community and of the general public. Each converting institution shall, at the time of conversion, establish a liquidation account for the benefit of such account holders and such liquidation account shall establish a priority upon liquidation. The requirement concerning the establishment of a liquidation account shall not apply to the formation of a mutual holding company or a reorganized savings institution of such mutual holding company under sections 36a-192 and 36a-193 or to the issuance of capital stock by such reorganized savings institution under sections 36a-195 and 36a-196 .

(j) The commissioner shall adopt regulations in accordance with chapter 54 to govern the conversion of mutual institutions to capital stock institutions. Such regulations shall be similar in scope and content to the regulations of the Office of Thrift Supervision, 12 CFR Part 563b, as from time to time amended, for the conversion of mutual savings institutions into stock savings institutions. The commissioner may waive any provision of the regulations adopted pursuant to this section that is inconsistent with the regulations of the Office of Thrift Supervision or if such waiver is necessary to comply with the requirements of the Federal Deposit Insurance Corporation or its successor agency.

(k) If the commissioner certifies in writing that the protection of depositors or other creditors of such converting institution requires that the conversion proceed without delay, the commissioner may waive any provision of the regulations adopted pursuant to subsection (j) of this section that the commissioner determines will cause such delay.

(l) The commissioner may approve a conversion under this section only if the commissioner determines that: (1) The converting institution has complied with all applicable provisions of law; (2) the conversion would not result in any reduction of the converting institution's amount of equity capital, less any subordinated debt recognized as bona fide capital; (3) the conversion would not result in a taxable reorganization of the converting institution under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended; (4) the programs, policies and procedures of the converting institution relating to anti-money-laundering activity are adequate, and the converting institution has a record of compliance with anti-money-laundering laws and regulations; and (5) the plan of conversion is fair to depositors. The converted institution shall not commence business unless its insurable accounts and deposits are insured by the Federal Deposit Insurance Corporation or its successor agency.
Conn. Gen. Stat. § 36a-51a — Connecticut Code / Title 36a / Chapter 664a / Section 36a-51a
Sec. 36a-51a. Removal from office and from employment or retention as independent contractor. Notice and hearing.
Status: in_force

(b) Any such notice issued under subsection (a) of this section shall include: (1) If a hearing has been scheduled, a statement of the time, place and nature of the hearing; (2) if a hearing has not been scheduled, a statement indicating that such individual may file a written request for a hearing on the matters asserted not later than fourteen days after receipt of the notice; (3) a statement of the legal authority and jurisdiction under which the hearing is to be held or may be held; (4) a reference to the particular sections of the general statutes, regulations or orders alleged to have been violated; and (5) a short and plain statement of the matters asserted. If the commissioner finds that the protection of consumers requires immediate action, the commissioner may suspend any such individual from office and require such person to take or refrain from taking such action as the commissioner deems necessary to effectuate the purposes of this subsection, by incorporating a finding to that effect in such notice. The suspension or prohibition shall become effective upon receipt of such notice and, unless stayed by a court, shall remain in effect until the entry of a permanent order or the dismissal of the matters asserted.

(c) If a hearing is requested, in accordance with subdivision (2) of subsection (b) of this section, within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice. If such individual fails to appear at the hearing or if, after the hearing, the commissioner finds that any of the grounds set forth in subdivision (1) or (2) of subsection (a) of this section exist with respect to such individual, the commissioner may order a licensee to remove such individual from office and from any employment or retention as an independent contractor in any business in this state subject to the commissioner's jurisdiction. No such order shall be issued except in accordance with the provisions of chapter 54.
Conn. Gen. Stat. § 36a-490 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-490
Sec. 36a-490. (Formerly Sec. 36-440e). License requirements. Request to surrender license. Requirements for filing information with system.
Status: in_force

(2) A mortgage loan originator licensee who intends to permanently cease engaging in the business of a mortgage loan originator at any time during a license period for any cause, including, but not limited to, bankruptcy, shall file a request to surrender the license on the system not later than fifteen days after the date of such cessation, provided this requirement shall not apply when a license has been suspended pursuant to section 36a-51 . No surrender shall be effective until accepted by the commissioner.

(3) A loan processor or underwriter licensee who intends to permanently cease engaging in the activities of a loan processor or underwriter at any time during a license period for any cause, including, but not limited to, bankruptcy, shall file a request to surrender the license on the system not later than fifteen days after the date of such cessation, provided this requirement shall not apply when a license has been suspended pursuant to section 36a-51 . No surrender shall be effective until accepted by the commissioner.

(b) (1) A mortgage lender, mortgage correspondent lender, mortgage broker or lead generator license shall not be transferable or assignable. Any change in any control person of the licensee, except a change of director, general partner or executive officer that is not the result of an acquisition or change of control of the licensee, shall be the subject of an advance change notice filed on the system not later than thirty days prior to the effective date of such change and no such change shall occur without the commissioner's approval. For purposes of this section, “change of control” means any change causing the majority ownership, voting rights or control of a licensee to be held by a different control person or group of control persons.

(2) No licensee may use any name other than its legal name or a fictitious name approved by the commissioner, provided such licensee may not use its legal name if the commissioner disapproves use of such name. No licensee shall use any name or address other than the name and address specified on the license issued by the commissioner. A mortgage lender, mortgage correspondent lender, mortgage broker or lead generator licensee may change the name of the licensee or address of the office specified on the most recent filing with the system if (A) at least thirty calendar days prior to such change, the licensee files such change with the system and, in the case of a main or branch office, provides, directly to the commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the commissioner that reflects the new name or address of the main or branch office, and (B) the commissioner does not disapprove such change, in writing, or request further information within such thirty-day period.

(3) The commissioner may automatically suspend any license for a violation of this subsection, or upon a failure of the licensee to designate a qualified individual or branch manager who meets the requirements set forth in section 36a-488 , within thirty days of a vacancy in the position. After a license has been automatically suspended pursuant to this subsection, the commissioner shall (A) give the licensee notice of the automatic suspension, pending proceedings for revocation of or refusal to renew the license pursuant to section 36a-494 and an opportunity for a hearing in accordance with section 36a-51 , and (B) require the licensee to take or refrain from taking action as the commissioner deems necessary to effectuate the purpose of this section.

(c) Except as otherwise specified in subsection (b) of this section, each mortgage lender, mortgage correspondent lender, mortgage broker or lead generator applicant or licensee, and each individual designated as a control person, qualified individual or branch manager of such applicant or licensee, shall file on the system, or, if the information cannot be filed on the system, notify the commissioner, in writing, of any change in the information such applicant, licensee, control person, qualified individual or branch manager most recently submitted to the system in connection with the application or license not later than fifteen days after the date such applicant, licensee, control person, qualified individual or branch manager had reason to know of the change. A mortgage lender, mortgage correspondent lender, mortgage broker or lead generator licensee shall file with the system or, if the information cannot be filed on the system, notify the commissioner, in writing, of the occurrence of any of the following developments not later than fifteen days after the date such licensee had reason to know of such development:

(1) Filing for bankruptcy or the consummation of a corporate restructuring of the licensee;

(2) Filing of a criminal indictment against the licensee in any way related to the lending or brokerage activities of the licensee, or receiving notification of the filing of any criminal felony indictment or felony conviction of any control person, branch manager or qualified individual of the licensee;

(3) Receiving notification of the institution of license denial, cease and desist, suspension or revocation procedures, or other formal or informal action by any governmental agency against the licensee or any control person, branch manager or qualified individual of the licensee and the reasons therefor;

(4) Receiving notification of the initiation of any action against the licensee or any control person, branch manager or qualified individual of the licensee by the Attorney General or the attorney general of any other state and the reasons therefor;

(5) Receiving notification of a material adverse action with respect to any existing line of credit or warehouse credit agreement;

(6) Suspension or termination of the licensee's status as an approved seller or servicer by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association;

(7) Exercise of recourse rights by investors or subsequent assignees of residential mortgage loans if such loans for which the recourse rights are being exercised, in the aggregate, exceed the licensee's net worth exclusive of real property and fixed assets;

(8) Receiving notification of filing for bankruptcy of the licensee or of any control person, branch manager or qualified individual of the licensee; or

(9) A decrease in the net worth required by subsection (a) of section 36a-488 .

(d) Each mortgage loan originator applicant or licensee and each loan processor or underwriter applicant or licensee shall file with the system or, if the information cannot be filed on the system, notify the commissioner, in writing, of any change in the information most recently submitted in connection with the application or license not later than fifteen days after the date such applicant or licensee had reason to know of the change. Each mortgage loan originator licensee and each loan processor or underwriter licensee shall file with the system, or, if the information cannot be filed on the system, notify the commissioner, in writing, of the occurrence of any of the following developments not later than fifteen days after the date that such licensee had reason to know of the development:

(1) Filing for bankruptcy of the licensee;

(2) Filing of a criminal indictment against the licensee;

(3) Receiving notification of the institution of license or registration denial, cease and desist, suspension or revocation procedures, or other formal or informal action by any governmental agency against the licensee and the reasons therefor; or

(4) Receiving notification of the initiation of any action against the licensee by the Attorney General or the attorney general of any other state and the reasons therefor.

(e) Each mortgage lender, mortgage correspondent lender, mortgage broker, lead generator, mortgage loan originator and loan processor or underwriter license shall remain in force and effect until it has been surrendered, revoked or suspended, or until it expires or is no longer effective, in accordance with the provisions of this title.
Conn. Gen. Stat. § 36a-428c — Connecticut Code / Title 36a / Chapter 666 / Section 36a-428c
Sec. 36a-428c. Deposit of assets by foreign bank. Holding of currency or other assets in relation to liabilities. Unusual and extraordinary circumstances; deposit of assets with banks designated by commissioner.
Status: in_force

(b) Such foreign bank shall hold in this state currency, or such assets as the commissioner shall by regulation permit, in an amount which shall bear such relationship as the commissioner shall by regulation prescribe to liabilities of such foreign bank. As used in this subsection, “liabilities” means liabilities appearing in the books, accounts or records of a foreign bank's state agencies and state branches in this state as liabilities of such agencies and branches, including acceptances and such other liabilities as the commissioner shall determine but excluding amounts due and other liabilities to other offices, agencies or branches of, and affiliates of such foreign bank. For purposes of this subsection, the commissioner (1) shall value marketable securities at principal amount or market value, whichever is lower, (2) may determine the value of any nonmarketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness, or of any other asset or obligation held by or owed to the foreign bank or its agency, agencies, branch or branches within this state, and (3) in determining the ratio of assets to liabilities, may exclude in whole or in part any particular asset. If, by reason of the existence or potential occurrence of unusual and extraordinary circumstances, the commissioner deems it necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, creditors and the public interest, and to maintain public confidence in the business of any state agency or state branch of a foreign bank in this state, the commissioner may, subject to such terms and conditions as the commissioner may prescribe, require such foreign bank to deposit the assets required to be held in this state pursuant to this subsection with such banks as the commissioner may designate.
Conn. Gen. Stat. § 36a-715 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-715
Sec. 36a-715. (Formerly Sec. 36-442m). Definitions.
Status: in_force

(1) “Branch office” means a location other than the main office at which a licensee or any person on behalf of a licensee acts as a mortgage servicer.

(2) The terms “advertise or advertising”, “control person”, “individual”, “main office”, “mortgage broker”, “mortgage correspondent lender”, “mortgage lender”, “office”, “person” and “unique identifier” have the same meanings as provided in section 36a-485 .

(3) “Mortgage servicer” (A) means any person, wherever located, who, for such person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records such payments on such person's books and records and performs such other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of such funds to the taxing authority and insurance company, and (B) includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage.

(4) “Mortgagee” means the grantee of a residential mortgage, provided if the residential mortgage has been assigned of record, “mortgagee” means the last person to whom the residential mortgage has been assigned of record.

(5) “Mortgagor” means any person obligated to repay a residential mortgage loan.

(6) “Residential mortgage loan” means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in Section 103 of the Consumer Credit Protection Act, 15 USC 1602, located in this state, or real property located in this state upon which is constructed or intended to be constructed a dwelling.
Conn. Gen. Stat. § 36a-292 — Connecticut Code / Title 36a / Chapter 665a / Section 36a-292
Sec. 36a-292. (Formerly Sec. 36-3a). Liability of survivor receiving payment on joint deposit account or share account.
Status: in_force

(b) After pursuing all remedies available for payment from any estate left by the deceased account owner, any person to whom any of the claims, expenses or debts listed in subsection (a) of this section are owed shall have direct recourse to such survivor, survivors or legal representative of any such incapable survivor for such claim, expense or debt, but only to the extent of their liability under subsection (a) of this section, and shall thereafter have no further recourse against the deceased account owner's estate for such claim, expense or debt.

Annotation to former section 36-3a:

Expenses of last illness and funeral are not deductible from the nonprobate portion of an estate, except as they may constitute liens thereon or debts which it is judicially established are chargeable thereto; such liens or debts are not created by section. 25 CS 250.
Conn. Gen. Stat. § 36a-783 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-783
Sec. 36a-783. (Formerly Sec. 42-96). Rebate and refund upon prepayment of contract.
Status: in_force

(b) In the event of prepayment by the retail buyer of any such renewed or extended retail installment contract in full prior to the revised final date of maturity thereof, the sales finance company or retail seller shall refund to the retail buyer a monthly pro rata portion of the renewal or extension charge. When such refund is less than one dollar, no refund need be made.

(c) Whenever such refund is made, the holder of the contract shall, upon request therefor, deliver to the retail buyer a statement clearly setting forth separately the refund of finance charges and insurance premiums.

See Sec. 42a-9-203 re attachment and enforceability of security interests.

Annotations to former section 42-96:

Cited. 24 CA 455.

Cited. 34 CS 154.
Conn. Gen. Stat. § 36a-633 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-633
Sec. 36a-633. License fee. Costs of examination to be borne by applicants. Automatic suspension of license or renewal license. Notice. Opportunity for hearing.
Status: in_force

(b) If the commissioner determines that a check filed with the commissioner to pay a license fee has been dishonored, the commissioner shall automatically suspend the license or a renewal license that has been issued but is not yet effective. The commissioner shall give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing on such actions in accordance with section 36a-51 .
Conn. Gen. Stat. § 36-27 — Connecticut Code / Title 36 / Chapter 634–662e / Section 36-27
Sec. 36-27. Banking appeals.
Status: in_force

Note: This section was formerly published as chapter 637.
Conn. Gen. Stat. § 36a-561 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-561
Sec. 36a-561. (Formerly Sec. 36-231). Prohibited practices.
Status: in_force

(1) Assist or aid and abet any person in conduct prohibited by sections 36a-555 to 36a-573 , inclusive;

(2) Employ any scheme, device or artifice to defraud or mislead any person in connection with a small loan;

(3) Make, in any manner, any false, misleading or deceptive statement or representation in connection with a small loan or engage in bait and switch advertising;

(4) Engage in any unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with a small loan; or

(5) Fail to establish, enforce and maintain policies and procedures for supervising employees, agents and office operations that are reasonably designed to achieve compliance with applicable laws and regulations concerning small loan lenders.
Conn. Gen. Stat. § 36a-463a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-463a
Sec. 36a-463a. Audit report and net worth restoration plan by out-of-state, state-chartered or federally-chartered credit union that maintains branch in this state.
Status: in_force

(b) An out-of-state, state-chartered or federally-chartered credit union that maintains a branch in this state that is required under federal law to submit a net worth restoration plan to the board of the National Credit Union Administration shall simultaneously submit an executed copy of such plan to the commissioner.
Conn. Gen. Stat. § 36a-851 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-851
Sec. 36a-851. Commissioner's authority re investigations and examinations. Prohibited acts by subjects of investigation or examination.
Status: in_force

(1) For purposes of initial licensing or registration, license renewal, license suspension, license revocation or termination, or general or specific inquiry or investigation to determine compliance with sections 36a-846 to 36a-854 , inclusive, the commissioner may access, receive and use any books, accounts, records, files, documents, information or evidence including, but not limited to, (A) criminal, civil and administrative history information; (B) personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act, 15 USC 1681a; and (C) any other documents, information or evidence the commissioner deems relevant to the inquiry or investigation regardless of the location, possession, control or custody of such documents, information or evidence.

(2) For the purposes of investigating violations or complaints arising under sections 36a-846 to 36a-854 , inclusive, or for the purposes of examination, the commissioner may review, investigate or examine any student loan servicer or person subject to said sections as often as necessary in order to carry out the purposes of said sections. The commissioner may direct, subpoena or order the attendance of and examine under oath all persons whose testimony may be required about the student education loan or the business or subject matter of any such examination or investigation, and may direct, subpoena or order such person to produce books, accounts, records, files and any other documents the commissioner deems relevant to the inquiry.

(b) In making any examination or investigation authorized by this section, the commissioner may control access to any documents and records of the student loan servicer or person under examination or investigation. The commissioner may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, no person shall remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the commissioner. Unless the commissioner has reasonable grounds to believe the documents or records of the student loan servicer or person have been, or are at risk of being, altered or destroyed for purposes of concealing a violation of sections 36a-846 to 36a-854 , inclusive, the student loan servicer or owner of the documents and records shall have access to the documents or records as necessary to conduct its ordinary business affairs.

(c) In order to carry out the purposes of this section, the commissioner may:

(1) Retain attorneys, accountants or other professionals and specialists as examiners, auditors or investigators to conduct or assist in the conduct of examinations or investigations;

(2) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information or evidence obtained under this section;

(3) Use, hire, contract or employ public or privately available analytical systems, methods or software to examine or investigate the student loan servicer or person subject to sections 36a-846 to 36a-854 , inclusive;

(4) Accept and rely on examination or investigation reports made by other government officials, within or without this state; and

(5) Accept audit reports made by an independent certified public accountant for the student loan servicer or person subject to sections 36a-846 to 36a-854 , inclusive, in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in the report of examination, report of investigation or other writing of the commissioner.

(d) The authority of this section shall remain in effect, whether such student loan servicer or person subject to sections 36a-846 to 36a-854 , inclusive, acts or claims to act under any licensing or registration law of this state, or claims to act without such authority.

(e) No student loan servicer or person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy or secrete any books, records, computer records or other information.
Conn. Gen. Stat. § 36a-350 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-350
Sec. 36a-350. Permitted investments.
Status: in_force

(b) Except as otherwise expressly provided in the instrument, judgment, decree or order creating a trust or other fiduciary relationship or appointing a fiduciary, all investments of funds and assets held by a Connecticut bank in a fiduciary capacity (1) shall be invested with the care of a prudent investor in like circumstances, and (2) subject to compliance with subdivision (1) of this subsection, may be invested in time deposits or savings deposits of such bank provided the bank is authorized to accept deposits.
Conn. Gen. Stat. § 36a-636c — Connecticut Code / Title 36a / Chapter 668 / Section 36a-636c
Sec. 36a-636c. Books and records. Annual report.
Status: in_force

(b) Each licensee shall, not more than ninety days after the close of its fiscal year, or within such longer period as the commissioner may by regulation specify, file with the commissioner an annual report containing:

(1) A financial statement, including balance sheet, statement of income or loss, statement of changes in capital accounts and statement of changes in financial position, for its fiscal year or as of the end of such fiscal year, prepared with an audit by an independent certified public accountant in accordance with generally accepted accounting principles;

(2) A report, certificate or opinion of such independent certified public accountant stating that the financial statement was prepared in accordance with generally accepted accounting principles, and that such accountant agrees to provide related working papers, policies and procedures to the commissioner, if requested;

(3) A report as to (A) the number and aggregate dollar amount of loans made by such licensee during its fiscal year; (B) the geographic distribution, including by United States census tract, if applicable, of the borrowers that received such loans; (C) the percentage of such loans that were made to minority or women-owned United States and foreign businesses; (D) the dollar amount of the licensee's loan portfolio as of the end of its fiscal year; (E) the percentage amount of the licensee's loan portfolio that represents loans for which scheduled loan payments were more than ninety days past due as of the end of its fiscal year; (F) the number and dollar amount of loans in liquidation as of the end of its fiscal year; (G) the dollar amount of the licensee's reserve for loan and lease losses; and (H) percentage of reserves to total loans and leases; and

(4) Such other information as the commissioner may require.
Conn. Gen. Stat. § 36b-41 — Connecticut Code / Title 36b / Chapter 672b / Section 36b-41
Sec. 36b-41. (Formerly Sec. 36-457). Definitions.
Status: repealed

(1) “Target company” means any stock corporation which is organized under the laws of this state, has its principal executive office in this state and has, on a consolidated basis, five hundred or more employees and fifty million dollars of tangible assets in this state, other than: (A) A domestic insurance company, as defined in section 38a-1 ; (B) a bank, as defined in subdivision (3) of subsection (a) of section 36-419 of the general statutes, revision of 1958, revised to January 1, 1993, or a bank holding company, as defined in subdivision (1) of subsection (a) of section 36-419 of the general statutes, revision of 1958, revised to January 1, 1993; (C) a public utility company or a holding company, as defined in Section 2 of the Federal Public Utility Holding Company Act of 1935, presently constituted as Section 79b of Title 15 of the United States Code, an acquisition of or by, or merger with which, is subject to approval by the appropriate federal agency as provided in said act; (D) a bank or bank holding company subject to the Federal Bank Holding Company Act of 1956, presently constituted as Section 1841 et seq. of Title 12 of the United States Code, an acquisition of or by, or merger with which, is subject to approval by the appropriate federal agency as provided in said act; or (E) a savings and loan holding company, as defined in Section 2 of the Federal Savings and Loan Holding Company Amendments of 1967, presently constituted as Section 1730a* of Title 12 of the United States Code, an acquisition of or by, or merger with which, is subject to approval by the appropriate federal agency as provided in said act.

(2) “Equity security” means (A) any stock or similar security carrying, at the time of the tender offer, the right to vote on any matter by virtue of the certificate of incorporation, bylaws or governing instrument of the target company or the right to vote for directors or persons performing substantially similar functions by operation of law; (B) any security, including debt securities, convertible into such stock or similar security; (C) any warrant or right to purchase such stock or similar security; (D) any security carrying any warrant to purchase such stock or similar security; or (E) any other security which for the protection of investors is deemed an equity security pursuant to regulation of the commissioner.

(3) “Offeror” means a person who makes or in any way participates in making a tender offer, and includes all affiliates and associates of that person. The term does not include a financial institution, a broker or dealer loaning funds or extending credit to any offeror in the ordinary course of its business, or any accountant, attorney, financial institution, broker, dealer, newspaper or magazine of general circulation, consultant or other person furnishing services or advice to or performing ministerial or administrative duties for an offeror and not otherwise participating in the takeover offer.

(4) “Affiliate” of a person means any person controlling, controlled by or under common control with that person.

(5) “Associate” of a person means any person acting jointly or in concert with that person for the purpose of acquiring, holding or disposing of, or exercising any voting rights attached to, the equity securities of a target company.

(6) “Control”, including the terms “controlling”, “controlled by” and “under common control with”, means the possession of the power to direct or cause the direction of the management and policies of a person unless the power is the result of an official position or office.

(7) “Offeree” means a record or beneficial owner of equity securities which an offeror acquires or offers to acquire in connection with a tender offer.

(8) “Tender offer” means the offer to acquire, or the acquisition of, any equity security of a target company, pursuant to a tender offer or request or invitation for tenders, if after acquisition the offeror would be directly or indirectly a record or beneficial owner of more than ten per cent of any class of the outstanding equity securities of the target company, but shall not include: (A) A bid made by a dealer for that dealer's own account in the ordinary course of that dealer's business of buying and selling such equity securities; (B) broker transactions effected by or through a broker or dealer in the ordinary course of its business; (C) an offer to exchange the securities of one issuer for the securities of another issuer, if the offer is registered or exempt from registration under the Federal Securities Act of 1933; (D) any offer to acquire such equity securities for the sole account of the offeror if there are no more than one hundred record owners of the voting securities of the target company at the time of the offer; (E) an offer which, if accepted by all offerees, will not result in the offeror having acquired more than two per cent of the same class of equity securities of the issuer within the preceding twelve-month period; (F) an offer by the issuer to acquire its own equity securities; (G) an isolated offer to purchase equity securities from individual security holders and not made to security holders generally; (H) an offer involving a vote of shareholders of the target company on a merger, consolidation or sale of corporate assets in consideration of cash or the issuance of securities of another corporation; and (I) any offer which the commissioner, by regulation or order, and after notice to the offeror and target company, shall exempt from the definition of tender offer as not being entered into for the purpose of, and not having the effect of, changing or influencing the control of the target company or otherwise as not comprehended within the purposes of sections 36b-40 to 36b-52 , inclusive.

(9) “Commissioner” means the Banking Commissioner or any person designated by the Banking Commissioner to administer sections 36b-40 to 36b-52 , inclusive.

(10) “Schedule 14D-1” ; means the schedule 14D-1 as prescribed by the Securities and Exchange Commission or such other form pertaining to disclosures in tender offers as the commissioner by regulation, rule or order may designate.

*Note: Section 1730a of Title 12 of the United States Code is repealed.
Conn. Gen. Stat. § 36a-863 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-863
Sec. 36a-863. Disclosures required when specific offer extended.
Status: in_force

(1) The total amount of the commercial financing.

(2) The disbursement amount, which is the amount paid to the recipient or on the recipient's behalf, excluding any finance charges that are deducted or withheld at disbursement.

(3) The finance charge.

(4) The total repayment amount, which is the disbursement amount plus the finance charge.

(5) The estimated time period required for the periodic payments to equal the total repayment amount.

(6) The payment amounts as follows:

(A) For payment amounts that are fixed, the payment amounts and frequency; or

(B) For payment amounts that are variable, a payment schedule or a description of the method used to calculate the amounts and frequency of payments, and the amount of the average projected payments per month.

(7) A description of all other potential fees and charges not included in the finance charge, including, but not limited to, draw fees, late payment fees and returned payment fees.

(8) (A) Any finance charge the recipient will be required to pay if the recipient elects to pay off or refinance the commercial financing prior to full repayment, other than interest accrued since the recipient's last payment, and the percentage of any unpaid portion of such finance charge and the maximum dollar amount of such finance charge the recipient will be required to pay; and

(B) Any additional fees, not already included in the finance charge, the recipient will be required to pay if the recipient elects to pay off or refinance the commercial financing prior to full repayment.

(9) A description of collateral requirements or security interests, if any.

(10) Whether, in connection with the specific offer of sales-based financing, the provider will pay compensation directly to a commercial financing broker out of the financed amount and, if so, the amount of such compensation.
Conn. Gen. Stat. § 36a-535 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-535
Sec. 36a-535. (Formerly Sec. 36-254). Definitions.
Status: in_force

(1) The terms “goods”, “retail installment sale”, “retail installment contract”, “installment loan contract”, “retail seller” and “retail buyer” have the same meanings as provided in section 36a-770 ;

(2) “Sales finance company” means any person engaging in this state in the business, in whole or in part, of (A) acquiring retail installment contracts or installment loan contracts from the holders thereof, by purchase, discount or pledge, or by loan or advance to the holder of either on the security thereof, or otherwise, or (B) receiving payments of principal and interest from a retail buyer under a retail installment contract or installment loan contract. “Sales finance company” does not include a bank, out-of-state bank, Connecticut credit union, federal credit union, or out-of-state credit union, if so engaged;

(3) “Advertise” or “advertising” has the same meaning as provided in section 36a-485 ;

(4) “Control person” has the same meaning as provided in section 36a-485 ;

(5) “Branch office” means a location other than the main office at which a licensee or any person on behalf of a licensee acts as a sales finance company;

(6) “Main office” has the same meaning as provided in section 36a-485 ; and

(7) “Unique identifier” has the same meaning as provided in section 36a-485 .
Conn. Gen. Stat. § 36a-440a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-440a
Sec. 36a-440a. Meetings.
Status: in_force

(b) Notice of each annual or special meeting shall be given to each member in writing, which may include electronic means, by the secretary at least ten days prior to the annual or special meeting. In the case of a special meeting, the notice shall clearly state the purpose of the meeting and the matters that will be considered.

(c) (1) Each member in good standing shall have a single vote at all meetings notwithstanding the number of shares or number of accounts that such member holds.

(2) A member may not vote or hold office if the member is less than eighteen years of age.

(3) Unless provided otherwise in the bylaws, a member entitled to vote may vote in person, by proxy, by electronic means or by mail ballot.
Conn. Gen. Stat. § 36a-581 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-581
Sec. 36a-581. (Formerly Sec. 36-565). License required. Application. Criminal history records check. Change in information. Required system filing or notice to commissioner. Authority of commissioner to deny application for license. Abandonment of application.
Status: in_force

(b) Each licensee of a limited facility shall continuously maintain at least one operating general facility. A licensee of a limited facility shall not pay any compensation or consideration to any employer.

(c) An application for a check cashing license or renewal of such license shall be made and processed on the system pursuant to section 36a-24b , in the form provided by the commissioner. Each such form shall contain content as set forth by instruction or procedure of the commissioner and may be changed or updated as necessary by the commissioner in order to carry out the purposes of sections 36a-580 to 36a-589 , inclusive. The applicant shall, at minimum, furnish to the system information concerning the identity of the applicant, any control person of the applicant, the qualified individual and any branch manager responsible for the actions of the licensee, including, but not limited to, information related to such person's personal history and experience, and any administrative, civil or criminal findings by any governmental jurisdiction relating to such person. Each application for an initial license shall also include: (1) Each location where the check cashing business is to be conducted and the type of facility that will be operated at that location; (2) the business plan of each location, which shall include the proposed days and hours of operation; (3) the amount of liquid assets available for each location, which shall not be less than the amount specified in subdivision (4) of subsection (e) of this section; (4) for each limited facility, a copy of the executed contract evidencing the proposed arrangement between the applicant and the employer; and (5) any other information that the commissioner may require. As part of an application, the commissioner may (A) in accordance with section 29-17a , conduct a state or national criminal history records check of the applicant, any control person of the applicant, the qualified individual and any branch manager, and (B) in accordance with section 36a-24b , (i) require the submission of fingerprints of the applicant, any control person of the applicant, the qualified individual and any branch manager to the Federal Bureau of Investigation or other state, national or international criminal databases, and (ii) investigate the financial condition of each such person and require authorization of each such person for the system and the commissioner to obtain an independent credit report from a consumer reporting agency, as described in Section 603(p) of the Fair Credit Reporting Act, 15 USC 1681a, as amended from time to time.

(d) (1) No licensee may use any name other than its legal name or a fictitious name approved by the commissioner, provided such licensee may not use its legal name if the commissioner disapproves use of such name. No licensee shall use any name and address other than the name and address specified on the license issued by the commissioner. A licensee may change the name of the licensee or address of the office specified on the most recent filing with the system if, at least thirty calendar days prior to such change, the licensee files such change with the system and the commissioner does not disapprove such change, in writing, or request further information from the licensee within such thirty-day period.

(2) A licensee of a limited facility shall not change its approved days and hours of operation, unless the licensee files an amendment on the system at least thirty days prior to the effective date of such change and receives the approval of the commissioner.

(e) Upon the filing of the required application, the applicable license fee and any other required fees or charges, the commissioner shall investigate the facts and may issue a license if the commissioner finds that (1) the applicant and the applicant's control persons, qualified individual and any branch managers are in all respects properly qualified and of good character, including, but not limited to, financial character, (2) granting such license would not be against the public interest, (3) the applicant has a feasible plan for conducting business, (4) the applicant has available and shall continuously maintain liquid assets of at least ten thousand dollars for each general facility location and at least two thousand five hundred dollars for each limited facility location specified in the application, and (5) the name of the applicant is not likely to cause a consumer to reasonably believe that such applicant is in any way endorsed by or affiliated with this state. If the commissioner fails to make such findings or if the commissioner finds that the applicant has made any material misstatement in the application, the commissioner shall not issue a license and shall notify the applicant of the denial and the reasons for such denial. The commissioner may deny an application if the commissioner finds that the applicant or any control person, qualified individual or branch manager of the applicant has been convicted of any misdemeanor involving any aspect of the check cashing services business, or any felony. Any denial of an application by the commissioner shall, when applicable, be subject to the provisions of section 46a-80 .

(f) Except as otherwise specified in subdivision (1) of subsection (a) of section 36a-583 and subdivision (1) of subsection (d) of this section, each check cashing applicant or licensee and each individual designated as a control person, qualified individual or branch manager of such applicant or licensee shall file on the system any change in the information such licensee, applicant, control person, qualified individual or branch manager most recently submitted to the system in connection with the application or license, or, if the information cannot be filed on the system, notify the commissioner, in writing, not later than fifteen days after the date such applicant, licensee, control person, qualified individual or branch manager had reason to know of the change. A check cashing licensee shall file with the system or, if the information cannot be filed on the system, notify the commissioner, in writing, of the occurrence of any of the following developments not later than fifteen days after the date the licensee had reason to know of the development:

(1) Filing for bankruptcy or the consummation of a corporate restructuring of the licensee;

(2) Filing of a criminal indictment against the licensee in any way related to the check cashing activities of the licensee, or receiving notification of the filing of any criminal felony indictment or felony conviction of any control person, branch manager or qualified individual of the licensee;

(3) Receiving notification of the institution of license denial, cease and desist, suspension or revocation procedures, or other formal or informal action by any governmental agency against the licensee or any control person, branch manager or qualified individual of the licensee and the reasons therefor;

(4) Receiving notification of the initiation of any action against the licensee or any control person, branch manager or qualified individual of the licensee by the Attorney General or the attorney general of any other state and the reasons therefor;

(5) Receiving notification of filing for bankruptcy of any control person, branch manager or qualified individual of the licensee; or

(6) Any decrease in the amount of liquid assets available for each location below the minimum amount required pursuant to subdivision (4) of subsection (e) of this section.

(g) The commissioner may deem an application for a license for a general facility or limited facility abandoned if the applicant fails to respond to any request for information required under sections 36a-580 to 36a-589 , inclusive, or any regulations adopted pursuant to said sections 36a-580 to 36a-589 , inclusive. The commissioner shall notify the applicant on the system that if such information is not submitted not later than sixty days after such request, the application shall be deemed abandoned. An application filing fee paid prior to the date an application is deemed abandoned pursuant to this subsection shall not be refunded. Abandonment of an application pursuant to this subsection shall not preclude the applicant from submitting a new application for a license under sections 36a-580 to 36a-589 , inclusive.

(h) The minimum standards for renewal of a check cashing license shall include the following: (1) The applicant continues to meet the minimum standards under subsection (c) of this section; (2) the applicant has paid all required fees for renewal of the license; and (3) the applicant has paid any outstanding examination fees or other moneys due to the commissioner. The license of a check cashing licensee failing to satisfy the minimum standards for license renewal shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the system. Each license shall remain in force and effect until the license has been surrendered, revoked or suspended or has expired in accordance with the provisions of sections 36a-580 to 36a-589 , inclusive.
Conn. Gen. Stat. § 36a-719g — Connecticut Code / Title 36a / Chapter 669 / Section 36a-719g
Sec. 36a-719g. Fee schedule. Imposition of late fee or delinquency charge.
Status: in_force

(b) A mortgage servicer shall not impose any late fee or delinquency charge when the only delinquency is attributable to late fees or delinquency charges assessed on an earlier payment, and the payment is otherwise a full payment for the applicable period and is paid on its due date or within any applicable grace period. Late charges shall not be (1) based on an amount greater than the past due amount; (2) collected from the escrow account or from escrow surplus without the approval of the mortgagor; or (3) deducted from any regular payment.
Conn. Gen. Stat. § 36a-463b — Connecticut Code / Title 36a / Chapter 667 / Section 36a-463b
Sec. 36a-463b. Relocation of main office of Connecticut credit union with approval of commissioner.
Status: in_force

(b) The commissioner, before granting an approval under subsection (a) of this section, shall consider: (1) The field of membership of the Connecticut credit union to be served by the proposed relocation of the main office of the Connecticut credit union; (2) the adequacy of the current main office of the Connecticut credit union; (3) the economic need for and cost of such proposed relocation; and (4) the convenience and necessity to the field of membership of the proposed relocation.
Conn. Gen. Stat. § 36a-320 — Connecticut Code / Title 36a / Chapter 665a / Section 36a-320
Sec. 36a-320. (Formerly Sec. 36-27f). Changes in deposit account charges. Notice.
Status: in_force

(b) The prohibition in subsection (a) of this section does not apply to increases in check printing charges if the financial institution has previously disclosed to the consumer a range of prices, that check printing charges may vary or that prices upon reorder may be higher than the price initially disclosed.
Conn. Gen. Stat. § 36a-457a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-457a
Sec. 36a-457a. Loan policy.
Status: in_force

(b) A Connecticut credit union shall use its best efforts to make such secured and unsecured extensions of credit to its members, including lease financing for personal property if the leases are the functional equivalent of secured loans for personal property, with such maturities as may be determined by the governing board, repayable in consecutive weekly, biweekly, semimonthly, monthly, quarterly or semiannual installments, but which may be repaid in whole or in part prior to maturity, and on such terms as the bylaws and loan policy of such credit union may permit.

(c) Except as otherwise provided in this section, the total direct or indirect liabilities of any one obligor, however incurred, to any Connecticut credit union, exclusive of such credit union's investment in the investment securities of such obligor, shall not exceed at the time incurred the greater of two hundred dollars or ten per cent of such credit union's total assets. For purposes of determining the limitations of this subsection, in computing the liabilities of an obligor, a liability is incurred at the time of the closing of the transaction, unless such closing is preceded by a legally binding written commitment to enter into the transaction, in which case such liability is incurred at the time of commitment and is net of any liabilities of the obligor to such Connecticut credit union that will be paid with the proceeds of the commitment at the time of closing. The limitations provided for in this subsection may be exceeded for a period of time not to exceed six hours if at the closing of any transaction at which such obligor incurs such liabilities to a Connecticut credit union in excess of such limitations, such credit union immediately assigns or participates out to one or more other persons an amount that constitutes not less than the excess over the applicable limitation. For purposes of this subsection, in computing the liabilities of a partnership the individual liabilities of the general partners shall be included; and in computing the individual liabilities of a general partner, the liabilities of the partnership shall be included.
Conn. Gen. Stat. § 36a-237h — Connecticut Code / Title 36a / Chapter 664c / Section 36a-237h
Sec. 36a-237h. Immunity for receivers and conservators of trust banks and innovation banks and their employees.
Status: reserved

(b) The receiver or conservator and the employees of the receiver or conservator shall be immune from suit and liability, both personally and in their official capacities, for any claim for damage to or loss of property, personal injury or other civil liability caused by or resulting from any alleged act, error or omission of the receiver or conservator or any employee arising out of or by reason of their duties or employment, provided nothing in this section shall be construed to hold the receiver or conservator or any employee immune from suit or liability for any damage, loss, injury or liability caused by the intentional or wilful and wanton misconduct of the receiver or conservator or any employee.

(c) (1) If any legal action is commenced against the receiver or conservator or any employee, whether personally or in such person's official capacity, alleging property damage, property loss, personal injury or other civil liability caused by or resulting from any alleged act, error or omission of the receiver or conservator or any employee arising out of or by reason of their duties or employment, the receiver or conservator and any employee shall be indemnified from the assets of the trust bank or innovation bank for all expenses, attorneys' fees, judgments, settlements, decrees or amounts due and owing or paid in satisfaction of or incurred in the defense of such legal action unless it is determined upon a final adjudication on the merits that the alleged act, error or omission of the receiver or conservator or employee giving rise to the claim did not arise out of or by reason of such person's duties or employment, or was caused by intentional or wilful and wanton misconduct.

(2) Attorneys' fees and any related expenses incurred in defending a legal action for which immunity or indemnity is available under this section shall be paid from the assets of the trust bank or innovation bank, as they are incurred, in advance of the final disposition of such action upon receipt of an undertaking by or on behalf of the receiver or conservator or employee to repay the attorneys' fees and expenses if it shall ultimately be determined upon a final adjudication on the merits that the receiver or conservator or employee is not entitled to immunity or indemnity under this section.

(3) Any indemnification for expense payments, judgments, settlements, decrees, attorneys' fees, surety bond premiums or other amounts paid or to be paid from the assets of the trust bank or innovation bank pursuant to this section shall be an administrative expense of the receivership or conservatorship.

(4) In the event of any actual or threatened litigation against a receiver or conservator or any employee for which immunity or indemnity may be available under this section, a reasonable amount of funds, which in the judgment of the receiver or conservator may be needed to provide immunity or indemnity, shall be segregated and reserved from the assets of the trust bank or innovation bank as security for the payment of indemnity until such time as all applicable statutes of limitation shall have run and all actual or threatened actions against the receiver or conservator or any employee have been completely and finally resolved, and all obligations of the trust bank or innovation bank and the commissioner under this section shall have been satisfied.

(5) In lieu of segregation and reserving of funds, the receiver or conservator may, in the receiver's or conservator's discretion, obtain a surety bond or make other arrangements that will enable the receiver or conservator to fully secure the payment of all obligations under this section.

(d) If any legal action against an employee for which indemnity may be available under this section is settled prior to final adjudication on the merits, the receiver or conservator shall pay from the assets of the bank the settlement amount on behalf of the employee or indemnify the employee for the settlement amount unless the receiver or conservator determines:

(1) That the claim did not arise out of or by reason of the employee's duties or employment; or

(2) That the claim was caused by the intentional or wilful and wanton misconduct of the employee.

(e) In any legal action in which the receiver or conservator is a defendant, that portion of any settlement relating to the alleged act, error or omission of the receiver or conservator shall be subject to the approval of the superior court before which the receivership proceeding or conservatorship is pending. The court shall not approve that portion of the settlement if it determines:

(1) That the claim did not arise out of or by reason of the receiver's or conservator's duties or employment; or

(2) That the claim was caused by the intentional or wilful and wanton misconduct of the receiver or conservator.

(f) Nothing contained or implied in this section shall operate, or be construed or applied to deprive the receiver or conservator or any employee of any immunity, indemnity, benefits of law, rights or any defense otherwise available.

(g) (1) The provisions of subsection (b) of this section shall apply to any suit based in whole or in part on any alleged act, error or omission which takes place on or after May 12, 2004.

(2) No legal action shall lie against the receiver or conservator or any employee based in whole or in part on any alleged act, error or omission which took place prior to May 12, 2004, unless suit is filed and valid service of process is obtained not later than twelve months after May 12, 2004.

(3) Subsections (c) to (e), inclusive, of this section shall apply to any suit which is pending on or filed after May 12, 2004, without regard to when the alleged act, error or omission took place.
Conn. Gen. Stat. § 36a-449a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-449a
Sec. 36a-449a. Meetings of governing board.
Status: in_force

(b) Unless the bylaws provide otherwise, the governing board may permit any and all directors to participate in all except one meeting per year of the governing board through the use of any means of communication by which all directors participating in the meeting may simultaneously hear each other and communicate during the meeting. A director participating in a meeting by this means is deemed to be present at the meeting.

(c) At the meeting of the governing board following the annual meeting of members, the governing board shall elect officers of the governing board and appoint committee members.

(d) Unless a greater number is required by the bylaws, a majority of the governing board shall constitute a quorum. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the governing board unless the act of a greater number is required by sections 36a-435a to 36a-472a , inclusive, or the bylaws of the credit union.
Conn. Gen. Stat. § 36a-583 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-583
Sec. 36a-583. (Formerly Sec. 36-567). License not transferable or assignable. Change in control person. Automatic suspension. Surrender of license.
Status: in_force

(2) The commissioner may automatically suspend any license for a violation of subdivision (1) of this subsection or for a violation of subdivision (1) of subsection (d) of section 36a-581 . After a license has been automatically suspended pursuant to this subsection, the commissioner shall (A) give the licensee notice of the automatic suspension, pending proceedings for revocation of or refusal to renew the license pursuant to section 36a-587 and an opportunity for a hearing in accordance with section 36a-51 , and (B) require the licensee to take or refrain from taking action as the commissioner deems necessary to effectuate the purpose of this section.

(b) Not later than fifteen days after the date a licensee ceases to engage in this state in the business of cashing checks, drafts or money orders for consideration at a general facility or limited facility for any reason, including, but not limited to, a business decision to terminate operations in this state, license revocation, bankruptcy or voluntary dissolution, such licensee shall surrender, in accordance with subsection (c) of section 36a-51 , its license for each location in which such licensee has ceased to engage in such business.
Conn. Gen. Stat. § 36a-569 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-569
Sec. 36a-569. (Formerly Sec. 36-237). Books and records. Reports of condition. Submission of sworn statement and other information.
Status: in_force

(b) Each licensee shall make such books and records available at such office or send such books and records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested to do so by the commissioner. Upon request, the commissioner may grant a licensee additional time to make such books and records available or send them to the commissioner.

(c) Licensees shall be required to complete any reports of condition required by the system. Any such reports of condition shall be accurately and timely filed on the system in accordance with the due dates and formats required by the system.

(d) Until such time as information is able to be captured by a system-based report, each licensee shall furnish annually, on or before January thirtieth, a sworn statement of the condition of the business of such licensee as of the preceding December thirty-first, together with such other information and statements as the commissioner may, from time to time, require. Any licensee that fails to furnish any such report of condition pursuant to subsection (c) of this section or such sworn statement or any other information required by this subsection shall be in violation of this section.
Conn. Gen. Stat. § 36a-802 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-802
Sec. 36a-802. (Formerly Sec. 42-128a). Surety bond required. Authority of commissioner to proceed on bond. Cancellation of bond; notice. Automatic suspension of license; notice. Opportunity for hearing.
Status: in_force

(b) The surety company shall have the right to cancel the bond at any time by a written notice to the licensee and the commissioner stating the date cancellation shall take effect. If the bond is issued electronically on the system, written notice of cancellation may be provided by the surety company to the licensee and the commissioner through the system at least thirty days prior to the date of cancellation. Any notice of cancellation not provided through the system shall be sent by certified mail to the licensee and the commissioner at least thirty days prior to the date of cancellation. A surety bond shall not be cancelled unless the surety company notifies the commissioner in writing not less than thirty days prior to the effective date of cancellation. After receipt of such notification from the surety company, the commissioner shall give written notice to the licensee of the date such bond cancellation shall take effect. The commissioner shall automatically suspend the license on such date, unless the licensee prior to such date submits a letter of reinstatement of the bond from the surety company or a new bond or the licensee has ceased business and has surrendered its license. After a license has been automatically suspended, the commissioner shall (1) give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing on such actions in accordance with section 36a-51 , and (2) require the licensee to take or refrain from taking such action as the commissioner deems necessary to effectuate the purposes of this section.
Conn. Gen. Stat. § 36a-309 — Connecticut Code / Title 36a / Chapter 665a / Section 36a-309
Sec. 36a-309. Basic banking accounts.
Status: in_force

(1) “Banking institution” means any bank, trust company, savings bank, savings and loan association or credit union, or branch of a foreign banking corporation, the deposits of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, as applicable, that is incorporated, chartered, organized or licensed under the laws of this state or any other state or the United States, and, in the ordinary course of its business, offers consumer transaction accounts to the general public or, in the case of a credit union, to its members;

(2) “Basic banking account” means a consumer transaction account that meets the requirements established under subsections (c) and (d) of this section;

(3) “Branch” has the same meaning as provided in section 36a-145 ; and

(4) “Consumer transaction account” means a demand deposit account, negotiable order of withdrawal account, share draft account or similar account used primarily for personal, family or household purposes.

(b) Except as otherwise provided in this section, on and after July 1, 2023, each banking institution shall make available to consumers residing in the state a basic banking account as described in subsections (c) to (e), inclusive, of this section. No banking institution shall be required to make such basic banking account available at any branch or other office such banking institution maintains outside of the state.

(c) A basic banking account shall: (1) Not include fees for (A) overdrafts, (B) nonsufficient funds, (C) account activation, (D) account closure, (E) dormancy, (F) inactivity, or (G) low balance; (2) offer to the depositor at no additional charge (A) a debit card, (B) ATM in-network access, (C) deposits, (D) check cashing for checks issued by the banking institution at which the consumer holds the basic banking account, and (E) electronic monthly statements; and (3) not include (A) a minimum initial deposit that is greater than twenty-five dollars, (B) a minimum balance to maintain such account that is greater than twenty-five dollars, or (C) a charge to maintain such account that is greater than ten dollars per periodic cycle. The terms and conditions of a basic banking account may provide that the banking institution shall not pay any check, electronic transaction or any other type of transaction that would cause the basic banking account to be overdrawn. Nothing in this subsection shall require a banking institution to include additional enhanced account features, such as preferred or incentive interest rates or rewards programs, with a basic banking account.

(d) Except as provided in this section, a basic banking account may be offered, subject to the same rules, conditions and terms normally applicable to the consumer transaction account offered by the banking institution that is most similar to its basic banking account.

(e) (1) A banking institution that posts, in the public area of its branches and offices in the state, notice of the availability of its consumer transaction accounts other than its basic banking accounts shall also post equally conspicuous notice, in the same public areas of its branches and offices in the state and in the same manner, of the availability of its basic banking accounts. A banking institution that makes available in the public area of its branches and offices in the state material describing the terms of its other consumer transaction accounts, other than its basic banking accounts, shall also make comparable descriptive material available, in the same such public area of its branches and offices in the state and in the same manner, for its basic banking account.

(2) A banking institution that posts in the public area of its branches and offices in the state the notices described in subdivision (1) of this subsection, shall also post equally conspicuous notice, in the same public area of its branches and offices in the state and in the same manner, of the Department of Banking's toll-free consumer hotline number that may be used to file a complaint if a consumer is not satisfied with the services a banking institution provides.

(f) Notwithstanding the provisions of this section, any banking institution that makes available to consumers (1) an alternative account or other banking services determined by the Banking Commissioner to be an appropriate substitute for the basic banking account, or (2) a consumer transaction account that provides (A) the core features set forth in the Bank On National Account Standards, as amended from time to time, or (B) any similar standards, as determined by the Banking Commissioner, shall be in compliance with this section.

(g) The Banking Commissioner shall, in the course of evaluating the performance of a Connecticut bank or a Connecticut credit union in meeting its obligations under part II of chapter 664a, provide credit to such bank or credit union for offering a basic banking account.
Conn. Gen. Stat. § 36b-74 — Connecticut Code / Title 36b / Chapter 672c / Section 36b-74
Sec. 36b-74. (Formerly Sec. 36-517). Contracts voidable, when.
Status: in_force

(b) Any purchaser-investor injured by a violation of sections 36b-60 to 36b-80 , inclusive, or by a business opportunity seller's breach of contract subject to said sections or any obligation arising therefrom may bring an action for recovery of damages, including reasonable attorney's fees.

(c) Upon complaint of any person that a business opportunity seller has violated the provisions of sections 36b-60 to 36b-80 , inclusive, the superior court for the judicial district in which either the seller or purchaser-investor is located or the superior court for the judicial district of Hartford shall have jurisdiction to enjoin the defendant or defendants from further violations.

(d) Any purchaser-investor who is damaged by any violation of sections 36b-60 to 36b-80 , inclusive, or by a seller's breach of the contract for the business opportunity sale or of any obligation arising therefrom may bring an action against the bond or trust account provided for in section 36b-64 to recover damages suffered.

(e) The rights and remedies provided by sections 36b-60 to 36b-80 , inclusive, shall be in addition to any other rights or remedies provided by law or equity.

(f) Every cause of action under sections 36b-60 to 36b-80 , inclusive, shall survive the death of any person who might have been a plaintiff or defendant.

(g) No person may sue under this section more than six years after the contract of sale.

(h) No person who has made or engaged in the performance of any contract in violation of any provision of sections 36b-60 to 36b-80 , inclusive, or any regulation or order adopted or issued under said sections, or who has acquired any purported right under such contract with knowledge of the facts by reason of which its making or performance was in violation, may base any cause of action on the contract.

(i) Any condition, stipulation or provision binding any person acquiring any business opportunity to waive compliance with any provision of sections 36b-60 to 36b-80 , inclusive, or any regulation or order adopted or issued under said sections is void.

Cited. 236 C. 602.
Conn. Gen. Stat. § 36a-450a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-450a
Sec. 36a-450a. Executive committee.
Status: in_force

(b) The executive committee shall meet in accordance with section 36a-449a , and as often as necessary and shall act for the governing board between meetings of the governing board, in all other matters except for approval of policies, subject to such conditions and limitations as prescribed by the governing board.

(c) The executive committee shall keep complete minutes of all of its actions, copies of which shall be submitted to the governing board at its next meeting.
Conn. Gen. Stat. § 36a-458a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-458a
Sec. 36a-458a. Loans. Definitions.
Status: in_force

(1) “Associated member” means any member with a shared ownership, investment or other pecuniary interest in a business or commercial endeavor with the borrower.

(2) “Construction loan” means a loan for developing or acquiring and developing real estate, as defined in subsection (a) of section 36a-457b , where the borrower intends to convert such real estate to income-producing property or use such real estate for income-producing purposes, including residential housing for rental or sale, or commercial, industrial or similar purposes.

(3) “Member business loan” means any loan, line of credit or unfunded commitment thereof, letter of credit or any other extension of credit, where the borrower intends to use or uses the proceeds for any of the following purposes: (A) Commercial; (B) corporate; (C) investment property; (D) business venture; or (E) agricultural, but does not include the following loans:

(i) A loan fully secured by a lien on a one-to-four family residence that is the primary residence of the member;

(ii) A loan fully secured by shares in the credit union making the loan or by shares or deposits in other financial institutions;

(iii) One or more loans to a member or an associated member where the proceeds are to be used or are used for the purposes specified in this subdivision to benefit a common endeavor and which, in the aggregate, are equal to less than fifty thousand dollars;

(iv) A loan where any agency of the federal government, a state or any political subdivision of such state, fully insures or guarantees repayment, or provides an advance commitment to purchase the loan in full; or

(v) A loan granted by the corporate Connecticut credit union to a Connecticut credit union, federal credit union or out-of-state credit union.

(4) “Net worth” means retained earnings under generally accepted accounting principles.

(5) “Net outstanding member business loan balance” means the outstanding loan balance, including any unfunded commitment, exclusive of the portion of the member business loan secured by shares in the credit union, or by shares or deposits in other financial institutions, or fully or partially insured or guaranteed by any agency of the federal government, a state or any political subdivision of such state, or subject to an advance commitment to purchase by any agency of the federal government, a state or any political subdivision of such state.

(b) No Connecticut credit union shall make a member business loan unless it has adequate net worth as determined by the commissioner, develops a member business loan program and obtains the prior written approval of the commissioner for such program. The request for approval of such program shall include a member business loan policy that meets the requirements of subsection (c) of this section and shall demonstrate that sufficient resources, knowledge, systems and procedures are in place to monitor and control the risks involved. A Connecticut credit union that makes member business loans shall use the services of or employ an individual for the purpose of processing, making or servicing member business loans with at least two years direct experience with the types or categories of member business loans the credit union intends to make.

(c) The governing board of a Connecticut credit union shall adopt a specific member business loan policy that shall be a part of the credit union's loan policy. Such policy shall be reviewed at least annually or more often if deemed necessary by the governing board and shall address:

(1) The categories or types of member business loans that will be made;

(2) The trade area;

(3) The maximum amount of assets, in relation to net worth, that will be invested in member business lending subject to the limitations provided in subsection (h) of this section;

(4) The maximum amount of assets, in relation to net worth, that will be invested in a given category or type of member business loan subject to the limitations provided in subdivision (2) of subsection (f) of this section and subsection (i) of this section;

(5) The maximum amount of assets, in relation to net worth, that will be loaned to one member or associated members, subject to the limitations provided in subdivision (2) of subsection (f) of this section and subsection (g) of this section;

(6) The qualifications and experience of the individuals responsible for processing, approving or administering member business loans;

(7) The required analysis and documentation of the ability of the borrower to repay the member business loan by the individuals responsible for processing, approving or administering;

(8) The receipt and periodic updating of financial statements and other documentation, including tax returns;

(9) The documentation required in support of each loan application, which shall include the following: (A) Balance sheet, (B) cash flow analysis, (C) income statement, (D) tax data, (E) analysis of leveraging, and (F) comparison with industry average or similar analysis. If the member business loan is secured by a mortgage on income-producing real estate and if the Connecticut credit union relies upon such real estate or income production as primary security for the loan, the credit union shall also obtain and retain in its files such income projection statements, tenants' financial statements and other credit information as the credit union deems necessary. The governing board may amend the member business loan policy to eliminate the requirement for any documentation that the governing board determines is not generally available for a particular type of member business loan provided the reasons for such determination are stated in such amendment;

(10) The collateral requirements which shall include: (A) Loan-to-value ratios, (B) determination of value, (C) determination of ownership, (D) steps to secure various types of collateral, and (E) frequency of re-evaluation of value and marketability of collateral;

(11) The interest rates and maturities of member business loans;

(12) General member business loan procedures which shall include: (A) Loan monitoring, (B) servicing and administering, and (C) collection; and

(13) Guidelines for purchase and sale of member business loans and loan participation if the credit union intends to engage in such activity.

(d) A Connecticut credit union shall not grant a member business loan if any additional income received by such credit union or a member of the senior management is tied to the profit or sale of the business or commercial endeavor for which the loan is made.

(e) Member business loans made to an insider are subject to the provisions of section 36a-454b .

(f) A Connecticut credit union may make unsecured member business loans provided:

(1) The aggregate of unsecured net outstanding member business loan balances to any one member or associated members shall not exceed the lesser of one hundred thousand dollars or two and one-half per cent of the credit union's net worth;

(2) The aggregate of all unsecured net outstanding member business loan balances shall not exceed ten per cent of the credit union's net worth;

(3) The credit union has a net worth of at least seven per cent; and

(4) The credit union submits quarterly reports to the commissioner providing numbers and such other detail as may be required by the commissioner to demonstrate compliance with this section.

(g) The aggregate amount of secured and unsecured net outstanding member business loan balances to any one member or associated members shall not exceed the greater of one hundred thousand dollars or fifteen per cent of the credit union's net worth. The commissioner may waive this limit subject to the provisions of subsection (l) of this section.

(h) (1) The aggregate amount of secured and unsecured net outstanding member business loan balances shall be limited to the lesser of twelve and one-quarter per cent of the Connecticut credit union's total assets or one and three-quarters times the Connecticut credit union's net worth. The commissioner may grant an exception to the aggregate limit upon written request from a Connecticut credit union and submission of documentation evidencing that one of the following three criteria have been met:

(A) The credit union serves predominantly low-income members, as defined in subsection (f) of section 36a-456a ;

(B) The credit union participates in the Community Development Financial Institutions Program, 12 CFR Part 1805, as from time to time amended; or

(C) The credit union is established for the purpose of making member business loans, as supported by its bylaws, business plan, field of membership, minutes of the governing board and loan portfolio.

(2) The commissioner shall notify the Connecticut credit union and the National Credit Union Administration of the commissioner's decision on the request for an exception not later than forty-five days from such request. An exception, if granted, shall be revoked by the commissioner if the Connecticut credit union ceases to qualify under subparagraph (A), (B) or (C) of subdivision (1) of this subsection, or for reasons of safety and soundness.

(i) Unless waived by the commissioner under subsection (l) of this section, a member business loan that is a construction loan is subject to the following additional requirements:

(1) The aggregate of all construction loans shall not exceed fifteen per cent of the net worth of the Connecticut credit union;

(2) The borrower shall have at least a thirty-five per cent equity interest in the real estate being developed or acquired and developed; and

(3) The loan proceeds shall be released only after on-site, written inspections by qualified personnel and in accordance with a pre-approved draw schedule and any other conditions as set forth in the loan documentation.

(j) Unless waived by the commissioner under subsection (l) of this section, the loan-to-value ratio for a member business loan secured by a first lien shall not exceed eighty per cent unless the value in excess of eighty per cent is covered through private mortgage or equivalent insurance, or is insured or guaranteed or subject to advance commitment to purchase by an agency of the federal government, or of a state or any of the political subdivisions of such state, but in no case shall the loan-to-value ratio exceed ninety-five per cent.

(k) The loan-to-value ratio for any member business loan secured by a second or lesser priority lien shall not exceed eighty per cent unless the credit union holds the first lien and the value in excess of eighty per cent is covered through private mortgage or equivalent insurance, or is insured or guaranteed or subject to advance commitment to purchase by an agency of the federal government, or of a state or any of the political subdivisions of such state, in which case the loan-to-value ratio of such member business loan shall not exceed ninety-five per cent.

(l) A Connecticut credit union may request a waiver of the limitations set forth in subsections (g), (i) and (j) of this section by submitting the following documentation to the commissioner: (1) A copy of the member business loan policy; (2) a statement of the higher limit sought, if applicable; (3) an explanation of the need to raise the limit or change the appraisal requirement, as applicable; (4) documentation to support the credit union's ability to manage the activity; (5) an analysis of the credit union's prior experience in making member business loans, including: (A) The history of loan losses and loan delinquency, (B) volume and cyclical or seasonal patterns, (C) diversification, (D) concentrations of credit to one member or associated members in excess of fifteen per cent of the credit union's net worth, (E) underwriting standards and practices, (F) types or categories of loans grouped by purpose and collateral, and (G) the qualifications of individuals responsible for processing, approving and administering member business loans. The commissioner will provide a copy of the waiver request to Region 1 of the National Credit Union Administration and will consult and seek to work cooperatively with Region 1 in making a decision on the request. The commissioner may grant or deny the waiver within sixty days of receipt of the request.

(m) Member business loans shall be subject to the appraisal requirements of 12 CFR Part 722.3, as from time to time amended, provided the credit union may request a waiver of such appraisal requirements in accordance with the applicable provisions of subsection (l) of this section. Such waiver request shall not become effective until written approval has been granted by both the commissioner and the National Credit Union Administration.

(n) The commissioner may lower any limit provided in this section, revoke any waiver granted under this section or revoke the credit union's approval to make member business loans if the credit union's policies or practices violate safe and sound lending principles.

(o) Member business loans shall be identified in the aggregate on a Connecticut credit union's financial statements provided each type or category of member business loan shall be separately identified in the credit union's records.
Conn. Gen. Stat. § 36a-718 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-718
Sec. 36a-718. (Formerly Sec. 36-442p). Licenses required. Exemptions.
Status: in_force

(b) The following persons are exempt from mortgage servicer licensing requirements: (1) Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union, provided such bank or credit union is federally insured; (2) any wholly-owned subsidiary of such bank or credit union; (3) any operating subsidiary where each owner of such operating subsidiary is wholly owned by the same such bank or credit union; (4) any person licensed as a mortgage lender in this state while acting as a mortgage servicer from a location licensed as a main office or branch office under sections 36a-485 to 36a-498e , inclusive, 36a-534a and 36a-534b , provided (A) such person meets the supplemental mortgage servicer surety bond, fidelity bond and errors and omissions coverage requirements under section 36a-719c , and (B) during any period that the license of the mortgage lender in this state has been suspended, such exemption shall not be effective; and (5) any person licensed as a mortgage correspondent lender in this state while acting as a mortgage servicer with respect to any residential mortgage loan it has made and during the permitted ninety-day holding period for such loan from a location licensed as a main office or branch office under sections 36a-485 to 36a-498e , inclusive, 36a-534a and 36a-534b , provided during any period the license of the mortgage correspondent lender in this state has been suspended, such exemption shall not be effective.

(c) The provisions of sections 36a-719e to 36a-719h , inclusive, shall apply to any person, including a person exempt from licensure pursuant to subsection (b) of this section, who acts as a mortgage servicer in this state on or after January 1, 2015.
Conn. Gen. Stat. § 36a-811 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-811
Sec. 36a-811. Maintenance of consumer debtor and creditor records.
Status: in_force

(b) Each consumer collection agency, except a consumer collection agency engaged solely in the business of debt buying, shall deposit funds collected or received from consumer debtors for payment for others on an account, bill or other indebtedness in one or more trust accounts maintained at a federally insured bank, Connecticut credit union, federal credit union or an out-of-state bank, which accounts shall be reconciled monthly. Such funds shall not be commingled with funds of the consumer collection agency or used in the conduct of the consumer collection agency's business. Such account shall not be used for any purpose other than (1) the deposit of funds received from consumer debtors, (2) the payment of such funds to creditors, (3) the refund of any overpayments to be made to consumer debtors, and (4) the payment of earned fees to the consumer collection agency, which shall be withdrawn on a monthly basis. Except for payments authorized by subdivisions (2) to (4), inclusive, of this subsection, any withdrawal from such account, including, but not limited to, any service charge or other fee imposed against such account by a depository institution, shall be reimbursed by the consumer collection agency to such account not more than thirty days after the withdrawal. Funds received from consumer debtors shall be posted to their respective accounts in accordance with generally accepted accounting principles.
Conn. Gen. Stat. § 36a-772 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-772
Sec. 36a-772. (Formerly Sec. 42-85). Maximum finance charge on retail sales of motor vehicles and other goods.
Status: in_force

(b) A retail seller of goods other than motor vehicles may charge, contract for, receive or collect a finance charge on any retail installment contract made on or after July 1, 1981, covering the retail sale of goods other than motor vehicles in this state, which charge shall not exceed an annual percentage rate of twenty-one per cent on sales made prior to October 1, 1985, nineteen per cent on sales made on or after October 1, 1985, and prior to October 1, 1987, and eighteen per cent on sales made on or after October 1, 1987.

(c) The finance charge under subsections (a) and (b) of this section shall be computed on the principal amount financed as determined under sections 36a-675 to 36a-686 , inclusive, and the regulations adopted under said sections. On contracts providing for installment payments extending for a period which is less than or greater than one year, the finance charge shall be computed proportionately. The finance charge may be computed on the basis of a full month for any fractional month period in excess of ten days. A minimum finance charge of fifteen dollars may be charged on any retail installment contract in which the finance charge, when computed at the rates indicated, results in a total charge of less than that amount. Nothing contained in sections 36a-770 to 36a-788 , inclusive, 42-100b and 42-100c shall be construed to prohibit the computation of the interest component of the finance charge by application of an interest rate to the actual balance of such principal amount financed as may be outstanding from time to time.

See Sec. 42a-9-203 re attachment and enforceability of security interests.
Conn. Gen. Stat. § 36a-44 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-44
Sec. 36a-44. (Formerly Sec. 36-9m). Exceptions re confidential treatment of customer records.
Status: in_force

Annotation to former section 36-9m:

Cited. 219 C. 204.
Conn. Gen. Stat. § 36a-3 — Connecticut Code / Title 36a / Chapter 664 / Section 36a-3
Sec. 36a-3. Other defined terms.
Status: in_force

“Account”. Sections 36a-155 and 36a-365 .

“Additional proceeds”. Section 36a-746e .

“Administrative expense”. Section 36a-237 .

“Advance fee”. Sections 36a-485 and 36a-615 .

“Advertise”, “advertisement” or “advertising”. Sections 36a-485 , 36a-535 , 36a-586 , 36a-596 , 36a-655 , 36a-671 and 36a-846 .

“Agency bank”. Section 36a-285 .

“Agent”. Section 36a-494 .

“Alternative mortgage loan”. Section 36a-265 .

“Amount financed”. Section 36a-690 .

“Annual percentage rate”. Section 36a-690 .

“Annual percentage yield”. Section 36a-316 .

“Annuities”. Section 36a-455a .

“Applicant”. Section 36a-736 .

“APR”. Section 36a-746a .

“Assessment area”. Section 36a-37 .

“Assets”. Section 36a-70 .

“Associate”. Section 36a-184 .

“Associated member”. Section 36a-458a .

“Authorized delegate”. Section 36a-596 .

“Bank”. Section 36a-30 .

“Bankers' bank”. Section 36a-70 .

“Banking business”. Section 36a-425 .

“Basic services”. Section 36a-437a .

“Billing cycle”. Section 36a-565 .

“Bona fide nonprofit organization”. Sections 36a-487 and 36a-655 .

“Branch”. Sections 36a-145 , 36a-410 and 36a-435b .

“Branch office”. Sections 36a-485 and 36a-715 .

“Branch or agency net payment entitlement”. Section 36a-428n .

“Branch or agency net payment obligation”. Section 36a-428n .

“Broker”. Section 36a-746a .

“Business and industrial development corporation”. Section 36a-626 .

“Business and property in this state”. Section 36a-428n .

“Capital”. Section 36a-435b .

“Cash advance”. Section 36a-564 .

“Cash price”. Section 36a-770 .

“Certificate of incorporation”. Section 36a-435b .

“CHFA loan”. Section 36a-760 .

“Clerical or support duties”. Section 36a-485 .

“Closely related activities”. Sections 36a-250 and 36a-455a .

“Collective managing agency account”. Section 36a-365 .

“Commercial vehicle”. Section 36a-770 .

“Community bank”. Section 36a-70 .

“Community credit union”. Section 36a-37 .

“Community development bank”. Section 36a-70 .

“Community reinvestment performance”. Section 36a-37 .

“Connecticut holding company”. Sections 36a-53 and 36a-410 .

“Consolidate”. Section 36a-145 .

“Construction loan”. Section 36a-458a .

“Consumer”. Sections 36a-155 and 36a-695 .

“Consumer Credit Protection Act”. Section 36a-676 .

“Consumer debtor” and “debtor”. Sections 36a-645 and 36a-800 .

“Consumer collection agency”. Section 36a-800 .

“Consummation”. Section 36a-746a .

“Control person”. Sections 36a-485 , 36a-535 , 36a-580 , 36a-596 , 36a-655 , 36a-671 and 36a-846 .

“Controlling interest”. Section 36a-276 .

“Conventional mortgage rate”. Section 36a-760 .

“Corporate”. Section 36a-435b .

“Credit”. Section 36a-645 .

“Credit manager”. Section 36a-435b .

“Creditor”. Sections 36a-676 , 36a-695 and 36a-800 .

“Credit clinic”. Section 36a-700 .

“Credit rating agency”. Section 36a-695 .

“Credit report”. Section 36a-695 .

“Credit union service organization”. Section 36a-435b .

“Credit union service organization services”. Section 36a-435b .

“De novo branch”. Section 36a-410 .

“Debt”. Section 36a-645 .

“Debt adjustment”. Section 36a-655 .

“Debt buying”. Section 36a-800 .

“Debt mutual fund”. Sections 36a-275 and 36a-459a .

“Debt negotiation”. Section 36a-671 .

“Debt securities”. Sections 36a-275 and 36a-459a .

“Debtor”. Sections 36a-655 and 36a-671 .

“Deliver”. Section 36a-316 .

“Deposit”. Section 36a-316 .

“Deposit account”. Section 36a-316 .

“Deposit account charge”. Section 36a-316 .

“Deposit account disclosures”. Section 36a-316 .

“Deposit contract”. Section 36a-316 .

“Deposit services”. Section 36a-425 .

“Depositor”. Section 36a-316 .

“Depository institution”. Section 36a-485 .

“Derivative transaction”. Section 36a-262 .

“Director”. Section 36a-435b .

“Dwelling”. Section 36a-485 .

“Earning period”. Section 36a-316 .

“Electronic payment instrument”. Section 36a-596 .

“Eligible collateral”. Section 36a-330 .

“Eligible entity”. Section 36a-34 .

“Employee”. Section 36a-485 .

“Entity”. Section 36a-380 .

“Equity mutual fund”. Sections 36a-276 and 36a-459a .

“Equity security”. Sections 36a-276 and 36a-459a .

“Executive officer”. Sections 36a-263 and 36a-469c .

“Expedited Connecticut bank”. Section 36a-70 .

“Experience in the mortgage business”. Section 36a-488 .

“Federal banking agency”. Section 36a-485 .

“Federal Credit Union Act”. Section 36a-435b .

“Federal Home Mortgage Disclosure Act”. Section 36a-736 .

“FHA loan”. Section 36a-760 .

“Fiduciary”. Section 36a-365 .

“Filing fee”. Section 36a-770 .

“Finance charge”. Sections 36a-690 and 36a-770 .

“Financial institution”. Sections 36a-41 , 36a-44a , 36a-155 , 36a-316 , 36a-330 , 36a-435b , 36a-736 and 36a-755 .

“Financial records”. Section 36a-41 .

“First mortgage loan”. Sections 36a-485 , 36a-705 and 36a-725 .

“Foreclosure rescue services”. Section 36a-671 .

“Foreign banking corporation”. Section 36a-425 .

“Fully indexed rate”. Section 36a-760b .

“General facility”. Section 36a-580 .

“Global net payment entitlement”. Section 36a-428n .

“Global net payment obligation”. Section 36a-428n .

“Goods”. Sections 36a-535 and 36a-770 .

“Graduated payment mortgage loan”. Section 36a-265 .

“Guardian”. Section 36a-365 .

“High cost home loan”. Section 36a-746a .

“Holder”. Section 36a-596 .

“Home improvement loan”. Section 36a-736 .

“Home purchase loan”. Section 36a-736 .

“Home state”. Section 36a-410 .

“Housing finance agency”. Section 36a-487 .

“Immediate family member”. Sections 36a-435b and 36a-485 .

“Independent contractor”. Section 36a-485 .

“Individual”. Section 36a-485 .

“Insider”. Section 36a-454b .

“Installment loan contract”. Sections 36a-535 and 36a-770 .

“Insurance”. Section 36a-455a .

“Insurance bank”. Section 36a-285 .

“Insurance department”. Section 36a-285 .

“Interest”. Section 36a-316 .

“Interest rate”. Section 36a-316 .

“Interim interest”. Section 36a-746a .

“Investments”. Section 36a-602 .

“Lender”. Sections 36a-746a , 36a-760 and 36a-770 .

“Lessor”. Section 36a-676 .

“License”. Section 36a-626 .

“Licensee”. Sections 36a-596 , 36a-607 and 36a-626 .

“Limited branch”. Section 36a-145 .

“Limited facility”. Section 36a-580 .

“Loan broker”. Section 36a-615 .

“Loan processor or underwriter”. Section 36a-485 .

“Loss”. Section 36a-330 .

“Made in this state”. Section 36a-770 .

“Main office”. Section 36a-485 .

“Managing agent”. Section 36a-365 .

“Manufactured home”. Section 36a-457b .

“Member”. Section 36a-435b .

“Member business loan”. Section 36a-458a .

“Member in good standing”. Section 36a-435b .

“Membership share”. Section 36a-435b .

“Mobile branch”. Sections 36a-145 and 36a-435b .

“Monetary value”. Section 36a-596 .

“Money transmission”. Section 36a-596 .

“Mortgage”. Section 36a-760g .

“Mortgage broker”. Sections 36a-485 , 36a-705 and 36a-760 .

“Mortgage correspondent lender”. Section 36a-485 .

“Mortgage insurance”. Section 36a-725 .

“Mortgage lender”. Sections 36a-485 , 36a-705 and 36a-725 .

“Mortgage loan”. Sections 36a-261 , 36a-265 , 36a-457b and 36a-736 .

“Mortgage loan originator”. Section 36a-485 .

“Mortgage rate lock-in”. Section 36a-705 .

“Mortgage servicer”. Section 36a-715t .

“Mortgagee”. Sections 36a-671 and 36a-715 .

“Mortgagor”. Sections 36a-671 and 36a-715 .

“Motor vehicle”. Section 36a-770 .

“Multiple common bond membership”. Section 36a-435b .

“Municipality”. Section 36a-800 .

“Net outstanding member business loan balance”. Section 36a-458a .

“Net worth”. Sections 36a-441a and 36a-458a .

“Network”. Section 36a-155 .

“Nonprime home loan”. Section 36a-760 .

“Nonrefundable”. Section 36a-498 .

“Nontraditional mortgage product”. Section 36a-489a .

“Note account”. Sections 36a-301 and 36a-456b .

“Office”. Sections 36a-23 , 36a-316 and 36a-485 .

“Officer”. Section 36a-435b .

“Open-end line of credit”. Section 36a-760 .

“Open-end loan”. Section 36a-565 .

“Organization”. Section 36a-800 .

“Out-of-state holding company”. Section 36a-410 .

“Outstanding”. Section 36a-596 .

“Passbook savings account”. Section 36a-316 .

“Payment instrument”. Section 36a-596 .

“Periodic statement”. Section 36a-316 .

“Permissible investment”. Section 36a-596 .

“Person”. Sections 36a-184 and 36a-485 .

“Post”. Section 36a-316 .

“Prepaid finance charge”. Section 36a-746a .

“Prime quality”. Section 36a-596 .

“Principal amount of the loan”. Section 36a-485 .

“Processor”. Section 36a-155 .

“Public deposit”. Section 36a-330 .

“Purchaser”. Section 36a-596 .

“Qualified financial contract”. Section 36a-428n .

“Qualified public depository” and “depository”. Section 36a-330 .

“Real estate”. Section 36a-457b .

“Real estate brokerage activity”. Section 36a-485 .

“Records”. Section 36a-17 .

“Registered mortgage loan originator”. Section 36a-485 .

“Related person”. Section 36a-53 .

“Relocate”. Sections 36a-145 and 36a-462a .

“Residential mortgage loan”. Section 36a-485 .

“Residential property”. Section 36a-671 .

“Residential real estate”. Section 36a-485 .

“Resulting entity”. Section 36a-34 .

“Retail buyer”. Sections 36a-535 and 36a-770 .

“Retail credit transaction”. Section 42-100b .

“Retail installment contract”. Sections 36a-535 and 36a-770 .

“Retail installment sale”. Sections 36a-535 and 36a-770 .

“Retail seller”. Sections 36a-535 and 36a-770 .

“Reverse annuity mortgage loan”. Section 36a-265 .

“Sales finance company”. Sections 36a-535 and 36a-770 .

“Savings department”. Section 36a-285 .

“Savings deposit”. Section 36a-316 .

“Secondary mortgage loan”. Section 36a-485 .

“Security convertible into a voting security”. Section 36a-184 .

“Senior management”. Section 36a-435b .

“Servicing”. Section 36a-846 .

“Settlement agent”. Section 36a-494 .

“Share”. Section 36a-435b .

“Short sale”. Section 36a-671 .

“Simulated check”. Section 36a-485 .

“Single common bond membership”. Section 36a-435b .

“Special mortgage”. Section 36a-760c .

“Social purpose investment”. Section 36a-277 .

“Sponsored”. Section 36a-485 .

“Standard mortgage loan”. Section 36a-265 .

“Stored value”. Section 36a-596 .

“Student education loan”. Section 36a-846 .

“Student loan borrower”. Section 36a-846 .

“Student loan servicer”. Section 36a-846 .

“Table funding agreement”. Section 36a-485 .

“Tax and loan account”. Sections 36a-301 and 36a-456b .

“The Savings Bank Life Insurance Company”. Section 36a-285 .

“Time account”. Section 36a-316 .

“Travelers check”. Section 36a-596 .

“Troubled Connecticut credit union”. Section 36a-448a .

“Unique identifier”. Section 36a-485 .

“Unsecured loan”. Section 36a-615 .

“Value”. Section 36a-603 .

“Virtual banking”. Section 36a-170 .

“Warehouse agreement”. Section 36a-485 .
Conn. Gen. Stat. § 36a-682 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-682
Sec. 36a-682. (Formerly Sec. 36-400). Compliance of governmental instruments. Exemptions from penalties.
Status: in_force

(b) No civil or criminal penalty provided under the Connecticut Truth-in-Lending Act for any violation thereof may be imposed upon the United States or any department or agency thereof, or upon this state or any other state, or any political subdivision thereof, or any department or agency of any such state or political subdivision.

(c) A creditor shall not be held liable for a civil or criminal penalty under the Connecticut Truth-in-Lending Act in any case in which the violation results from the use of an instrument required by any department or agency of: (1) The United States, with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency; or (2) this state or of any political subdivision of this state, with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency, provided such department or agency has consulted with the commissioner to assure that such instrument complies with said act as provided in subsection (a) of this section.

(d) A creditor shall not be held liable for a civil or criminal penalty under the laws of this state for any technical or procedural failure, such as a failure to use a specific form, to make information available at a specific place on an instrument, or to use a specific typeface, as required by the laws of this state, which is caused by the use of an instrument required to be used by any department or agency of: (1) The United States with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency; or (2) this state or any political subdivision of this state, with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency, provided that such department or agency has consulted with the commissioner to assure that such instrument complies with the Connecticut Truth-in-Lending Act as provided in subsection (a) of this section.
Conn. Gen. Stat. § 36b-51 — Connecticut Code / Title 36b / Chapter 672b / Section 36b-51
Sec. 36b-51. (Formerly Sec. 36-467). Penalties.
Status: in_force

(b) Nothing in sections 36b-40 to 36b-52 , inclusive, shall limit the power of the state to punish any person for any conduct which constitutes a crime under any other statute.
Conn. Gen. Stat. § 36a-457b — Connecticut Code / Title 36a / Chapter 667 / Section 36a-457b
Sec. 36a-457b. Mortgage loans to members.
Status: in_force

(b) A satisfactory certificate of title issued by a qualified person approved by the Connecticut credit union, or a satisfactory policy of title insurance, shall be filed with the lending Connecticut credit union until the mortgage loan is paid or sold.

(c) The real estate shall be appraised or otherwise suitably evaluated before any mortgage loan is made on its security, by one or more suitable persons who are familiar with real estate values in the community where the real estate is located. Such persons shall be approved by the governing board of the Connecticut credit union making the loan, or any board-appointed committee or person appropriately designated by such governing board in accordance with the loan and insider policies of the Connecticut credit union, provided if the loan under consideration is a loan to be insured or guaranteed by a governmental agency, the appraiser may be one who appraised the real estate for the governmental agency. Such appraisal or evaluation shall be in writing, state the amount at which the real estate has been appraised or evaluated and be filed with the lending Connecticut credit union until the loan is paid or sold.

(d) For the purposes of this subsection, the net equity value of real estate is the appraised value determined pursuant to this subsection, reduced by the value of any prior liens or encumbrances with the exception of leases, easements and reservations to the United States of fissionable materials. A mortgage loan made by a Connecticut credit union may not exceed in amount ninety per cent of the net equity value of the real estate except:

(1) Loans guaranteed or insured by the United States government or its agencies, provided the amount of the guaranty or insurance is at least equal to the portion of the loan that exceeds the loan-to-value limit;

(2) Loans backed by the full faith and credit of a state government, provided the amount of the assurance is at least equal to the portion of the loan that exceeds the loan-to-value limit;

(3) Loans guaranteed or insured by a state, municipal or local government, or its agency, provided (A) the amount of the guaranty or insurance is at least equal to the portion of the loan that exceeds the loan-to-value limit, and (B) the Connecticut credit union has determined that the guarantor or insurer has the financial capacity and willingness to perform under the terms of the guaranty or insurance agreement;

(4) Loans that are renewed, refinanced or restructured without the advancement of new funds or an increase in a line of credit, except for reasonable closing costs;

(5) Loans that are renewed, refinanced or restructured in connection with workout situations involving existing loans from the Connecticut credit union to its members, either with or without the advancement of new funds, where such action is consistent with safe and sound lending practices and is a part of a clearly defined and well documented program to achieve orderly liquidation of the debt, reduce risk of loss or maximize recovery of the loan;

(6) Loans that facilitate the sale of real estate acquired by the Connecticut credit union in the ordinary course of collecting a debt previously contracted in good faith; and

(7) Loans where all or part of such loan is made in primary reliance upon the mortgage insurance policy of a private mortgage guaranty company, licensed by the Insurance Commissioner to do business in this state and approved by the commissioner.

(e) A mortgage loan made by a Connecticut credit union secured by a first lien or interest shall have a maturity not exceeding forty-two years from the date of its making, and a mortgage loan to finance a manufactured home or secured by a subordinate lien shall have a maturity not exceeding twenty-five years from the date of its making. For purposes of this subsection, the term “manufactured home” means a movable dwelling containing living facilities suitable for year-round occupancy by one family, including permanent provision for eating, sleeping, cooling and sanitation, provided such dwelling is to be maintained as a residence of the purchaser and will, within ninety days after purchase, be located at a manufactured housing community or other semipermanent site within this state.

(f) A mortgage loan made by a Connecticut credit union shall require repayment of principal and payment of interest in at least consecutive semiannual installments of principal and interest, such payments to be sufficient to pay the loan in full not later than forty-two years from the date of the first payment and the first payment to be made within twenty-four months from the date of the note. The requirements for semiannual principal payments pursuant to this subsection are not applicable to: (1) Consumer revolving loan agreements made pursuant to subsection (c) of section 49-2 , (2) alternative mortgage loans made pursuant to section 36a-265 , (3) loans that may be demanded at any time and that are secured by residential real estate, and (4) any other loan or class of loans determined by the commissioner not to be subject to such requirements.

(g) A Connecticut credit union may make a mortgage loan secured by a first lien or interest for the construction or repair of buildings or other improvements on the property of the borrower, which loan may be made in installments advanced at the discretion of the credit union as the work progresses, provided at no time shall the ratio of the amount loaned to the then total value exceed fifty per cent or the ratio the final loan is to bear to the value of the completed real estate, whichever is the greater. Loans made to finance the construction of buildings and having a maturity of not more than twenty-four months or having a maturity of not more than thirty-six months, if approved by the commissioner, are not subject to the limitations imposed by subsection (f) of this section.

(h) Attorneys' fees in connection with any mortgage loan made by a Connecticut credit union, including preparation of the mortgage deed and note, title search, waivers and closing fees or recording fees, shall be paid by the borrower unless otherwise determined by the credit union.

(i) A Connecticut credit union may make and invest in any mortgage loan, including construction and improvement loans, insured by the Federal Housing Administration without regard to the limitations and restrictions of this section, except that such loans are subject to the following limitations: (1) In the case of loans secured by a first mortgage on real estate, the contract of insurance shall contain a provision that the debentures to be issued by the Federal Housing Administration in settlement of such insurance, in the event of the foreclosure or default of any such loan or mortgage, shall be fully guaranteed as to payment of principal and interest by the government of the United States, (2) if the credit union has a commitment for such insurance, issued by the Federal Housing Administration, it may grant a loan to a borrower for the purpose of building upon or improving the real estate of the borrower, the money so borrowed to be advanced at the discretion of the credit union in installments as the work progresses, provided the total of all advances made does not exceed eighty per cent of the value of the real estate on the date of each advance or the proportion that the final loan is to bear to the final estimated value of the real estate, whichever is the greater, except that the final advance may be in such an amount that the total of all advances made may equal but not exceed the amount of such commitment. The final advance shall not be made until the buildings or improvements have been inspected and approved by the Federal Housing Administration for an insured loan.

(j) Without regard to the limitations and restrictions of this section, a Connecticut credit union may make and invest in any mortgage loan which the Administrator of Veterans' Affairs guarantees, makes a commitment to guarantee or insures.

(k) A Connecticut credit union may make a mortgage loan secured by a leasehold interest, provided the leasehold estate has a term which does not expire prior to the maturity of the mortgage loan. The term of the leasehold estate shall not include any period for which the lease may grant an option of renewal.

(l) A Connecticut credit union may invest its funds in mortgage loans which do not conform to the requirements of this section, provided the governing board or a board-appointed committee has reviewed the nonconforming aspects of the particular mortgage loan or mortgage loan program and has determined such loan or program to be prudent under the circumstances and all such mortgage loans outstanding at the time of origination do not exceed eight per cent of the total assets of the Connecticut credit union. The Connecticut credit union shall make a notation of the determination of whether such loan or program is prudent and the reasons for such determination in the applicable loan file. A loan which was included within the percentage of total assets limitation of this subsection subsequently may be excluded if the loan is repaid or if the nonconforming aspects are eliminated or otherwise cease to exist.
Conn. Gen. Stat. § 36a-16 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-16
Sec. 36a-16. (Formerly Sec. 36-63). Reports to commissioner; penalties.
Status: in_force

(2) Each out-of-state bank that maintains in this state a branch as defined in section 36a-410 shall quarterly file with the commissioner such loan and deposit information as the commissioner may require.

(3) Each such Connecticut bank or out-of-state bank shall also file with the commissioner or publish such other reports and information as the commissioner may require.

(4) Any Connecticut bank or out-of-state bank that fails to publish any report in accordance with this subsection or file any report or information required by this subsection, on the date required, shall pay to the commissioner one hundred dollars for each day that it fails to publish or file such report or information, unless excused for cause by the commissioner.

(b) Except as provided in subsection (a) of this section, any person who fails to file any report or provide information required by any provision of this title, or any regulation adopted pursuant to this title, on the date required, shall pay to the commissioner fifty dollars for each day that such person fails to file such report or provide such information, unless excused for cause by the commissioner.
Conn. Gen. Stat. § 36a-699a — Connecticut Code / Title 36a / Chapter 669 / Section 36a-699a
Sec. 36a-699a. Written summary of consumer's rights.
Status: in_force

“You have a right to obtain a copy of your credit file from a credit rating agency. You may be charged a reasonable fee not exceeding five dollars for your first request in twelve months or seven dollars and fifty cents for any subsequent request in that same twelve-month period. There is no fee, however, if you have been turned down for credit, employment, insurance or a rental dwelling because of information in your credit report within the preceding sixty days. The credit rating agency must provide someone to help you interpret the information in your credit file.

You have a right to dispute inaccurate information by contacting the credit rating agency directly. However, neither you nor any credit repair company or credit service organization has the right to have accurate, current and verifiable information removed from your credit report. Under the federal Fair Credit Reporting Act, the credit rating agency must remove accurate, negative information from your report only if it is over seven years old. Bankruptcy information can be reported for ten years.

If you have notified a credit rating agency in writing that you dispute the accuracy of information in your file, the credit rating agency must then, within thirty business days, reinvestigate and modify or remove inaccurate information. If you provide additional information to the credit rating agency, the agency may extend this time period by fifteen business days. The credit rating agency shall provide you with a toll-free telephone number to use in resolving the dispute.

The credit rating agency may not charge a fee for this service. Any pertinent information and copies of all documents you have concerning an error should be given to the credit rating agency.

If reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit rating agency to keep in your file, explaining why you think the record is inaccurate. The credit rating agency must include your statement about disputed information in a report it issues about you.

You have a right to receive a record of all inquiries relating to a credit transaction initiated in twelve months preceding your request which resulted in the provision of a credit report.

You may request in writing that the information contained in your file not be provided to a third party for marketing purposes.

If you have reviewed your credit report with the credit rating agency and are dissatisfied, you may contact the Connecticut Department of Banking. You have a right to bring civil action against anyone who knowingly or wilfully misuses file data or improperly obtains access to your file.”
Conn. Gen. Stat. § 36a-98 — Connecticut Code / Title 36a / Chapter 664b / Section 36a-98
Sec. 36a-98. (Formerly Sec. 36-69). Compensation for attending committee meetings, auditing and appraising. Compensation to director or trustee for endorsing paper, recommending loans and selling Connecticut bank stocks and securities prohibited.
Status: in_force

(b) No director of a Connecticut bank shall receive any compensation for endorsing any paper discounted or any loan made, nor shall any director, officer or employee of such bank receive any compensation for recommending or otherwise assisting in obtaining a loan from or by such bank, nor shall any executive officer of such bank receive any compensation for selling or aiding in the sale of any stocks or securities of such bank, except that the provisions of this section shall not apply to regular compensation paid to its officers and employees by the bank, nor to any fees paid to directors for attendance at any regular or special meeting of such bank or committee thereof nor to any fees paid to any such director, officer or employee for services rendered in connection with the appraisal of any real estate, the mortgage of which real estate has been offered to such bank as security for a loan.
Conn. Gen. Stat. § 36a-806 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-806
Sec. 36a-806. (Formerly Sec. 42-131a). Prohibited practices within and without state. Examination of affairs.
Status: in_force

(b) No creditor or consumer collection agency shall retain, hire, or engage the services or continue to retain or engage the services of any person who engages in the business of a consumer collection agency and who is not licensed to act as such by the commissioner, if such creditor has actual knowledge that such person is not licensed by the commissioner to act as a consumer collection agency.
Conn. Gen. Stat. § 36a-221 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-221
Sec. 36a-221. (Formerly Sec. 36-35). Appointment of receiver or conservator on petition of shareholders.
Status: in_force

Annotations to former section 36-35:

Appointment of receiver of national banking association by state court. 76 C. 252; 204 U.S. 1. National bank may be sued in state court even after appointment of receiver. 14 Wall. 383. Cited. 115 C. 534; 116 C. 629.
Conn. Gen. Stat. § 36a-412 — Connecticut Code / Title 36a / Chapter 666 / Section 36a-412
Sec. 36a-412. (Formerly Sec. 36-555). Out-of-state banks: Merger, consolidation and acquisition. De novo branches. Powers of branches. Loan production offices. Applicability of Connecticut law. Commissioner approval.
Status: in_force

(2) Any out-of-state bank, other than a foreign bank, may, with the approval of the commissioner, and in accordance with the provisions of this subdivision, establish a de novo branch in this state. Any such establishment shall be effected in accordance with and subject to the filing requirements and any limitations imposed by section 36a-145 . Any such out-of-state bank that engages in business in this state shall comply with the requirements of section 33-920 or subsection (a) of section 33-1210 . Before approving any such establishment, the commissioner shall make such considerations, determinations and findings as required by section 36a-145 and, in addition, shall consider whether such establishment can reasonably be expected to produce benefits to the public and whether such benefits clearly outweigh possible adverse effects, including, but not limited to, an undue concentration of resources and decreased or unfair competition. The commissioner shall not approve such establishment unless the commissioner considers whether: (A) The investment and lending policies of the out-of-state bank are consistent with safe and sound banking practices and will benefit the economy of this state; (B) the proposed services of the branch are consistent with safe and sound banking practices and will benefit the economy of this state; (C) the establishment will not substantially lessen competition in this state; (D) the out-of-state bank is adequately managed and will continue to be adequately managed upon establishment of such branch; and (E) the out-of-state bank is in compliance with applicable minimum capital requirements. The commissioner shall not approve such establishment unless the commissioner makes the findings required by section 36a-34 . An out-of-state bank which has established a de novo branch in this state in accordance with this subdivision may establish additional branches in this state.

(3) Any out-of-state bank, regardless of whether it has a branch in this state, may merge or consolidate with or acquire a branch in this state of an out-of-state bank that has a branch in this state.

(4) (A) The laws of this state, including laws regarding (i) community reinvestment pursuant to sections 36a-30 to 36a-33 , inclusive; (ii) consumer protection pursuant to sections 36a-41 to 36a-45 , inclusive, 36a-290 to 36a-304 , inclusive, 36a-306 , 36a-307 , 36a-315 to 36a-323 , inclusive, 36a-645 to 36a-647 , inclusive, 36a-690 , 36a-695 to 36a-700 , inclusive, 36a-705 to 36a-707 , inclusive, 36a-715 to 36a-719 l , inclusive, 36a-725 , 36a-726 , 36a-755 to 36a-759 , inclusive, 36a-770 to 36a-788 , inclusive, and 36a-800 to 36a-812 , inclusive; (iii) fair lending pursuant to sections 36a-737 , 36a-740 and 36a-741 ; and (iv) establishment of interstate branches pursuant to section 36a-145 shall apply to any branch in this state of an out-of-state bank, other than a federally chartered out-of-state bank, to the same extent as such laws apply to a branch in this state of an out-of-state national banking association.

(B) An out-of-state bank, other than a federally chartered out-of-state bank, that establishes a branch in this state may conduct any activity at such branch that is permissible under the laws of the home state of such out-of-state bank, to the extent such activity is permissible either for a Connecticut bank or for a branch in this state of an out-of-state national banking association. If the commissioner determines that a branch in this state of an out-of-state bank, other than a federally chartered out-of-state bank, is being operated in violation of any applicable law of this state or in an unsafe and unsound manner, the commissioner may take any enforcement action authorized under this title against such out-of-state bank to the same extent as if such branch were a Connecticut bank, provided the commissioner shall promptly give notice of such action to the home state banking regulator of such out-of-state bank and, to the extent practicable, shall consult and cooperate with such regulator in pursuing and resolving such action. For purposes of this subparagraph, “activity” includes acquiring or retaining any investment.

(5) Any out-of-state bank that merges or consolidates with or acquires the assets of a bank or establishes in this state a de novo branch shall be subject to the supervision and examination of the commissioner and shall make reports to the commissioner as required by the laws of this state. The commissioner may examine and supervise the Connecticut branches of any such out-of-state bank and may enter into agreements with other state or federal banking regulators or similar regulators in a foreign country concerning such examinations or supervision. Any such agreement may include provisions concerning the assessment or sharing of fees for such examination or supervision. Unless waived by the commissioner, the provisions of this section shall apply to the acquisition of the assets of any bank from the receiver of such bank by any out-of-state bank.

(6) No out-of-state bank may establish or maintain a branch in this state on the premises or property of an affiliate of such bank if the affiliate engages in commercial activities.

(b) A bank may merge or consolidate with an out-of-state bank where the resulting institution is a bank, or acquire a branch or a significant part of the assets or ten per cent or more of the stock of an out-of-state bank, in accordance with applicable law. Any such merger, consolidation or acquisition of assets or stock shall be effected in accordance with and subject to the limitations imposed by the laws of this state with respect to mergers, consolidations and acquisitions between banks. Any such bank may continue to operate as a branch the business of the out-of-state bank with which it has merged or consolidated or the assets of which it has acquired to the extent of the powers otherwise possessed by such bank. The commissioner may examine and supervise the out-of-state branches of any such Connecticut bank, and may enter into agreements with other state or federal banking regulators or similar regulators in a foreign country concerning such examinations or supervision. Any such agreement may include provisions concerning the assessment or sharing of fees for such examination or supervision.

(c) Any acquisition by a Connecticut bank of ten per cent or more of the stock of another bank or an out-of-state bank pursuant to the authority of subsection (b) of this section is not subject to any provisions of this title limiting the ownership of stock in such institutions.

(d) With the approval of the commissioner, any out-of-state bank, other than a foreign bank, may establish a loan production office in this state. The commissioner shall not approve the establishment of a loan production office under this subsection unless the commissioner has considered the out-of-state bank's record of compliance with the requirements of the Community Reinvestment Act of 1977, 12 USC 2901 et seq., as amended from time to time, and overall Community Reinvestment Act rating.
Conn. Gen. Stat. § 36a-656 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-656
Sec. 36a-656. (Formerly Sec. 36-365). License requirements and fees. Required system filings. Authority of commissioner to conduct criminal history records checks and deny application for license. Renewal of license. Automatic suspension of license.
Status: in_force

(b) An application for a debt adjuster license or renewal of such license shall be processed on the system pursuant to section 36a-24b , in the form prescribed by the commissioner. Each such form shall contain content as set forth by instruction or procedure of the commissioner and may be changed or updated as necessary by the commissioner in order to carry out the purposes of sections 36a-655 to 36a-665 , inclusive. The applicant shall, at a minimum, furnish to the system information concerning the identity of the applicant, any control person of the applicant, the qualified individual and any branch manager responsible for the actions of the licensee, including, but not limited to, information related to such person's personal history and experience and any administrative, civil or criminal findings by any governmental jurisdiction. As part of an application, the commissioner may (1) in accordance with section 29-17a , conduct a state or national criminal history records check of the applicant, any control person of the applicant, the qualified individual and any branch manager, and (2) in accordance with section 36a-24b (A) require the submission of fingerprints of the applicant, any control person of the applicant, the qualified individual and any branch manager to the Federal Bureau of Investigation or other state, national or international criminal databases, and (B) investigate the financial condition of any such person and require authorization from any such person for the system and the commissioner to obtain an independent credit report from a consumer reporting agency, as described in Section 603(p) of the Fair Credit Reporting Act, 15 USC 1681a, as amended from time to time.

(c) (1) If the commissioner finds, upon the filing of an application for a debt adjuster license, that: (A) The financial responsibility, character, reputation, integrity and general fitness of the applicant and any control person, qualified individual and branch manager of the applicant are such as to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of sections 36a-655 to 36a-665 , inclusive, (B) the applicant is solvent and no proceeding in bankruptcy, receivership or assignment for the benefit of creditors has been commenced against the applicant, and (C) the applicant has the bond required pursuant to section 36a-664 , the commissioner may thereupon issue the applicant a debt adjuster license. If the commissioner fails to make such findings, the commissioner shall not issue a license and shall notify the applicant of the reasons for such denial. The commissioner may deny an application if the commissioner finds that the applicant or any control person, qualified individual or branch manager of the applicant has been convicted of any misdemeanor involving any aspect of the debt adjuster business, or any felony or has made a material misstatement in the application. Any denial of an application by the commissioner shall, when applicable, be subject to the provisions of section 46a-80 .

(2) The minimum standards for renewal of a debt adjuster license shall include the following: (A) The applicant continues to meet the minimum standards under subdivision (1) of this subsection; (B) the applicant has paid all required fees for renewal of the license; and (C) the applicant has paid any outstanding examination fees or other moneys due to the commissioner. The license of a debt adjuster that fails to satisfy the minimum standards for license renewal shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the system.

(d) Each applicant for a debt adjuster license shall pay to the system any required fees or charges and a license fee in the amount of (1) two hundred fifty dollars if such applicant is a bona fide nonprofit organization, and (2) eight hundred dollars if such applicant is not a bona fide nonprofit organization. Each such license shall expire at the close of business on December thirty-first of the year in which the license was approved, unless such license is renewed, and provided any such license approved on or after November first shall expire at the close of business on December thirty-first of the year following the year in which it is approved. An application for renewal of a license shall be filed between November first and December thirty-first of the year in which the license expires. Each applicant for renewal of a debt adjuster license shall pay to the system any required fees or charges and, if not a bona fide nonprofit organization, a license fee of eight hundred dollars.

(e) In accordance with section 36a-24b , the commissioner may automatically suspend any license if such person receives a deficiency on the system indicating that a required payment was Returned-ACH or returned pursuant to any other term as may be utilized by the system to indicate that payment was not accepted. After a license has been automatically suspended pursuant to this subsection, the commissioner shall (1) give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew pursuant to section 36a-657 and an opportunity for a hearing on such action in accordance with section 36a-51 , and (2) require such licensee to take or refrain from taking such action as the commissioner deems necessary to effectuate the purposes of this section.

(f) No abatement of the license fee shall be made if the application is denied or withdrawn prior to the issuance of the license or if the license is surrendered, revoked or suspended prior to the expiration of the period for which it was issued. All fees required by subsection (d) of this section shall be nonrefundable.

(g) The commissioner may deem an application for a license to engage in the business of debt adjustment abandoned if the applicant fails to respond to any request for information required under sections 36a-655 to 36a-665 , inclusive, or any regulations adopted pursuant to said sections 36a-655 to 36a-665 , inclusive. The commissioner shall notify the applicant on the system that if the applicant fails to submit such information not later than sixty days after the date on which such request for information was made, the application shall be deemed abandoned. In the event an application is deemed abandoned, any application filing fee paid prior to the date on which the application was filed is deemed abandoned and shall not be refunded. Abandonment of an application pursuant to this subsection shall not preclude the applicant from submitting a new application for a license under sections 36a-655 to 36a-665 , inclusive.

(h) Every debt adjuster license shall remain in force and effect until the license has been surrendered, revoked or suspended or has expired in accordance with the provisions of sections 36a-655 to 36a-665 , inclusive. Not later than fifteen days after the date a licensee ceases to engage in the business of a debt adjuster in this state for any reason, including a business decision to terminate operations in this state, license revocation, bankruptcy or voluntary dissolution, such licensee shall surrender to the commissioner its license for each location in which such licensee has ceased to engage in such business in accordance with subsection (c) of section 36a-51 .
Conn. Gen. Stat. § 36a-855 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-855
Sec. 36a-855. Action for damages, fees, costs and equitable relief. Class actions.
Status: in_force

(b) In addition to the judicial relief provided under subsection (a) of this section, in any civil action brought under this section in which the student loan borrower prevails, the court may award treble damages upon a finding that the student loan servicer has engaged in conduct that substantially interferes with (1) such student loan borrower's right to an alternative payment arrangement, loan forgiveness, cancellation or discharge of the student loan borrower's student education loan, or (2) any other financial benefit (A) established under the terms of such student loan borrower's promissory note, or (B) pursuant to the Higher Education Act of 1965, as amended from time to time, or the regulations adopted thereunder.

(c) Any student loan borrower, or the legal representative of such borrower, entitled to bring an action under subsection (a) of this section may, pursuant to rules established by the judges of the Superior Court, bring a class action on behalf of themselves and other similarly situated student loan borrowers to recover damages.

(d) The remedies provided under this section shall be in addition to any other remedies provided under state or federal law, and a student loan borrower shall not be required to exhaust any administrative remedies established pursuant to sections 36a-846 to 36a-854 , inclusive, prior to bringing an action under this section.
Conn. Gen. Stat. § 36a-636a — Connecticut Code / Title 36a / Chapter 668 / Section 36a-636a
Sec. 36a-636a. License.
Status: in_force

(b) An application for a license shall be in writing upon forms acceptable to the commissioner and shall contain: (1) The full name and address of the applicant; (2) if the applicant is a corporation, each of the officers and directors thereof; (3) a statement of the assets and liabilities of the applicant in such form as the commissioner requires; (4) a copy of the applicant's business plan; (5) proof that the applicant is in compliance with applicable state and federal laws; and (6) such other information and exhibits as the commissioner shall require.

(c) The commissioner, at any time and in accordance with section 29-17a , may arrange for a state and national criminal history records check of each principal, executive officer and director of the applicant or licensee.

(d) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license if the commissioner finds that:

(1) The applicant has a net worth that is adequate for the applicant to transact business as an international trade and investment corporation, but in no case less than two million five hundred thousand dollars;

(2) If the applicant is a corporation, the directors and officers of the applicant are each of good character, each competent to perform their functions with respect to the applicant and collectively adequate to manage the business of the applicant as an international trade and investment corporation;

(3) It is reasonable to believe that the applicant, if licensed, will comply with all applicable provisions of sections 36a-636 to 36a-636e , inclusive, and of any regulation adopted pursuant to section 36a-636f ; and

(4) The licensing of the applicant will promote the public convenience and advantage.

(e) Nothing in this section, section 36a-636 and sections 36a-636b to 36a-636f , inclusive, shall be deemed to require an international trade and investment corporation to be licensed by the commissioner.
Conn. Gen. Stat. § 36a-683 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-683
Sec. 36a-683. (Formerly Sec. 36-407). Failure to comply; liability. Civil action. Right to rescind.
Status: in_force

(b) Any action under this section shall be brought in any court of competent jurisdiction pursuant to the time frames established in 15 USC 1640(e), as amended from time to time, provided a person may assert a violation of the Connecticut Truth-in-Lending Act in an action to collect the debt in accordance with the provisions of 15 USC 1640(e), as amended from time to time.

(c) No provision of this section, subsection (d) of section 36a-684 or section 36a-681 imposing any liability shall apply to any act done or omitted in good faith in conformity with any advisory opinion, final decision or order adopted by the commissioner, any rule, regulation or interpretation adopted by the Bureau of Consumer Financial Protection pursuant to the Consumer Credit Protection Act, or any interpretation or approval by an official or employee of the Federal Reserve System as provided in 15 USC 1640(f), as amended from time to time, notwithstanding that after such act or omission has occurred, such rule, regulation, approval, opinion, decision, order or interpretation is amended, rescinded or determined by judicial or other authority to be invalid for any reason.

(d) Notwithstanding any other provision of the Connecticut Truth-in-Lending Act, (1) no person shall be entitled in any action to a recovery under this section for the failure to disclose any information required under said act if a recovery is awarded in the same action under 15 USC 1640, as amended from time to time, for the failure to disclose any information required under said act; and (2) no person shall be entitled in any action brought under this section to a recovery if, prior to an award in any such action, a recovery has been awarded to such person in any action brought under 15 USC 1640, as amended from time to time, in which the same act or omission was the basis of that action.

(e) (1) Except as otherwise provided in this subsection, an obligor shall have the right to rescind as provided in 15 USC 1635, as amended from time to time.

(2) An obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs earlier, notwithstanding the fact that the information and forms required under this section and 15 USC 1635, as amended from time to time, or any other disclosures required under the Connecticut Truth-in-Lending Act, have not been delivered to the obligor, except that if (A) the commissioner institutes a proceeding to enforce the provisions of this section, or 15 USC 1635, as amended from time to time, made a part of said sections as provided in section 36a-678 within three years after the date of consummation of the transaction, (B) the commissioner finds a violation of this subsection or 15 USC 1635, as amended from time to time, and (C) the obligor's right to rescind is based in whole or in part on any matter involved in such proceeding, then the obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the earlier sale of the property, or upon the expiration of one year following the conclusion of the proceeding or any judicial review or period for judicial review thereof, whichever is later.

(3) (A) In any credit transaction in which an obligor has the right to rescind under 15 USC 1635, as amended from time to time, and the obligor does not exercise that right, a finance charge may not begin to accrue in connection with such transaction until after midnight of the third business day following the consummation of the transaction. (B) Any obligor required to pay a finance charge, in violation of the provisions of this subdivision, may recover from the creditor twice the amount of such finance charge, costs and reasonable attorney's fees.

(f) (1) Except as otherwise specifically provided in the Connecticut Truth-in-Lending Act, any civil action for a violation of said act or proceeding by the commissioner which may be brought against a creditor may be maintained against any assignee of that creditor as provided in 15 USC 1641, as amended from time to time, and creditors and assignees shall comply with the notice requirements of said section.

(2) Any consumer who has the right to rescind a transaction under subsection (e) of this section or 15 USC 1635, as amended from time to time, may rescind the transaction as against any assignee of the obligation.

(g) A card issuer who has issued a credit card to a cardholder pursuant to an open-end consumer credit plan shall be subject to all claims, other than tort claims, and defenses arising out of any transaction in which the credit card is used as a method of payment or extension of credit as provided in 15 USC 1666i, as amended from time to time.

(h) (1) Any lessor who fails to comply with any requirement imposed under 15 USC 1667a or 1667b, as amended from time to time, with respect to any person is liable to such person as provided in this section as if such lessor is a creditor.

(2) Any lessor who fails to comply with any requirement imposed under 15 USC 1667c, as amended from time to time, with respect to any person who suffers actual damage from the violation is liable to such person as provided in this section as if such lessor is a creditor.

(i) Any mortgage originator who fails to comply with any requirement imposed by 15 USC 1639b, as amended from time to time, or any regulation promulgated thereunder shall be liable as provided in 15 USC 1639b(d), as amended from time to time.

(j) In the case of any consumer credit transaction subject to the provisions of the Connecticut Truth-in-Lending Act that is consummated before September 30, 1995, the civil, administrative and criminal liability of a creditor or any assignee of a creditor under said act and a consumer's extended rescission rights under subdivision (2) of subsection (e) of this section, shall be limited to the extent provided in and subject to the exceptions contained in 15 USC 1649, as amended from time to time.

Annotations to former section 36-407:

Cited. 183 C. 85.

Cited. 3 CA 201.

1-year limitation for bringing action under state Truth-in-Lending Act is not bar to common law defense of recoupment. 33 CS 201. Statute of limitations does not bar defendant's counterclaim by way of recoupment. 35 CS 508. Cited. 36 CS 629; 37 CS 606.
Conn. Gen. Stat. § 36a-555 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-555
Sec. 36a-555. (Formerly Sec. 36-225). Definitions.
Status: in_force

(1) “Advertise” or “advertising” means any announcement, statement, assertion or representation that is placed before the public in a newspaper, magazine or other publication, in the form of a notice, circular, pamphlet, letter or poster, over any radio or television station, by means of the Internet, by other electronic means of distributing information, by personal contact, or in any other way or medium;

(2) “APR” means the annual percentage rate for the loan calculated according to the provisions of the federal Military Lending Act, 10 USC 987, as amended from time to time, and the regulations promulgated thereunder. For the purpose of calculating the APR, each of the following shall be deemed to be a finance charge: (A) A charge set forth in 32 CFR 232.4(c)(1), as amended from time to time, (B) a charge for any ancillary product, membership or service sold in connection or concurrent with a small loan, (C) any amount offered or agreed to by a borrower in furtherance of obtaining credit or as compensation for the use of money, and (D) any fee, voluntarily or otherwise, charged, agreed to or paid by a borrower in connection or concurrent with a small loan;

(3) “Branch office” means a location other than the main office where the licensee, or any person on behalf of the licensee, will engage in activities that require a small loan license;

(4) “Connecticut borrower” means any borrower who resides in or maintains a domicile in this state and who (A) negotiates or agrees to the terms of the small loan in person, by mail, by telephone or via the Internet while physically present in this state, (B) enters into or executes a small loan agreement with the lender in person, by mail, by telephone or via the Internet while physically present in this state, or (C) makes a payment on the loan in this state. For purposes of this subdivision, “payment on the loan” includes a debit on an account the borrower holds in a branch of a financial institution or the use of a negotiable instrument drawn on an account at a financial institution. For purposes of this subdivision, “financial institution” means any bank or credit union chartered or licensed under the laws of this state, any other state or the United States;

(5) “Control person” means an individual that directly or indirectly exercises control over another person, and includes any person that (A) is a director, general partner or executive officer, (B) in the case of a corporation, directly or indirectly has the right to vote ten per cent or more of a class of any voting security or has the power to sell or direct the sale of ten per cent or more of any class of voting securities, (C) in the case of a limited liability company, is a managing member, or (D) in the case of a partnership, has the right to receive upon dissolution, or has contributed, ten per cent or more of the capital. For purposes of this subdivision, “control” means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract or otherwise;

(6) “Generating leads” means (A) engaging in the business of selling leads for small loans, (B) generating or augmenting leads for small loans for other persons for or with the expectation of compensation or gain, or (C) referring consumers to other persons for a small loan for or with the expectation of compensation or gain for such referral, except “generating leads” shall not include generating or augmenting leads for small loans for an exempt person, as described in subsection (b) of section 36a-557 , using the exempt person's data or customer information;

(7) “Lead” means any information identifying a potential consumer of a small loan;

(8) “Main office” means the main address designated on the system;

(9) “Open-end small loan” has the same meaning as “open-end credit”, as defined in 12 CFR 1026.2, as amended from time to time;

(10) “Person” means a natural person, corporation, company, limited liability company, partnership or association;

(11) “Small loan” (A) means any loan of money or extension of credit, or the purchase of, or an advance of money on, a borrower's future potential source of money, including, but not limited to, future pay, salary, pension income or a tax refund, if (i) the amount or value is fifty thousand dollars or less, and (ii) the APR is greater than twelve per cent, and (B) does not include (i) a retail installment contract made in accordance with section 36a-772 , (ii) a loan or extension of credit for agricultural, commercial, industrial or governmental use, (iii) a residential mortgage loan, as defined in section 36a-485 , or (iv) an open-end credit account that is accessed by a credit card issued by an exempt entity, as described in subdivision (1) of subsection (b) of section 36a-557 ;

(12) “Trigger lead” means a consumer report obtained pursuant to Section 604(C)(1)(B) of the Fair Credit Reporting Act, 15 USC 1681b, where the issuance of the report is triggered by an inquiry made with a consumer reporting agency in response to an application for credit. “Trigger lead” does not include a consumer report obtained by a small loan lender that holds or services existing indebtedness of the applicant who is the subject of the report; and

(13) “Unique identifier” means a number or other identifier assigned by protocols established by the system.

Annotation to former section 36-225:

Cited. 149 C. 158.
Conn. Gen. Stat. § 36a-365 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-365
Sec. 36a-365. (Formerly Sec. 36-83). Common trust funds: Definitions.
Status: in_force

(1) “Account” means the trust, estate or other fiduciary relationship which has been established with a fiduciary.

(2) “Fiduciary” means any bank that undertakes to act or acts in the capacity of a fiduciary.

(3) “Guardian” means the guardian, conservator or committee, by whatever name, employed under the laws of this state or any other state by the estate of an infant, an incapable or incompetent person or an absent person, or of a capable or competent person over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws.

(4) “Managing agent” means a fiduciary acting in the fiduciary relationship assumed upon the creation of an account which confers investment discretion on the fiduciary and which imposes upon it the fiduciary responsibilities imposed upon executors, administrators, guardians or trustees under a will or deed, but as to which the technical legal relationship is that of agent and principal.

(5) “Collective managing agency account” means an agency account maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as managing agent. A common trust fund includes a collective managing agency account.
Conn. Gen. Stat. § 36a-770 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-770
Sec. 36a-770. (Formerly Sec. 42-83). Applicability of Uniform Commercial Code. Filing and recording. Definitions.
Status: in_force

(b) Filing and recording. Section 42a-9-310 determines the need for filing or recording to perfect a security interest, section 42a-9-317 determines the persons who take subject to an unperfected security interest, and sections 42a-9-311 and 42a-9-501 to 42a-9-526 , inclusive, determine the place for such filing or recording.

(c) Definitions. As used in this section and sections 36a-771 to 36a-788 , inclusive, 42-100b and 42-100c , unless the context otherwise requires:

(1) “Boat” means any watercraft, as defined in section 22a-248 , other than a seaplane, used or capable of being used as a means of transportation on water, by any power including muscular.

(2) “Cash price” means the total amount in dollars at which the seller and buyer agreed the seller would transfer unqualified title to the goods, if the transaction were a cash sale instead of a sale under a retail installment contract.

(3) “Commercial vehicle” means any domestic or foreign truck or truck tractor of ten thousand or more pounds gross vehicular weight or any trailer or semitrailer designed for use in connection with any truck or truck tractor of ten thousand or more pounds gross vehicular weight and which is not used primarily for personal, family or household use.

(4) “Filing fee” means the fee prescribed by law for filing, recording or otherwise perfecting and releasing or satisfying a security interest, as defined in subdivision (35) of subsection (b) of section 42a-1-201 , retained or created by a retail installment contract or installment loan contract.

(5) “Finance charge” means the amount in excess of the cash price of the goods agreed upon by the retail seller and the retail buyer, to be paid by the retail buyer for the privilege of purchasing the goods under the retail installment contract or installment loan contract.

(6) “Goods” means (A) “consumer goods”, as defined in subdivision (23) of subsection (a) of section 42a-9-102 and motor vehicles included under such definition, having an aggregate cash price of seventy-five thousand dollars or less, and (B) “equipment”, as defined in subdivision (33) of subsection (a) of section 42a-9-102 , having an aggregate cash price of twenty-five thousand dollars or less, provided such consumer goods or such equipment is included in one retail installment contract or installment loan contract.

(7) “Installment loan contract” means any agreement made in this state to repay in installments the amount loaned or advanced to a retail buyer for the purpose of paying the retail purchase price of goods and by virtue of which a security interest, as defined in subdivision (35) of subsection (b) of section 42a-1-201 , is taken in the goods for the payment of the amount loaned or advanced. For purposes of this subdivision, “installment loan contract” does not include agreements to repay in installments loans made by the United States or any department, agency or instrumentality thereof.

(8) “Lender” means a person who extends or offers to extend credit to a retail buyer under an installment loan contract.

(9) A retail installment contract or installment loan contract is “made in this state” if: (A) An offer or agreement is made in Connecticut by a retail seller or a lender to sell or extend credit to a resident retail buyer, including, but not limited to, any verbal or written solicitation or communication to sell or extend credit originating outside the state of Connecticut but forwarded to and received in Connecticut by a resident retail buyer; or (B) an offer to buy or an application for extension of credit, or an acceptance of an offer to buy or to extend credit, is made in Connecticut by a resident retail buyer, regardless of the situs of the contract which may be specified therein, including, but not limited to, any verbal or written solicitation or communication to buy or to have credit extended, originating within the state of Connecticut but forwarded to and received by a retail seller or a lender outside the state of Connecticut. For purposes of this subdivision, a “resident retail buyer” means a retail buyer who is a resident of the state of Connecticut.

(10) “Motor vehicle” means any device in, upon or by which any person or property is or may be transported or drawn upon a highway by any power other than muscular. For purposes of this subdivision, “motor vehicle” does not include self-propelled wheelchairs and invalid tricycles, tractors, power shovels, road machinery, implements of husbandry and other agricultural machinery, or other machinery not designed primarily for highway transportation but which may incidentally transport persons or property on a highway, or devices which move upon or are guided by a track or travel through the air.

(11) “Retail buyer” means a person who buys or agrees to buy one or more articles of goods from a retail seller not for the purpose of resale or lease to others in the course of business and who executes a retail installment contract or an installment loan contract in connection therewith.

(12) “Retail installment contract” means any security agreement, as defined in subdivision (74) of subsection (a) of section 42a-9-102 , made in this state, including one in the form of a mortgage, conditional sale contract or other instrument evidencing an agreement to pay the retail purchase price of goods, or any part thereof, in installments over a period of time and pursuant to which a security interest, as defined in subdivision (35) of subsection (b) of section 42a-1-201 , is retained or taken by the retail seller for the payment of the amount of such retail installment contract. For purposes of this subdivision, “retail installment contract” does not include a rent-to-own agreement, as defined in section 42-240 .

(13) “Retail installment sale” means any sale evidenced by a retail installment contract or installment loan contract wherein a retail buyer buys goods from a retail seller at a time sale price payable in two or more installments. The cash price of the goods, the amount, if any, included for other itemized charges which are included in the amount of the credit extended but which are not part of the finance charge under sections 36a-675 to 36a-686 , inclusive, and the finance charge shall together constitute the time sale price. For purposes of this subdivision, “retail installment sale” does not include a rent-to-own agreement, as defined in section 42-240 .

(14) “Retail seller” means a person who sells or agrees to sell one or more articles of goods under a retail installment contract or an installment loan contract to a retail buyer.

(15) “Sales finance company” means any person engaging in this state in the business, in whole or in part, of (A) acquiring retail installment contracts or installment loan contracts from holders thereof, by purchase, discount or pledge, or by loan or advance to the holder of either on the security thereof, or otherwise, or (B) receiving payments of principal and interest from a retail buyer under a retail installment contract or installment loan contract.

Annotations to former section 42-83:

Cited. 202 C. 106; 216 C. 458; 231 C. 707.

Cited. 2 Conn. Cir. Ct. 640; 4 Conn. Cir. Ct. 351; 6 Conn. Cir. Ct. 709.
Conn. Gen. Stat. § 36a-629 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-629
Sec. 36a-629. Safe and sound business practice required.
Status: in_force

(b) No licensee or the directors or officers of such licensee, if such licensee is a corporation, shall commit any unsafe or unsound act.
Conn. Gen. Stat. § 36a-228 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-228
Sec. 36a-228. (Formerly Sec. 36-40a). Termination of executory contracts for services or advertising to which Connecticut banks and credit unions are a party. Validity of agreements that diminish interest of the estate in banks' and credit unions' assets.
Status: in_force

(b) An agreement that tends to diminish or defeat the interest of the estate in a Connecticut bank or Connecticut credit union asset is not valid against the receiver unless the agreement: (1) Is in writing; (2) was executed by the Connecticut bank or Connecticut credit union and any person claiming an adverse interest under the agreement, including the obligor, when the Connecticut bank or Connecticut credit union acquired the asset; (3) was approved by the governing board of the Connecticut bank or Connecticut credit union or its designated committee, and the approval is reflected in the minutes of the board or committee; and (4) has been continuously since its execution an official record of the Connecticut bank or Connecticut credit union.
Conn. Gen. Stat. § 36b-72 — Connecticut Code / Title 36b / Chapter 672c / Section 36b-72
Sec. 36b-72. (Formerly Sec. 36-515). Violations. Enforcement powers of commissioner. Remedies.
Status: in_force

(b) (1) Whenever the commissioner finds as the result of an investigation that any person has violated any of the provisions of sections 36b-60 to 36b-80 , inclusive, or any regulation, rule or order adopted or issued under said sections, the commissioner may send a notice to such person by certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt. The notice shall be deemed received by the person on the earlier of the date of actual receipt or the date seven days after the date on which such notice was mailed or sent. Any such notice shall include: (A) A reference to the title, chapter, regulation, rule or order alleged to have been violated; (B) a short and plain statement of the matter asserted or charged; (C) the maximum fine that may be imposed for such violation; (D) a statement indicating that such person may file a written request for a hearing on the matters asserted not later than fourteen days after receipt of the notice; and (E) the time and place for the hearing.

(2) If a hearing is requested within the time specified in the notice, the commissioner shall hold a hearing upon the charges made unless such person fails to appear at the hearing. Such hearing shall be held in accordance with the provisions of chapter 54. After the hearing if the commissioner finds that the person has violated any of the provisions of sections 36b-60 to 36b-80 , inclusive, or any regulation, rule or order adopted or issued under said sections, the commissioner may, in addition to any other remedy authorized by said sections, order that a fine not exceeding one hundred thousand dollars per violation be imposed upon such person. If such person fails to appear at the hearing, the commissioner may, as the facts require, order that a fine not exceeding one hundred thousand dollars per violation be imposed upon such person. The commissioner shall send a copy of any order issued pursuant to this subsection by certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, to any person named in such order.

(c) Whenever it appears to the commissioner that any person or persons have violated, are violating or are about to violate any of the provisions of sections 36b-60 to 36b-80 , inclusive, or any regulation, rule or order adopted or issued under said sections, or that the further sale or offer to sell would constitute a violation of said sections, or any such regulation, rule or order, the commissioner may in addition to any other remedy authorized by said sections: (1) Bring an action in the superior court for the judicial district of Hartford to enjoin the acts or practices constituting a violation and to enforce compliance with said sections or any such regulation, rule or order. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets. The court shall not require the commissioner to post a bond; (2) seek a court order imposing a fine not to exceed one hundred thousand dollars per violation against any person found to have violated any order issued by the commissioner; or (3) in addition to any other remedies provided by this section, apply to the superior court for the judicial district of Hartford for an order of restitution whereby the defendants in such action shall be ordered to make restitution of those sums shown by the commissioner to have been obtained by them in violation of any of the provisions of said sections or any such regulation, rule or order, plus interest at the rate set forth in section 37-3a . Such restitution shall, at the option of the court, be payable to the receiver or conservator appointed pursuant to subdivision (1) of this subsection, or directly to the persons whose assets were obtained in violation of any provision of said sections or any such regulation, rule or order.

(d) Any time after the issuance of an order or notice provided for in subsection (a) or (b) of this section, the commissioner may accept an agreement by any respondent named in such order or notice to enter into a written consent order in lieu of an adjudicative hearing. The acceptance of a consent order shall be within the complete discretion of the commissioner. The consent order provided for in this subsection shall contain (1) an express waiver of the right to seek judicial review or otherwise challenge or contest the validity of such order or notice; (2) a provision that such order or notice may be used in construing the terms of the consent order; (3) a statement that such consent order shall become final when issued; (4) a specific assurance that none of the violations alleged in such order or notice shall occur in the future; (5) such other terms and conditions as are necessary to further the purposes and policies of sections 36b-60 to 36b-80 , inclusive; (6) the signature of each of the individual respondents evidencing such respondent's consent; and (7) the signature of the commissioner or of the commissioner's authorized representative.
Conn. Gen. Stat. § 36a-41 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-41
Sec. 36a-41. (Formerly Sec. 36-9j). Definitions.
Status: in_force

(1) “Financial institution” means a bank, Connecticut credit union, federal credit union, an out-of-state bank that maintains a branch in this state and an out-of-state credit union that maintains an office in this state.

(2) “Financial records” means any original or any copy, whether physically or electronically retained, of: (A) A document granting signature authority over a deposit account or a share account with a financial institution; (B) a statement, ledger card or other record on any deposit account or share account with a financial institution which shows each transaction in or with respect to that account; (C) any check, draft or money order drawn on a financial institution or issued and payable by such an institution; or (D) any item, other than an institutional or periodic charge, made pursuant to any agreement by a financial institution and a customer which constitutes a debit or credit to that person's deposit account or share account with such financial institution if the item is not included in subparagraph (C) of this subdivision.
Conn. Gen. Stat. § 36a-736 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-736
Sec. 36a-736. (Formerly Sec. 36-444). Definitions.
Status: in_force

(1) “Applicant” means any person who applies for a home purchase loan, home improvement loan or other mortgage loan as defined in sections 36a-735 to 36a-744 , inclusive, whether or not the loan is granted;

(2) “Federal Home Mortgage Disclosure Act” means the Home Mortgage Disclosure Act of 1975 (12 USC Section 2801 et seq.), as amended from time to time, and any regulations promulgated by the Federal Reserve Board or the Bureau of Consumer Financial Protection pursuant to that act, except, for purposes of sections 36a-735 to 36a-744 , inclusive, the supervisory agency shall be the commissioner;

(3) “Financial institution” means any Connecticut bank or Connecticut credit union which makes home purchase loans or home improvement loans or any for profit mortgage lending institution other than a Connecticut bank or Connecticut credit union, whose home purchase loan originations equaled or exceeded ten per cent of its loan origination volume, measured in dollars, in the preceding calendar year, if such mortgage lending institution is licensed under sections 36a-485 to 36a-498a , inclusive;

(4) “Home improvement loan” has the same meaning as provided in the federal Home Mortgage Disclosure Act;

(5) “Home purchase loan” has the same meaning as provided in the federal Home Mortgage Disclosure Act; and

(6) “Mortgage loan” means a loan which is secured by residential real property.
Conn. Gen. Stat. § 36a-558 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-558
Sec. 36a-558. (Formerly Sec. 36-228). Prohibitions re small loans and related activities. Permitted small loan provisions. Open-end small loans. Lead generation activities.
Status: in_force

(b) No person exempt from licensure under section 36a-557 shall engage in any of the activities described in subdivision (4), (5) or (6) of subsection (a) of section 36a-556 for any small loan made by a person who was licensed or who was required to be licensed under section 36a-556 that contains any condition or provision inconsistent with the requirements in subsections (d) to (g), inclusive, of this section.

(c) (1) Except as the result of a bona fide error or as set forth in subdivision (2) of this subsection, any small loan described in subsection (a) or (b) of this section that contains any condition or provision inconsistent with the requirements in subsections (d) to (g), inclusive, of this section shall not be enforced in this state. Such small loan shall be void and no person shall have the right to collect or receive any principal, interest, charge or other consideration thereon. Any person attempting to collect or receive principal, interest, charge or other consideration on such small loan shall be subject to the provisions of section 36a-570 .

(2) Subdivision (1) of this subsection shall not apply when: (A) The inconsistent condition or provision is the result of a bona fide error; or (B) the small loan was lawfully made in compliance with a validly enacted licensed loan law of another state to a borrower who was not, at the time of the making of such loan, a Connecticut borrower but who has since become a Connecticut borrower.

(3) For the purposes of this subsection, the term “bona fide error” includes, but is not limited to, clerical, calculation and computer malfunction, programming and printing errors, but does not include an error of legal judgment with respect to a person's obligations under sections 36a-555 to 36a-573 , inclusive, or under regulations implemented pursuant to section 36a-573 .

(d) Small loans that are the subject of the activities set forth in subsections (a) and (b) of this section shall not contain:

(1) For a small loan that is under five thousand dollars, an APR that exceeds the lesser of thirty-six per cent or the maximum annual percentage rate for interest that is permitted with respect to the consumer credit extended under the Military Lending Act, 10 USC 987, as amended from time to time, or for a small loan that is between five thousand and fifty thousand dollars, an APR that exceeds twenty-five per cent;

(2) For other than an open-end small loan, a provision that increases the interest rate due to payment default;

(3) A payment schedule with regular periodic payments that when aggregated do not fully amortize the outstanding principal balance;

(4) A payment schedule with regular periodic payments that cause the principal balance to increase;

(5) A payment schedule that consolidates more than two periodic payments and pays them in advance from the proceeds, unless such payments are required to be escrowed by a governmental agency;

(6) A prepayment penalty;

(7) An adjustable rate provision;

(8) A waiver of participation in a class action or a provision requiring a borrower, whether acting individually or on behalf of others similarly situated, to assert any claim or defense in a nonjudicial forum that: (A) Utilizes principles that are inconsistent with the law as set forth in the general statutes or common law; or (B) limits any claim or defense the borrower may have;

(9) A call provision that permits the lender, in its sole discretion, to accelerate the indebtedness, except when repayment of the loan is accelerated by a bona fide default pursuant to a due-on-sale clause;

(10) A security interest, except as provided in subsection (e) of this section; or

(11) Fees or charges of any kind, except as expressly permitted by subsection (e) of this section.

(e) Small loans as described in subsections (a) and (b) of this section may contain provisions:

(1) For late fees, if: (A) Such fees are assessed after an installment remains unpaid for ten or more consecutive days, including Sundays and holidays; (B) such fees do not exceed five per cent of the outstanding installment payment, excluding any previously assessed late fees, or a total of twenty-five dollars per month, whichever is less; and (C) no interest is charged on such fees;

(2) Allowing charges for a dishonored check or any other form of returned payment, provided the total fee for such returned payment shall not exceed twenty dollars;

(3) Allowing for collection of deferral charges, but only upon the specific written authorization of the borrower and in a total amount not to exceed the interest due during the applicable billing cycle;

(4) Allowing for the accrual of interest after the maturity date or the deferred maturity date, provided such interest shall not exceed twelve per cent per annum computed on a daily basis on the respective unpaid balances;

(5) Providing for reasonable attorney's fees subject to the conditions and restrictions set forth in section 42-150aa ;

(6) Including credit life insurance or credit accident and health insurance subject to the conditions and restrictions set forth in section 36a-559 ; and

(7) Taking a security interest in a motor vehicle in connection with a closed-end small loan made solely for the purchase or refinancing of such motor vehicle, provided the APR of such loan shall not exceed the rates indicated for the respective classifications of motor vehicles as follows: (A) New motor vehicles, fifteen per cent; (B) used motor vehicles of a model designated by the manufacturer by a year not more than two years prior to the year in which the sale is made, seventeen per cent; and (C) used motor vehicles of a model designated by the manufacturer by a year more than two years prior to the year in which the sale is made, nineteen per cent.

(f) Open-end small loans as described in subsections (a) and (b) of this section shall, in addition to the requirements set forth in subsections (d) and (e) of this section:

(1) Not provide for an advance of money exceeding at any one time an unpaid principal of fifty thousand dollars;

(2) Provide for payments and credits to be made to the same borrower's account from which advances, interests, charges and costs on such loan are debited;

(3) Provide for interest to be computed on any unpaid principal balance of the account in each billing cycle by one of the following methods: (A) By converting the APR to a daily rate and multiplying such daily rate by the daily unpaid principal balance of the account, in which case the daily rate is determined by dividing the APR by three hundred sixty-five; or (B) by converting the APR to a monthly rate and multiplying the monthly rate by the average daily unpaid principal balance of the account in the billing cycle, in which case (i) the monthly rate is determined by dividing the APR by twelve, and (ii) the average daily unpaid principal balance is the sum of the amount unpaid each day during the cycle divided by the number of days in the cycle. In either of such computations, the billing cycle shall be monthly and the unpaid principal balance on any day shall be determined by adding to any balance unpaid as of the beginning of such day all advances and other permissible amounts charged to the borrower and deducting all payments and other credits made or received that day;

(4) Not compound interest or charges by adding any unpaid interest or charges authorized by sections 36a-555 to 36a-573 , inclusive, to the unpaid principal balance of the borrower's account; or

(5) Not include any other fees or charges of any kind, except as expressly permitted by subsection (g) of this section.

(g) Open-end small loans as described in subsections (a) and (b) of this section, in addition to the requirements set forth in subsections (d) to (f), inclusive, of this section, may:

(1) Provide for an annual fee for the privileges made available to the borrower under the open-end loan agreement, provided such annual fee shall not exceed fifty dollars; and

(2) Include credit life insurance or credit accident and health insurance, subject to the conditions and restrictions set forth in section 36a-559 .

(h) No person licensed or required to be licensed under sections 36a-555 to 36a-573 , inclusive, who is engaged in generating leads shall in connection with lead generation activities:

(1) Initiate any outbound telephone call using an automatic telephone dialing system or an artificial or prerecorded voice without the prior express written consent of the recipient;

(2) Fail to transmit or cause to transmit the lead generator's name and telephone number to any caller identification service in use by a consumer;

(3) Initiate an outbound telephone call to a consumer's residence between nine o'clock p.m. and eight o'clock a.m. local time at the consumer's location;

(4) Fail to clearly and conspicuously identify the lead generator and the purpose of the contact in its written and oral communications with a consumer;

(5) Fail to provide the ability to opt out of any unsolicited advertisement communicated to a consumer via an electronic mail address;

(6) Initiate an unsolicited advertisement via electronic mail to a consumer more than ten business days after the receipt of a request from such consumer to opt out of such unsolicited advertisements;

(7) Use a subject heading or electronic mail address in a commercial electronic mail message that would likely mislead a recipient, acting reasonably under the circumstances, about a material fact regarding the sender, contents or subject matter of the message;

(8) Sell, lease, exchange or otherwise transfer or release the electronic mail address or telephone number of a consumer who has requested to be opted out of future solicitations;

(9) Collect, buy, lease, exchange or otherwise transfer or receive an individual's Social Security number or bank account number;

(10) Use information from a trigger lead to solicit consumers who have opted out of firm offers of credit under the federal Fair Credit Reporting Act;

(11) Initiate a telephone call to a consumer who has placed his or her contact information on a federal or state Do Not Call list, unless the consumer has provided express written consent;

(12) Represent to the public, through advertising or other means of communicating or providing information, including, but not limited to, the use of business cards or stationery, brochures, signs or other promotional items, that such lead generator can or will perform any other activity requiring licensure under this title, unless such lead generator is duly licensed to perform such other activity or exempt from such licensure requirements;

(13) Refer applicants to, or receive a fee from, any person who is required to be licensed under this title, but was not so licensed as of the time of the performance of such lead generator's services; or

(14) Assist or aid and abet any person in the conduct of business requiring licensure under this title when such person does not hold the license required.