Conn. Gen. Stat. § 36a-469b — Connecticut Code / Title 36a / Chapter 667 / Section 36a-469b
Sec. 36a-469b. Conversion of federal or out-of-state credit union into Connecticut credit union.
Status: in_force

(b) When the commissioner has been satisfied that all of the requirements of subsection (a) of this section, and all other requirements of sections 36a-435a to 36a-472a , inclusive, have been complied with, and the commissioner determines that (1) the conversion would serve the economic needs of the proposed field of membership and is in accordance with sound credit union practices, (2) the converting credit union will have the managerial capacity and the financial resources to serve the proposed membership group, (3) the converting credit union has adequate net worth to meet all applicable regulatory requirements, and (4) the programs, policies and procedures of the converting credit union relating to anti-money-laundering activity are adequate, and the converting credit union has a record of compliance with anti-money-laundering laws and regulations, the commissioner shall (A) issue an approval of the conversion, which may contain such conditions as the commissioner may require, and (B) issue a certificate of authority to engage in the business of a Connecticut credit union.

(c) The converting credit union shall promptly file and record the approval, its certificate of incorporation and the certificate of authority with the Secretary of the State. Upon such filing and recording, the federal credit union or out-of-state credit union shall become a Connecticut credit union as of the date it ceases to be a federal credit union or out-of-state credit union. A copy of the converting credit union's certificate of incorporation and the certificate of authority, certified by the Secretary of the State, shall be filed with the commissioner within ten days of the filing of such documents.

(d) The converted Connecticut credit union possesses all of the rights, privileges and powers granted to it by its certificate of incorporation, and all of the assets, business and good will of the converting credit union are transferred to and vested in it without any deed or instrument of conveyance provided the converting credit union may execute any deed or instrument of conveyance as is convenient to confirm such transfer. The converted credit union is subject to all of the duties, relations, obligations, trusts and liabilities of the converting credit union, whether as debtor, depository, registrar, transfer agent, executor, administrator, trustee or otherwise, and is liable to pay and discharge all such debts and liabilities, to perform all such duties and to administer all such trusts in the same manner and to the same extent as if the converted credit union had itself incurred the obligation or liability or assumed the duty, relation or trust. All rights of creditors of the converting credit union and all liens upon the property of such credit union are preserved unimpaired and the converted institution is entitled to receive, accept, collect, hold and enjoy any and all gifts, bequests, devises, conveyances, trusts and appointments in favor of or in the name of the converting credit union and whether made or created to take effect prior to or after the conversion.

(e) Within ninety days of conversion, the Connecticut credit union shall record a certificate, signed by any two officers stating that the conversion is effective, in the office of the town clerk in each town in this state where the Connecticut credit union owns real property.
Conn. Gen. Stat. § 36a-540 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-540
Sec. 36a-540. (Formerly Sec. 36-258). License. Change in control person. Automatic suspension of license. Surrender of license.
Status: in_force

(b) 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 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.

(c) The commissioner may automatically suspend any license for a violation of subsection (a) or (b) of this section. After the 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 of or refusal to renew the license pursuant to section 36a-543 and an opportunity for a hearing in accordance with section 36a-51 , and (2) require the licensee to take or refrain from taking action as the commissioner deems necessary to effectuate the purpose of this section.

(d) Not later than fifteen days after the date a licensee ceases to engage in this state in the business of a sales finance company 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, 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-439a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-439a
Sec. 36a-439a. Membership applications. Expulsion of member.
Status: in_force

(b) The governing board may expel any member who has not carried out such member's obligations to the Connecticut credit union or who has failed to comply with such credit union's bylaws. No member may be expelled by the governing board until such member has been informed in writing of the charges against such member and has had a reasonable opportunity to be heard thereon.

(c) A Connecticut credit union may cancel the shares of any member who is expelled, applying the value thereof to such member's indebtedness to the Connecticut credit union. A member of a Connecticut credit union who has been expelled shall not be relieved of any liability to the Connecticut credit union. The Connecticut credit union shall repay the amounts paid in on shares by expelled members, together with any dividends credited to the member's shares, in the order of the member's expulsion, as funds become available therefor, except that the Connecticut credit union may deduct from such payments any sums due it from such member.
Conn. Gen. Stat. § 36b-32a — Connecticut Code / Title 36b / Chapter 672a / Section 36b-32a
Sec. 36b-32a. Applicability of The Philanthropy Protection Act of 1995.
Status: in_force

(b) The Philanthropy Protection Act of 1995, Public Law 104-62, shall not apply in any administrative or judicial action as a defense to any claim that any person, security, interest, or participation of the type described in said act and the amendments made by said act is subject to the provisions of sections 36b-2 to 36b-34 , inclusive.
Conn. Gen. Stat. § 36a-40 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-40
Sec. 36a-40. (Formerly Sec. 36-2a). Retention of Connecticut bank and credit union records.
Status: in_force

Trial court's reliance on section, in conjunction with Sec. 36a-40-3 of the regulations of Connecticut state agencies, did not improperly transform section into a judicially imposed statute of limitations immunizing defendant from any nonpayment claim brought after 7-year retention period. 297 C. 501.
Conn. Gen. Stat. § 36a-665 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-665
Sec. 36a-665. (Formerly Sec. 36-381). Penalties.
Status: in_force

(b) Any person who violates any other provision of sections 36a-655 to 36a-665 , inclusive, shall be fined not more than one thousand dollars for the first offense, and for each subsequent offense shall be fined not more than one thousand dollars and imprisoned not less than thirty days nor more than one year.
Conn. Gen. Stat. § 36a-566 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-566
Sec. 36a-566. (Formerly Sec. 36-234). License not assignable or transferable. Use of name. Change in control person, name or place of business. Automatic suspension of license.
Status: in_force

(b) 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 of such name. No licensee shall engage in any activity requiring a small loan license under any other name or at any other place of business than that named in the license. Any proposed change in a licensee's name or to the licensee's place of business shall be the subject of an advance change notice filed on the system at least thirty days prior to the effective date of such change and no such change to the licensee's name or place of business shall be made without the commissioner's approval of such change.

(c) The commissioner may automatically suspend any license for a violation of this section or upon a failure of the licensee to designate a qualified individual or branch manager who meets the requirements set forth in section 36a-562 not later than thirty-days after such position becomes vacant. 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 of or refusal to renew the license pursuant to section 36a-570 and an opportunity for a hearing in accordance with section 36a-51 , and (2) require the licensee to take or refrain from taking action as the commissioner deems necessary to effectuate the purpose of this section.
Conn. Gen. Stat. § 36a-100 — Connecticut Code / Title 36a / Chapter 664b / Section 36a-100
Sec. 36a-100. (Formerly Sec. 36-126b). Benefits for officers and employees.
Status: in_force

(b) The provisions of this section shall be subject to the conditions and requirements imposed by the Employee Retirement Income Security Act of 1974, Public Law 93-406, and its amendments.
Conn. Gen. Stat. § 36a-366 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-366
Sec. 36a-366. Establishment by qualified fiduciary and investment of funds.
Status: in_force

(b) No fiduciary shall invest or accept for investment any funds in common trust funds other than in its fiduciary capacity.

(c) A bank may invest funds that it holds as a fiduciary in any common trust fund established by a bank or out-of-state bank provided: (1) Such investment is specifically permitted by the instrument, judgment, decree or order creating the fiduciary relationship; (2) the fiduciary may exercise discretion with respect to investments; or (3) such funds are held by the fiduciary as guardian, conservator or any other court appointed fiduciary.

(d) Notwithstanding the provisions of subsection (c) of this section, no Connecticut bank shall invest any funds that it holds as a fiduciary in any common trust fund in another state unless such fund is subject to statutes, rules or regulations of another state which are substantially similar to the provisions of this section, or unless such fund is subject to statutes, rules or regulations applicable to a national banking association.

(e) The provisions of sections 53-313 to 53-316 , inclusive, shall not apply to a common trust fund established under this section or its fiduciary or to a collective managing agency account established under section 36a-368 or its managing agent.
Conn. Gen. Stat. § 36a-384 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-384
Sec. 36a-384. (Formerly Sec. 36-318). Segregation of securities. Deposits.
Status: in_force

See Sec. 45a-208 re deposit of securities in clearing corporation.
Conn. Gen. Stat. § 36a-699f — Connecticut Code / Title 36a / Chapter 669 / Section 36a-699f
Sec. 36a-699f. Blocking of information appearing on credit report as result of identity theft.
Status: in_force

(b) A credit rating agency may decline to block or may rescind any block of consumer information if the credit rating agency believes in good faith that: (1) The information was blocked due to a misrepresentation of fact by the consumer relevant to the request to block under this section, (2) the consumer agrees that the blocked information or portions of the blocked information were blocked in error, (3) the consumer knowingly obtained possession of goods, services or moneys as a result of the blocked transaction or transactions or the consumer should have known that he or she obtained possession of goods, services or moneys as a result of the blocked transaction or transactions, (4) the information was blocked due to fraud in which the consumer participated or of which the consumer had knowledge, and which may for purposes of this section be demonstrated by circumstantial evidence, or (5) the credit rating agency, in the exercise of good faith and reasonable judgment, has substantial reason based on specific, verifiable facts to doubt the authenticity of the consumer's report of a violation of section 53a-129a of the general statutes, revision of 1958, revised to January 1, 2003, or section 53a-129b , 53a-129c or 53a-129d .

(c) If the credit rating agency declines to block information or rescinds the block of information pursuant to subsection (b) of this section, the credit rating agency shall promptly notify the consumer in the same manner as consumers are notified of the reinsertion of information pursuant to subsection (b) of section 36a-699b . The prior presence of the blocked information in the credit rating agency's file on the consumer is not evidence of whether the consumer knew or should have known that he or she obtained possession of any goods, services or moneys.

(d) A credit rating agency shall accept the consumer's version of the disputed information and correct the disputed item when the consumer submits to the credit rating agency documentation obtained from the source of the item in dispute or from public records confirming that the report was inaccurate or incomplete, unless the credit rating agency, in the exercise of good faith and reasonable judgment, has substantial reason based on specific, verifiable facts to doubt the authenticity of the documentation submitted and notifies the consumer in writing of that decision, explaining its reasons for unblocking the information and setting forth specific, verifiable facts on which the decision is based.

(e) A credit rating agency shall delete from a credit report inquiries for credit reports based upon credit requests that the credit rating agency verifies were initiated as a result of a violation of section 53a-129a of the general statutes, revision of 1958, revised to January 1, 2003, or section 53a-129b , 53a-129c or 53a-129d .

(f) The provisions of this section do not apply to: (1) A credit rating agency that acts as a reseller of credit information by assembling and merging information contained in the databases of other credit rating agencies, and that does not maintain a permanent database of credit information from which new credit reports are produced, (2) a check services or fraud prevention services company that issues reports on incidents of fraud or authorizations for the purpose of approving or processing negotiable instruments, electronic funds transfers or similar payment methods, or (3) a demand deposit account information service company that issues reports regarding account closures due to fraud, substantial overdrafts, automated teller machine abuse or similar negative information regarding a consumer to inquiring banks or other financial institutions for use only in reviewing a consumer request for a demand deposit account at the inquiring bank or financial institution.
Conn. Gen. Stat. § 36b-24 — Connecticut Code / Title 36b / Chapter 672a / Section 36b-24
Sec. 36b-24. (Formerly Sec. 36-493). Findings by commissioner.
Status: in_force

(b) No person shall make, or cause to be made, to any prospective purchaser, customer or client any representation inconsistent with subsection (a) of this section.
Conn. Gen. Stat. § 36a-636e — Connecticut Code / Title 36a / Chapter 668 / Section 36a-636e
Sec. 36a-636e. License fees and expenses. Expiration and renewal. Automatic suspension. Surrender or termination of license.
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 .

(c) Upon surrender or termination of the license, the licensee shall promptly notify all customers and provide confirmation of the notification to the commissioner not later than fifteen days after the date of such surrender or termination.
Conn. Gen. Stat. § 36a-696 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-696
Sec. 36a-696. (Formerly Sec. 36-432). Disclosure to consumer of information re credit report.
Status: in_force

(b) Upon written request and proper identification of any consumer, a credit rating agency shall disclose to the consumer, within five business days of receipt of the consumer's request, the nature and substance of all information in its files, including (1) any credit score or predictor relating to the consumer, as required by and in a form and manner that complies with the federal Fair Credit Reporting Act and commentary adopted and enforced by the Federal Trade Commission or the Bureau of Consumer Financial Protection; (2) a record of all inquiries, by recipient, including the recipient's name which resulted in providing a credit report concerning the consumer during the preceding twelve-month period; (3) a clear and concise explanation of the information; and (4) a written summary of the consumer's rights under state and federal consumer credit reporting statutes in a form substantially similar to the summary in section 36a-699a . The credit rating agency may charge no more than five dollars for the first request for such information within the preceding twelve months and no more than seven dollars and fifty cents for any additional request within the same twelve-month period for such information, provided such disclosure shall be made without charge to the consumer if the request for disclosure is made not more than sixty days after notification to the consumer of an adverse action by a creditor.
Conn. Gen. Stat. § 36a-760 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-760
Sec. 36a-760. Nonprime home loans: Definitions; applicability.
Status: in_force

(1) “APR” has the same meaning as provided in section 36a-746a ;

(2) “CHFA loan” means a loan made, insured, purchased, subsidized or guaranteed by the Connecticut Housing Finance Authority;

(3) “FHA loan” means a loan made, insured, purchased, subsidized or guaranteed by the Federal Housing Administration;

(4) “First mortgage loan” has the same meaning as provided in section 36a-485 ;

(5) “Lender” means any person engaged in the business of the making of mortgage loans who is (A) required to be licensed by the commissioner under chapter 668, or such person's successors or assigns, or (B) exempt from licensing pursuant to subdivisions (1) to (3), inclusive, of subsection (a) of section 36a-487 , and their successors and assigns, but does not include any mortgage broker, as defined in this section, or any mortgage loan originator, as defined in section 36a-485 ;

(6) “Mortgage broker” means a mortgage broker, as defined in section 36a-485 , who is required to be licensed by the commissioner under chapter 668, or such person's successors or assigns;

(7) “Nonprime home loan” means any loan or extension of credit, excluding an open-end line of credit, any mortgage insured under Title II of the National Housing Act, 12 USC 1701 et seq., as amended from time to time, that satisfies the requirements for a qualified mortgage set forth in 24 CFR 203.19(b), as amended from time to time, and a reverse mortgage transaction, as defined in 12 CFR 1026.33, as amended from time to time:

(A) In which the borrower is a natural person;

(B) The proceeds of which are to be used primarily for personal, family or household purposes;

(C) In which the loan is secured by a mortgage upon any interest in one-to-four family residential real property located in this state which is, or when the loan is made, intended to be used or occupied by the borrower as a principal residence;

(D) In which the principal amount of the loan does not exceed four hundred seventeen thousand dollars;

(E) Where the loan is not a CHFA loan; and

(F) In which the conditions set forth in subparagraph (F)(i) of this subdivision apply, subject to any adjustments made pursuant to subparagraph (F)(ii) of this subdivision:

(i) The difference, at the time of consummation, between the APR for the loan or extension of credit and the average prime offer rate for a comparable transaction, as of the date the interest rate is set, is greater than one and one-half percentage points if the loan is a first mortgage loan or three and one-half percentage points if the loan is a secondary mortgage loan. For purposes of this subparagraph, “average prime offer rate” has the meaning as provided in 12 CFR 1026.35, as amended from time to time. For purposes of this clause, the date the interest rate is set is the last date the interest rate is set, provided the rate is adjusted on or before consummation.

(ii) The commissioner shall have the authority, after consideration of the relevant factors, to increase the percentages set forth in subparagraph (F)(i) of this subdivision. For purposes of this clause, the relevant factors to be considered by the commissioner shall include, but not be limited to, the existence and amount of increases in fees or charges in connection with purchases of mortgages by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and increases in fees or charges imposed by mortgage insurers and the impact, including the magnitude of the impact, that such increases have had, or will likely have, on APRs for mortgage loans in this state. When considering such factors, the commissioner shall focus on those increases that are related to the deterioration in the housing market and credit conditions. The commissioner may refrain from increasing such percentages if it appears that lenders are increasing interest rates or fees in bad faith or if increasing the percentages would be contrary to the purposes of sections 36a-760 to 36a-760f , inclusive. No increase authorized by the commissioner to a particular percentage shall exceed one-quarter of one percentage point, and the total of all increases to a particular percentage under this clause shall not exceed one-half of one percentage point. No increase shall be made unless: (I) The increase is noticed in the Banking Department Bulletin and the Connecticut Law Journal, and (II) a public comment period of twenty days is provided. Any increase made under this clause shall be reduced proportionately when the need for the increase has diminished or no longer exists. The commissioner, in the exercise of his discretion, may authorize an increase in the percentages with respect to all loans or just with respect to a certain class or classes of loans;

(8) “Open-end line of credit” means a mortgage extended by a lender under a plan in which: (A) The lender reasonably contemplates repeated transactions; (B) the lender may impose a finance charge from time to time on an outstanding unpaid balance; (C) the amount of credit that may be extended to the consumer during the term of the plan, up to any limit set by the lender, is generally made available to the extent that any outstanding balance is repaid; and (D) none of the proceeds of the open-end line of credit are used at closing to (i) purchase the borrower's primary residence, or (ii) refinance a mortgage loan that had been used by the borrower to purchase the borrower's primary residence;

(9) “Secondary mortgage loan” has the same meaning as provided in section 36a-485 .

(b) The provisions of sections 36a-760a to 36a-760i , inclusive, shall be applicable to nonprime home loans and mortgages, as appropriate, for which applications have been received on or after August 1, 2008.
Conn. Gen. Stat. § 36a-216 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-216
Sec. 36a-216. (Formerly Sec. 36-22). Powers in case of financial distress.
Status: in_force

(b) In determining action to be taken under this section, the commissioner may place such fair value on the assets of any such bank or credit union as the commissioner deems advisable under the conditions prevailing and circumstances relating thereto.

(c) Any costs and expenses incurred by the commissioner in the exercise of the powers given to the commissioner under this section shall be assessed by the commissioner against any bank or credit union in connection with which such costs and expenses were incurred and, when so assessed, shall be paid by such bank or credit union in addition to the annual assessment of expenses of the Department of Banking provided under section 36a-65 .

(d) Nothing in this section shall be construed to give the commissioner authority to establish a maximum rate of dividends or interest on deposits or share accounts applying to a type of Connecticut bank or Connecticut credit union as a group.
Conn. Gen. Stat. § 36a-686 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-686
Sec. 36a-686. Civil penalty. Liability.
Status: in_force

(b) In addition to any other liability allowed by the Connecticut Truth-in-Lending Act, a creditor found to have wilfully failed to obtain an appraisal as required by 15 USC 1639h, as amended from time to time, shall be liable to the applicant or borrower as provided in subsection (e) of said section.
Conn. Gen. Stat. § 36a-50 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-50
Sec. 36a-50. Enforcement action. Notice and hearing. Civil penalty. Injunction, restraining order and writ. Restitution and disgorgement. Costs.
Status: in_force

(2) If a hearing is requested within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice unless such person fails to appear at the hearing. After the hearing, if the commissioner finds that the person has violated any such provision, regulation, rule or order, the commissioner may, in the commissioner's discretion and in addition to any other remedy authorized by law, order that a civil penalty not exceeding one hundred thousand dollars per violation be imposed upon such person. If such person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner may, as the facts require, order that a civil penalty not exceeding one hundred thousand dollars per violation be imposed upon such person.

(3) Each action undertaken by the commissioner under this subsection shall be in accordance with the provisions of chapter 54.

(b) Whenever it appears to the commissioner that any such person has violated, is violating or is about to violate any such provision, regulation, rule or order, the commissioner may, in the commissioner's discretion and in addition to any other remedy authorized by law: (1) Bring an action in the superior court for the judicial district of Hartford to enjoin the acts or practices and to enforce compliance with any such provision, 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 such person or such person's assets. The court shall not require the commissioner to post a bond; (2) seek a court order imposing a penalty not to exceed one hundred thousand dollars per violation against any such person found to have violated any such provision, regulation, rule or order; or (3) apply to the superior court for the judicial district of Hartford for an order of restitution whereby such person shall be ordered to make restitution of any sums shown by the commissioner to have been obtained by such person in violation of any such provision, 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 this subsection, or directly to the person whose assets were obtained in violation of any such provision, regulation, rule or order. Whenever the commissioner prevails in any action brought under this subsection, the court may allow to the state its costs.

(c) Whenever the commissioner finds as the result of an investigation that any person has violated any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule or order adopted or issued under such provisions, the commissioner may, in addition to any other remedy authorized by law, order such person to (1) make restitution of any sums shown to have been obtained in violation of any such provision, regulation, rule or order plus interest at the legal rate set forth in section 37-1 ; (2) provide disgorgement of any sums shown to have been obtained in violation of any such provision, regulation, rule or order; or (3) both make restitution and provide disgorgement in accordance with subdivisions (1) and (2) of this subsection. After the commissioner issues such an order, the person named in the order may, not later than fourteen days after the receipt of such order, file a written request for a hearing. The order shall be deemed received by the person on the earlier of the date of actual receipt or seven days after mailing or sending. Any such hearing shall be held in accordance with the provisions of chapter 54.

(d) The provisions of this section shall not apply to chapters 672a, 672b and 672c.
Conn. Gen. Stat. § 36a-677 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-677
Sec. 36a-677. (Formerly Sec. 36-393a). State policy.
Status: in_force

(b) It is also the policy of this state to provide that the commissioner administer and enforce the requirements for such disclosures of credit and lease terms for transactions in this state.

(c) It is also the policy of this state to avoid duplication between the federal government and the government of this state in the administration and enforcement of statutes which are designed to accomplish an identical purpose, and therefore to obtain an exemption from the Consumer Credit Protection Act by subjecting various classes of credit and lease transactions in this state to requirements which are substantially similar to those imposed under said federal act.

Annotation to former section 36-393a:

Cited. 27 CA 628.
Conn. Gen. Stat. § 36a-602 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-602
Sec. 36a-602. (Formerly Sec. 36-538). Surety bond. Investments in lieu of surety bond.
Status: in_force

(b) The proceeds of the bond, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of any claimants against the licensee to serve the faithful performance of the obligations of the licensee and the licensee's authorized delegates with respect to the licensee's money transmission business in this state in the event of the bankruptcy of the licensee, and shall be immune from attachment by creditors or judgment creditors. Any person who may be damaged as a result of the failure by the licensee or the licensee's authorized delegates to perform obligations with respect to the licensee's money transmission business in this state may proceed against the licensee's bond to recover damages. The commissioner may proceed on such bond against the principal or surety thereon, or both, to collect any civil penalty imposed upon the licensee pursuant to subsection (a) of section 36a-50 , any restitution imposed pursuant to subsection (c) of section 36a-50 , and any unpaid costs of examination of the licensee as determined pursuant to subdivision (6) of subsection (c) of section 36a-65 . The bond shall cover claims for damages arising from the licensee's money transmission business in this state made not later than two years from the date of the act, error or omission that allegedly caused or resulted in such damages. When an action is commenced on a licensee's bond, the commissioner may require the filing of a new bond and, immediately upon recovery on any action on the bond, the licensee shall file a new bond. If the commissioner finds that the financial condition of a licensee so requires, as evidenced by the reduction of tangible net worth, financial losses or potential losses as a result of a violation of sections 36a-595 to 36a-612 , inclusive, the commissioner may require one or more additional bonds meeting the standards set forth in this section. The licensee shall file any such additional bonds not later than ten days after receipt of the commissioner's written notice of such requirement.

(c) The surety company may 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, such written notice 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 (1) a letter of reinstatement of the bond from the surety company, (2) a new bond, (3) evidence that all of the principal sum of such surety bond has been invested as provided in subsection (d) of this section, (4) a new bond that replaces the surety bond in part and evidence that the remaining part of the principal sum of such surety bond has been invested as provided in subsection (d) of this section, or (5) evidence that the licensee has ceased business and has surrendered the license. After a license has been automatically suspended, the commissioner shall (A) give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew such license and an opportunity for a hearing on such actions in accordance with section 36a-51 , and (B) require the licensee to take or refrain from taking such action as the commissioner deems necessary to effectuate the purposes of this section.

(d) In lieu of all or part of the principal sum of such surety bonds, applicants for a license and licensees may invest such sum as provided in this subsection. The book or market value, whichever is lower, of such investments shall be equal to the amount of the bond required by subsection (a) of this section less the amount of the bond filed with the commissioner by the applicant or licensee. Such applicants and licensees shall keep such investments with such banks, Connecticut credit unions or federal credit unions as such applicants or licensees may designate and the commissioner may approve, and subject to such conditions as the commissioner deems necessary for the protection of consumers and in the public interest. As used in this subsection, “investments” means: (1) Dollar deposits; and (2) interest-bearing bills, notes, bonds, debentures or other obligations issued or guaranteed by (A) the United States or any of its agencies or instrumentalities, or (B) any state, or any agency, instrumentality, political subdivision, school district or legally constituted authority of any state if such investment is of prime quality. The investments shall secure the same obligation as would a surety bond filed under this section. The investments shall be held at such banks or credit unions to cover claims during the period the license remains in full force and effect and the succeeding two years after such license has been surrendered, revoked or suspended or has expired in accordance with the provisions of sections 36a-595 to 36a-612 , inclusive. The licensee shall be permitted to collect interest on such investments and at any time to exchange, examine and compare such investments. The investments made pursuant to this section, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of any claimants against the licensee to serve the faithful performance of the obligations of the licensee and the licensee's authorized delegates with respect to the licensee's money transmission business in this state in the event of the bankruptcy of the licensee, and shall be immune from attachment by creditors or judgment creditors.
Conn. Gen. Stat. § 36a-705 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-705
Sec. 36a-705. (Formerly Sec. 36-442). Definitions.
Status: in_force

(1) “First mortgage loan” means “first mortgage loan”, as defined in section 36a-485 ;

(2) “Mortgage broker” means a “mortgage broker”, as defined in section 36a-485 , who is licensed or required to be licensed under sections 36a-485 to 36a-498a , inclusive;

(3) “Mortgage lender” means a “mortgage lender” or “mortgage correspondent lender”, as defined in section 36a-485 , who is required to be licensed under sections 36a-485 to 36a-498a , inclusive, except that the term shall include a bank, out-of-state bank, Connecticut credit union, federal credit union and out-of-state credit union; and

(4) “Mortgage rate lock-in” means a written or electronically transmitted confirmation issued to a mortgage applicant or the representative of such applicant by a mortgage lender or mortgage correspondent lender or the mortgage lender's or mortgage correspondent lender's representative, prior to the issuance of a first mortgage loan commitment, stating that a particular rate, number of points or variable rate terms will be the rate, number of points, or variable rate terms at which the mortgage lender or mortgage correspondent lender will make the loan, provided the first mortgage loan is closed by a specified date, and the applicant qualifies for the loan in accordance with the mortgage lender's or mortgage correspondent lender's standards of creditworthiness.
Conn. Gen. Stat. § 36a-235 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-235
Sec. 36a-235. (Formerly Sec. 36-49). Conditions under which transfers of or liens on property or assets of Connecticut banks and credit unions in receivership are voidable. Personal liability of persons who implemented or benefited from voidable transfers or liens. Issuance or levy of execution before final judgment prohibited.
Status: in_force

(2) Each Connecticut bank or Connecticut credit union officer, director, manager, shareholder, trustee, agent, employee, attorney-in-fact or correspondent, or other person acting on behalf of such bank or credit union, who has participated in implementing a voidable transfer or lien, and each person receiving property or the benefit of property of such bank or credit union as a result of the voidable transfer or lien, is personally liable for the property or benefit received and shall account to the receiver for the benefit of the clients, depositors and creditors of such bank or credit union.

(3) The receiver may avoid a transfer of or lien on the property or assets of a Connecticut bank or Connecticut credit union that a client, creditor, depositor or shareholder of such bank or credit union could have avoided and may recover the property transferred or its value from the person to whom it was transferred, or from a person who has received it unless the transferee or recipient was a bona fide holder for value before the date such bank or credit union was placed in receivership.

(b) No execution shall be issued or levied against any Connecticut bank or Connecticut credit union, or its property, before final judgment, including the exhaustion of all appeals, in any proceeding brought against such bank or credit union in any court in this or any other state.

Annotation to former section 36-49:

Intent to give a preference to a favored depositor will be inferred under certain circumstances. 116 C. 335.
Conn. Gen. Stat. § 36a-649 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-649
Sec. 36a-649. Definitions.
Status: in_force

(1) “Claim” means a right to receive payment of a credit card debt;

(2) “Claimant” means an entity that has, or purports to have, a claim against a debtor arising from coerced debt or allegedly coerced debt, and includes a consumer collection agency, as defined in section 36a-800 , to collect said debt, or such entity's successor or assignee;

(3) “Coerced debt” means any debt incurred in the name of a debtor who is a victim of domestic violence, as defined in subsection (b) of section 46b-1 , when such debt was incurred in response to any duress, intimidation, threat of force, force or undue influence used to specifically coerce the debtor into incurring such debt;

(4) “Collection activities” means any activity of a claimant to collect or to attempt to collect a debt owed, due or asserted to be owed or due, including, but not limited to, commencing or proceeding with an action in a court of competent jurisdiction;

(5) “Credit rating agency” has the same meaning as provided in section 36a-695 ;

(6) “Debt” means an unsecured credit card debt, or any portion of an unsecured credit card debt, incurred on or after January 1, 2025, for personal, family or household use that (A) was not subject to a final judgment in an action for dissolution of marriage or collection matter which occurred prior to the time when a debtor requests that the claimant waive such debt; or (B) was incurred more than ten years prior to the date of the request;

(7) “Debtor” means an individual against whom a claimant asserts a claim arising from coerced debt or allegedly coerced debt;

(8) “Immediate family member” has the same meaning as provided in section 36a-485 ;

(9) “Negative information” has the same meaning as provided in 15 USC 1681s-2, as amended from time to time;

(10) “Qualified third-party professional” means a domestic violence counselor or sexual assault counselor, as those terms are defined in section 52-146k , a psychiatrist licensed under chapter 370, a psychologist licensed under chapter 383, a clinical social worker licensed under chapter 383b, a marital and family therapist licensed under chapter 383a and a professional counselor licensed under chapter 383c; and

(11) “Requests that the claimant waive such debt” means a request that a claimant waive, forgive, excuse, write off or not collect a debt or portion of a debt.
Conn. Gen. Stat. § 36a-497 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-497
Sec. 36a-497. (Formerly Sec. 36-440l). Advertisements.
Status: in_force

(1) Advertise or cause to be advertised in this state, any residential mortgage loan in which such person intends to act only as a mortgage broker unless the advertisement includes the following statement, clearly and conspicuously expressed: “MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER”; or

(2) In connection with an advertisement in this state, use (A) a simulated check; (B) a comparison between the loan payments under the residential mortgage loan offered and the loan payments under a hypothetical loan or extension of credit, unless the advertisement includes, with respect to both the hypothetical loan or extension of credit and the residential mortgage loan being offered, the interest rate, the loan balance, the total amount of finance charges, the total number of payments and the monthly payment amount that would be required to pay off the outstanding loan balance shown; (C) representations such as “verified as eligible”, “eligible”, “preapproved”, “prequalified” or similar words or phrases, without also disclosing, in immediate proximity to and in similar size print, language which sets forth prerequisites to qualify for the residential mortgage loan, including, but not limited to, income verification, credit check, and property appraisal or evaluation; or (D) any words or symbols in the advertisement or on the envelope containing the advertisement that give the appearance that the mailing was sent by a government agency.

(b) (1) Each lead generator licensee shall include the following statement in all advertisements of residential mortgage loans and solicitations of leads by mail, electronic mail or through such licensee's Internet web site, clearly and conspicuously expressed: “LEAD GENERATOR ONLY, NOT ACTING IN THE CAPACITY OF A MORTGAGE LOAN ORIGINATOR, MORTGAGE BROKER, MORTGAGE CORRESPONDENT LENDER OR MORTGAGE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION WITH YOUR RESIDENTIAL MORTGAGE LOAN INQUIRY.”.

(2) No person required to be licensed as a lead generator shall: (A) Accept payment of any advance fee, as defined in section 36a-485 , in connection with a residential mortgage loan, or (B) use, sell, lease, exchange or otherwise transfer or release information received from a consumer in connection with a residential mortgage loan inquiry for purposes other than as necessary to facilitate a residential mortgage loan transaction.
Conn. Gen. Stat. § 36a-779 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-779
Sec. 36a-779. (Formerly Sec. 42-92). Assignment of contract.
Status: in_force

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

Annotation to former section 42-92:

Waiver of defense clause in consumer goods credit transaction void as against public policy in Connecticut. 158 C. 543.
Conn. Gen. Stat. § 36a-428a — Connecticut Code / Title 36a / Chapter 666 / Section 36a-428a
Sec. 36a-428a. Application for license to establish and maintain state branch or state agency. Application form, supporting documents, fee. Investigation by commissioner and issuance of license. Display of license. License may not be transferred or assigned.
Status: in_force

(b) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license after the commissioner considers the effects of the proposed state branch or state agency on competition, the financial and managerial resources and future prospects of the applicant foreign bank and the proposed state branch or state agency, the public convenience and advantage that will be promoted, and the net new benefits to this state. As used in this subsection, “net new benefits” means (1) initial capital investments, including any new construction, (2) job creation plans, including, but not limited to, the number of jobs to be created and the average wage rates for each category of such jobs, (3) the potential for increasing state and municipal tax revenues from increased economic activity and increased employment, (4) consumer and business services and other benefits to the state, local community and citizens, and (5) such other matters as the commissioner may deem necessary or advisable.

(c) Any license issued pursuant to this section shall be conspicuously displayed in the place of business specified therein. Such license shall not be transferable or assignable.
Conn. Gen. Stat. § 36a-786 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-786
Sec. 36a-786. (Formerly Sec. 42-99). Recovery of charges barred by wilful violations.
Status: in_force

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

Annotations to former section 42-99:

This section and Sec. 42-100 are not exclusive of other remedies. 155 C. 469.

Cited. 3 CA 201; 7 CA 613.
Conn. Gen. Stat. § 36a-850 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-850
Sec. 36a-850. Prohibited activities of student loan servicers and control persons.
Status: in_force

(1) Employ any scheme, device or artifice to defraud or mislead student loan borrowers;

(2) Engage in any unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including, but not limited to, misrepresenting the amount, nature or terms of any fee or payment due or claimed to be due on a student education loan, the terms and conditions of the loan agreement or the borrower's obligations under the loan;

(3) Obtain property by fraud or misrepresentation;

(4) Knowingly misapply or recklessly apply student education loan payments to the outstanding balance of a student education loan;

(5) Knowingly or recklessly provide inaccurate information to a credit bureau, thereby harming a student loan borrower's creditworthiness;

(6) Fail to report both the favorable and unfavorable payment history of the student loan borrower to a nationally recognized consumer credit bureau at least annually if the student loan servicer regularly reports information to a credit bureau;

(7) Refuse to communicate with an authorized representative of the student loan borrower who provides a written authorization signed by the student loan borrower, provided the student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the student loan borrower;

(8) Negligently make any false statement or knowingly and wilfully make any omission of a material fact in connection with any information or reports filed with a governmental agency or in connection with any investigation conducted by the commissioner or another governmental agency; or

(9) Unless otherwise required pursuant to federal law, a federal student loan agreement or by a contract between a federal student loan servicer and the United States Department of Education, 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 student loan servicing laws and regulations or fail to comply with the service standards set by the commissioner in accordance with section 59 of public act 16-65*; or

(10) Engage in an abusive act or practice, as described in Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, as amended from time to time, when servicing a student education loan.

*Note: Section 59 of public act 16-65 is special in nature and therefore has not been codified but remains in full force and effect according to its terms.
Conn. Gen. Stat. § 36a-804 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-804
Sec. 36a-804. (Formerly Sec. 42-129a). Suspension, revocation or refusal to renew license or taking other action. Removal from office and from employement or retention. Temporary order to cease business.
Status: in_force

(b) Whenever it appears to the commissioner that (1) any person has violated, is violating or is about to violate any of the provisions of sections 36a-800 to 36a-814 , inclusive, or any regulation adopted pursuant thereto, (2) any person is, was or would be a cause of the violation of any such provision or regulation due to an act or omission such person knew or should have known would contribute to such violation, or (3) the licensee or any control person, qualified individual, branch manager, trustee, employee or agent of such licensee has committed any fraud, made any misrepresentation or misappropriated funds, the commissioner may take action against such person or licensee in accordance with sections 36a-50 and 36a-52 .

(c) The commissioner may order a licensee to remove any individual conducting business under sections 36a-800 to 36a-814 , inclusive, from office and from employment or retention as an independent contractor in the consumer collection agency business in this state in accordance with section 36a-51a .

(d) The commissioner may issue a temporary order to cease business under a license if the commissioner determines that such license was issued erroneously. Such temporary order shall be issued in accordance with subsection (j) of section 36a-24b .
Conn. Gen. Stat. § 36a-781 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-781
Sec. 36a-781. (Formerly Sec. 42-94). Statement of payments made. Receipts.
Status: in_force

See Sec. 42a-9-203 re attachment and enforceability of security interests.
Conn. Gen. Stat. § 36a-383 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-383
Sec. 36a-383. (Formerly Sec. 36-317). Procedure in case of failure to comply with cease and desist order or insolvency.
Status: in_force

See Sec. 36a-52 re cease and desist orders.
Conn. Gen. Stat. § 36a-227 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-227
Sec. 36a-227. (Formerly Sec. 36-40). Dissolution of attachments and levies. Posting of notice of injunction or appointment of receiver.
Status: in_force

(b) Immediately after the granting of an injunction or appointment of a receiver pursuant to sections 36a-215 to 36a-239 , inclusive, the commissioner shall place a notice of such injunction or appointment at the main entrance of the bank or credit union and thereafter no judgment lien, attachment lien or any voluntary lien shall attach to any asset of such bank or credit union. No director, officer, member of senior management, as defined in section 36a-435b , or agent of such bank or credit union shall thereafter have the authority to act on behalf of such bank or credit union or to convey, transfer, assign, pledge, mortgage or encumber any assets of such bank or credit union. Any attempt by any director, officer, member of senior management or agent of such bank or credit union to convey, transfer, assign, pledge, mortgage or encumber any asset of such bank or credit union or to create any lien on such bank or credit union or to prefer any depositor, share account holder, client or creditor of such bank or credit union after the posting of such notice or in contemplation thereof shall be void. A correspondent bank of a bank or credit union in receivership may not pay an item drawn on the account of such bank or credit union that is presented for payment after the correspondent has received actual notice of the granting of the injunction or appointment of the receiver unless it previously certified the item for payment.
Conn. Gen. Stat. § 36a-534b — Connecticut Code / Title 36a / Chapter 668 / Section 36a-534b
Sec. 36a-534b. Participation in system. Authority of commissioner to establish requirements. Reports.
Status: in_force

(2) The commissioner shall report regularly to the system violations of and enforcement actions under sections 36a-485 to 36a-498e , inclusive, 36a-498h , 36a-534a and 36a-534b and other relevant information.

(3) The commissioner may establish relationships or enter into contracts with the system or other entities designated by the system to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to sections 36a-485 to 36a-498e , inclusive, 36a-498h , 36a-534a and 36a-534b .

(4) For the purposes of sections 36a-485 to 36a-498e , inclusive, 36a-498h , 36a-534a and 36a-534b , and to reduce the points of contact that the Federal Bureau of Investigation may have to maintain for purposes of subsections (b) to (d), inclusive, of section 36a-488 , the commissioner may use the system as a channeling agent for requesting information from and distributing information to the United States Department of Justice or any governmental agency.

(5) For the purposes of sections 36a-485 to 36a-498e , inclusive, 36a-498h , 36a-534a and 36a-534b , and to reduce the points of contact that the commissioner may have to maintain for purposes of subsections (b) to (d), inclusive, of section 36a-488 , and section 36a-498h , the commissioner may use the system as a channeling agent for requesting and distributing information to and from any source, as directed by the commissioner.

(6) Mortgage lenders, mortgage correspondent lenders, mortgage brokers, lead generators, mortgage loan originators and loan processors or underwriters may challenge information entered into the system by the commissioner. Such challenge shall (A) be made in writing to the commissioner, (B) set forth the specific information being challenged, and (C) include any evidence which supports the challenge. Challenges shall be limited to the factual accuracy of information within the system. If the commissioner determines that the information entered into the system is factually inaccurate, the commissioner shall take prompt action to correct such information. Nothing in this subdivision shall be construed to permit a challenge under this section to the merits or factual basis of any administrative action taken by the commissioner pursuant to this title.

(b) Any licensing or license-related filings shall be submitted exclusively through the system, except as directed by the commissioner.

(c) Any person making any filing or submission of any information on the system shall do so in accordance with the procedures and requirements of the system and pay the applicable fees or charges to the system. Each mortgage lender, mortgage correspondent lender, mortgage broker, lead generator, mortgage loan originator and loan processor or underwriter licensee and each exempt registrant, to the extent required by the system, shall timely submit to the system accurate reports of condition that shall be in such form and shall contain such information as the system may require. Failure by a licensee to submit a timely and accurate report of condition shall constitute a violation of this provision. Failure of an exempt registrant to timely and accurately submit a report of condition shall form a basis to inactivate the licenses of all sponsored mortgage loan originators or loan processor or underwriters. To the extent that the system does not require submission of reports of condition by individual mortgage loan originator or loan processor or underwriter licensees, such individual licensees shall timely and accurately report all required information in their possession to their sponsor for purposes of their sponsor's reporting obligation. Failure of an individual licensee to timely and accurately report required information in such licensee's possession to such licensee's sponsor shall constitute a violation of this provision.
Conn. Gen. Stat. § 36a-647 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-647
Sec. 36a-647. (Formerly Sec. 36-243c). Enforcement powers of commissioner. Regulations.
Status: in_force

(b) The commissioner may receive and investigate complaints and may receive assurances of voluntary compliance with the provisions of sections 36a-645 to 36a-647 , inclusive, or forward such complaints to the appropriate prosecuting officials at the commissioner's discretion. No action taken by the commissioner against a creditor in accordance with section 36a-50 relieves the creditor from civil liability.

(c) Whenever the commissioner has reason to believe that any person has violated, is violating or is about to violate any provision of sections 36a-645 to 36a-647 , inclusive, or any regulation adopted under this section, the commissioner may take action against such person in accordance with sections 36a-50 and 36a-52 .

(d) Nothing contained in sections 36a-645 to 36a-647 , inclusive, shall be construed as a limitation upon the power or authority of the state, the Attorney General or the commissioner to seek administrative, legal or equitable relief as provided by other statutes or at common law.
Conn. Gen. Stat. § 36a-267 — Connecticut Code / Title 36a / Chapter 665 / Section 36a-267
Sec. 36a-267. Reverse annuity mortgage loans. Counseling, certification requirements. Penalties for violations.
Status: in_force

(1) (A) Informed the prospective applicant of the counseling requirement as described in subdivision (2) of this subsection, and (B) provided the prospective applicant with a list of independent housing counseling agencies and intermediaries approved by the United States Department of Housing and Urban Development to engage in reverse annuity mortgage loan counseling, in accordance with 24 CFR 206.300 et seq., as amended from time to time; and

(2) Received a signed certification from the prospective applicant or the prospective applicant's authorized representative that the applicant or the applicant's authorized representative has received counseling in person or by telephone from an independent housing counseling agency. No such counseling agency shall receive any compensation, either directly or indirectly, from the lender or from any other person or entity involved in originating or servicing the loan.

(b) Certification of the counseling session shall be signed by (1) the prospective applicant or the prospective applicant's authorized representative, and (2) the independent housing counseling agency's counselor. Such signed certification shall include the date of the counseling session and the name, address and telephone number of both the prospective applicant and the counselor. The lender shall maintain such signed certification in an accurate, reproducible and accessible format for the term of the reverse annuity mortgage loan.

(c) A violation of the provisions of this section shall be deemed an unfair or deceptive trade practice under subsection (a) of section 42-110b .
Conn. Gen. Stat. § 36a-337 — Connecticut Code / Title 36a / Chapter 665a / Section 36a-337
Sec. 36a-337. (Formerly Sec. 36-390). Securing of public deposits.
Status: in_force

(b) In lieu of eligible collateral required under section 36a-333 , at least to the extent provided by said section, not more than fifty per cent of the public deposits held by any qualified public depository may be secured solely by a private insurance policy purchased by the depository, the depositor, or any other third party. Any private insurance policy used to secure public deposits shall be issued by an insurance company licensed to do business in Connecticut.

(c) In lieu of eligible collateral required under section 36a-333 , all or any part of the uninsured public deposits held by any qualified public depository may be secured solely by an irrevocable letter of credit issued by a federal home loan bank that has a credit rating of the highest rating level from a rating service recognized by the commissioner or by a federal home loan bank that has otherwise been deemed acceptable for such purposes by the commissioner, provided the amount of the letter of credit when combined with any eligible collateral pledged by the depository, as a percentage of the uninsured public deposits, is no less than the amount required by section 36a-333 for eligible collateral for the particular depository.
Conn. Gen. Stat. § 36a-690 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-690
Sec. 36a-690. (Formerly Sec. 36-417z). Calculation of interest or finance charge rebates. Prohibited methods. Transactions affected.
Status: in_force

(1) “Amount financed” means the amount of credit a borrower will actually be able to use as determined in accordance with sections 36a-675 to 36a-686 , inclusive.

(2) “Annual percentage rate” means the annual percentage rate of finance charge determined in accordance with sections 36a-675 to 36a-686 , inclusive.

(3) “Finance charge” means the cost of credit determined in accordance with sections 36a-675 to 36a-686 , inclusive.

(b) Except as provided in this section, no creditor shall use any method of calculating interest rebates or finance charge rebates in any transaction described in subsection (c) of this section which originated on or after December 1, 1980, if such method would cause the actual interest or finance charge earned for the period during which the indebtedness is outstanding after deduction of an acquisition charge of twenty-five dollars to exceed the finance charge which would be earned if the annual percentage rate were calculated by the actuarial method on the amount financed in accordance with the disclosed schedule of payments. When such rebate is less than one dollar, no rebate need be made.

(c) Notwithstanding any section of the general statutes to the contrary, this section shall apply to any transaction which is subject to sections 36a-675 to 36a-686 , inclusive, and which originated on or after December 1, 1980, but before October 1, 1987, if in such transaction: (1) The finance charge is precomputed; (2) the annual percentage rate is greater than fourteen per cent; and (3) the original term of the contract exceeds forty-eight months and fifteen days; and to any such transaction which originated on or after October 1, 1987, if in such transaction: (A) The finance charge is precomputed; and (B) the original term of the contract exceeds forty-eight months and fifteen days.
Conn. Gen. Stat. § 36a-301 — Connecticut Code / Title 36a / Chapter 665a / Section 36a-301
Sec. 36a-301. (Formerly Sec. 36-9q). Tax and loan accounts and note accounts.
Status: in_force

(1) “Tax and loan account” means an account, the balance of which is subject to the right of immediate withdrawal, established for receipt of payments of federal taxes and certain United States obligations. Such accounts are not savings accounts, savings deposits, demand accounts or demand deposits.

(2) “Note account” means a note, subject to the right of immediate call, evidencing funds held by depositories electing the note option under applicable United States Treasury Department regulations. Note accounts are not savings accounts, savings deposits, demand accounts or demand deposits.

(b) Subject to regulations of the United States Treasury Department, Connecticut banks may serve as depositories for federal taxes or as United States Treasury tax and loan depositories, and satisfy any requirement in connection therewith, including maintaining tax and loan accounts and note accounts, and pledging collateral.

(c) Connecticut banks shall pay a return on note accounts at the rates required by the United States Treasury Department.

(d) In addition to the requirements contained in the regulations of the United States Treasury Department, Connecticut banks shall meet all requirements in order to obtain any available insurance of deposits contained in tax and loan accounts and note accounts by the Federal Deposit Insurance Corporation.
Conn. Gen. Stat. § 36a-193 — Connecticut Code / Title 36a / Chapter 664c / Section 36a-193
Sec. 36a-193. (Formerly Sec. 36-142bb). Reorganized savings institutions. Minimum equity capital requirement. Application. Certificate of authority.
Status: in_force

(b) The mutual savings bank, mutual savings and loan association or nonstock corporation proposing to form a reorganized savings institution shall submit an application to the commissioner containing such information as the commissioner shall require and shall execute, acknowledge and file with the commissioner a certificate of incorporation stating: (1) The name of the reorganized savings institution; (2) the town in which the main office is to be located and the town's population; (3) the amount, authorized number and par value, if any, of shares of its capital stock; (4) the minimum amount of equity capital with which such reorganized savings institution shall commence business, which amount may be less than its authorized capital but shall not be less than that required by subsection (a) of this section; and (5) the name, occupation, and residence, post office or business address of each organizer and prospective initial director of the reorganized savings institution. The organizers shall separately file with the commissioner a notice of the residence of each organizer and prospective initial director whose residence address is not included in the proposed certificate of incorporation.

(c) The commissioner, before approving such application and certificate of incorporation and issuing a certificate of authority, shall consider whether: (1) The formation of the reorganized savings institution would be unfair or prejudicial to the depositors of the mutual savings bank or mutual savings and loan association proposing, directly or through a nonstock corporation, to form the proposed reorganized savings institution; (2) the interest of the public will be served by the formation of the proposed reorganized savings institution; (3) the formation of such reorganized savings institution accords with safe and sound banking practices; and (4) the financial and managerial resources of the mutual savings bank or mutual savings and loan association proposing to reorganize warrant approval of such proposal.

(d) If the commissioner approves such application and certificate of incorporation, the commissioner shall issue two copies of a certificate of authority to such reorganized savings institution to commence the business of a capital stock savings bank or capital stock savings and loan association, as the case may be. Such reorganized savings institution shall file one copy of such certificate with the Secretary of the State and shall retain one copy.

(e) No reorganized savings institution shall commence business until its insurable accounts or deposits are insured by the Federal Deposit Insurance Corporation or its successor agency and until a certificate of authority has been issued and filed with the Secretary of the State, provided the acceptance of subscriptions for such deposits as may be necessary to obtain such insurance of deposits is not considered to be commencing business.
Conn. Gen. Stat. § 36a-369 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-369
Sec. 36a-369. Investment.
Status: in_force

(b) Except as otherwise expressly provided in the instrument, judgment, decree or order creating the fiduciary relationship with the fiduciary or in the instrument creating the common trust fund, no investment for a common trust fund shall be made in stocks or bonds or other obligations of any one person, firm or corporation which would cause the total amount of investment in stocks or bonds or other obligations issued or guaranteed by such person, firm or corporation to exceed ten per cent of the value of the common trust fund, provided this limitation does not apply to investments in obligations of the United States or in obligations for the payment of the principal and interest of which the faith and credit of the United States is pledged.
Conn. Gen. Stat. § 36a-556 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-556
Sec. 36a-556. (Formerly Sec. 36-226). Small loan lending and related activities prohibited without license or exemption. License required for certain persons acting for exempt person.
Status: in_force

(1) Make a small loan to a Connecticut borrower;

(2) Offer, solicit, broker, directly or indirectly arrange, place or find a small loan for a prospective Connecticut borrower;

(3) Engage in any other activity intended to assist a prospective Connecticut borrower in obtaining a small loan, including, but not limited to, generating leads;

(4) Receive payments of principal and interest in connection with a small loan made to a Connecticut borrower;

(5) Purchase, acquire or receive assignment of a small loan made to a Connecticut borrower; and

(6) Advertise or cause to be advertised in this state a small loan or any of the services described in subdivisions (1) to (5), inclusive, of this subsection.

(b) No person shall accept any lead, referral or application for a small loan to a prospective Connecticut borrower from a person who is not (1) licensed pursuant to section 36a-565 , or (2) exempt from licensure pursuant to section 36a-557 .

(c) No person shall sell, transfer, pledge, assign or otherwise dispose of any small loan made to a Connecticut borrower to any person who is not (1) licensed pursuant to section 36a-565 , or (2) exempt from licensure pursuant to section 36a-557 .

(d) Any person who purports to act as an agent, service provider or in another capacity for a person who is exempt from licensure pursuant to subsection (a) or (b) of section 36a-557 , shall require licensure pursuant to subsection (a) of this section if: (1) Such person holds, acquires or maintains, directly or indirectly, the predominant economic interest in a small loan; (2) such person markets, brokers, arranges or facilitates the loan and holds the right, requirement or right of first refusal to purchase the small loans, receivables or interests in the small loans; or (3) the totality of the circumstances indicate that such person is the lender and the transaction is structured to evade the requirements of sections 36a-555 to 36a-573 , inclusive. Circumstances weighing in favor of deeming a person a lender who shall be licensed under sections 36a-555 to 36a-573 , inclusive, include, but are not limited to, the person: (A) Indemnifying, insuring or protecting an exempt person for any costs or risks related to a small loan; (B) predominantly designing, controlling or operating a small loan program; or (C) purporting to act as an agent, service provider or in another capacity for an exempt person in this state while acting directly as a lender in another state.
Conn. Gen. Stat. § 36a-37 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-37
Sec. 36a-37. Community credit unions: Definitions.
Status: in_force

(1) “Assessment area” means one or more of the geographic areas as delineated by a community credit union that (A) consist of one or more metropolitan statistical areas or one or more contiguous political subdivisions, including, but not limited to, counties, cities or towns, (B) include geographies in which the community credit union has its principal office, subsidiary offices and share-taking automated teller machines, and (C) include the surrounding geographies in which the community credit union originates or purchases a substantial portion of its loans.

(2) “Community credit union” means a Connecticut credit union that has ten million dollars or more in total assets and the membership of which is limited to persons within a well-defined community, neighborhood or rural district as provided in subsection (a) of section 36a-438a .

(3) “Community reinvestment performance” means the performance of a community credit union in helping to meet the credit needs of its entire community including low-income and moderate-income neighborhoods.
Conn. Gen. Stat. § 36a-582 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-582
Sec. 36a-582. (Formerly Sec. 36-566). License and location fees. Automatic suspension of license or renewal license. Notice. Opportunity for hearing. Expenses of examination.
Status: in_force

(b) The commissioner may, in accordance with section 36a-24b , automatically suspend the license of any licensee who has received 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 such 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 (2) require the licensee to take or refrain from taking action as the commissioner deems necessary to effectuate the purpose of this section.

(c) Each licensee shall pay the expenses of any examination or other investigation under sections 36a-580 to 36a-589 , inclusive.

(d) No abatement of any fee required by this section shall be made if the application is denied or withdrawn prior to issuance of the license or if the license is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued.
Conn. Gen. Stat. § 36a-280 — Connecticut Code / Title 36a / Chapter 665 / Section 36a-280
Sec. 36a-280. Investment policy of bank governing board. Review by board.
Status: in_force

(b) At least semiannually, the governing board of each Connecticut bank shall review investments made by the Connecticut bank pursuant to sections 36a-275 to 36a-277 , inclusive. The minutes of the meetings of such governing board shall recite the results of each such review. The governing board shall cause the Connecticut bank to use reasonable efforts to divest as expeditiously as possible any investment which the governing board, upon its semiannual review, no longer deems prudent or consistent with the Connecticut bank's investment policy.
Conn. Gen. Stat. § 36a-22 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-22
Sec. 36a-22. (Formerly Sec. 36-21a). Declaratory rulings.
Status: in_force

(b) The Department of Banking shall maintain a file of all declaratory rulings issued by it, organized by the section number of each statute and regulation to which such declaratory ruling applies, and shall make such file available for public inspection. The copy of any declaratory ruling maintained in such file shall delete or summarize generally factual information revealed in the request or otherwise that constitutes confidential information as provided in section 36a-21 .
Conn. Gen. Stat. § 36a-45 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-45
Sec. 36a-45. (Formerly Sec. 36-9n). Violations of financial records disclosure provisions.
Status: in_force

(b) Any person who knowingly and wilfully induces or attempts to induce any officer or employee of a financial institution to disclose financial records in violation of section 36a-41 , subsection (a) of section 36a-42 , section 36a-43 or section 36a-44 shall be guilty of a class C misdemeanor.

Annotation to former section 36-9n:

Cited. 219 C. 204.
Conn. Gen. Stat. § 36a-565 — Connecticut Code / Title 36a / Chapter 668 / Section 36a-565
Sec. 36a-565. (Formerly Sec. 36-233b). Findings required for issuance of license. Denial of application. Minimum funds. Standards for renewal. Surrender of license.
Status: in_force

(b) Notwithstanding the provisions of subsection (a) of this section, the commissioner may deny an application if the applicant or its control persons or qualified individual or branch manager have demonstrated a lack of financial responsibility. For purposes of this subsection, a person has shown that he or she is not financially responsible when such person has shown a disregard in the management of such person's own financial condition. A determination that a person has not shown financial responsibility may include, but is not limited to: (1) Current outstanding judgments, except judgments solely as a result of medical expenses; (2) current outstanding tax liens or other government liens and filings; (3) foreclosures during the three years preceding the date of application for an initial license or renewal of a license; or (4) a pattern of seriously delinquent accounts within the past three years.

(c) Notwithstanding the provisions of subsection (a) of this section, and subject to the provisions of section 46a-80 , the commissioner may deny an application based on the history of criminal convictions of the applicant or of its control persons or qualified individual or branch manager.

(d) Applicants shall have a minimum of fifty thousand dollars continuously available for each licensed location. The requirement of this subsection may be met by cash on hand, cash in bank or lines of credit.

(e) The minimum standards for renewal of a small loan license shall include the following: (1) The applicant continues to meet the minimum standards under subsections (a) to (d), inclusive, 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 small loan lender 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.

(f) Surrender of a license shall be governed by subsection (c) of section 36a-51 . Not later than fifteen days after the date a licensee ceases to engage in this state in the business of a small loan lender for any reason, including a business decision to terminate operations in this state, license revocation, bankruptcy or voluntary dissolution, such licensee shall request surrender of the license on the system for each location in which such licensee has ceased to engage in such business.

(g) Every 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-555 to 36a-573 , inclusive.
Conn. Gen. Stat. § 36a-782 — Connecticut Code / Title 36a / Chapter 669 / Section 36a-782
Sec. 36a-782. (Formerly Sec. 42-95). Cancellation of contract on payment in full.
Status: in_force

See Sec. 42a-9-203 re attachment and enforceability of security interests.
Conn. Gen. Stat. § 36b-78 — Connecticut Code / Title 36b / Chapter 672c / Section 36b-78
Sec. 36b-78. (Formerly Sec. 36-520). Commissioner to keep register of applications.
Status: in_force

(b) The commissioner shall keep a register of all applications for registration which are or have ever been effective under sections 36b-60 to 36b-80 , inclusive, and all denial, suspension or revocation orders which have ever been entered under said sections. Such register shall be open for public inspection.

(c) The information contained in or filed with any registration, application or report may be made available to the public under the provisions of the Freedom of Information Act, as defined in section 1-200 .

(d) Upon request and at such charges as provided for in the Freedom of Information Act, as defined in section 1-200 , the commissioner shall furnish to any person photostatic or other copies, certified under his seal of office if requested, of any entry in the register or any document which is a matter of public record. In any proceeding or prosecution under sections 36b-60 to 36b-80 , inclusive, any copy so certified shall be prima facie evidence of the contents of the entry or document certified.
Conn. Gen. Stat. § 36b-22 — Connecticut Code / Title 36b / Chapter 672a / Section 36b-22
Sec. 36b-22. (Formerly Sec. 36-491). Filing of material intended for distribution to prospective investors.
Status: in_force

See Sec. 3-123ee re exemption for Connecticut Home Care Trust Fund participation, offering and solicitation.
Conn. Gen. Stat. § 36a-57 — Connecticut Code / Title 36a / Chapter 664a / Section 36a-57
Sec. 36a-57. (Formerly Sec. 36-8). Penalties for violation of banking law.
Status: in_force

(b) Any person who wilfully and deliberately violates any provision of the banking law for which no other penalty is provided by law shall be imprisoned not more than one year or fined not more than one thousand dollars, or both, for each offense.

Annotations to former section 36-8:

Not exclusive penalty under former statute relating to small loans; loans in violation of small loan act are unenforceable. 109 C. 116; 115 C. 106; 120 C. 152.
Conn. Gen. Stat. § 36a-398 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-398
Sec. 36a-398. (Formerly Sec. 36-252). Powers.
Status: in_force

(1) Such trustee may accept conveyance of the mortgaged property when it deems it advisable, instead of obtaining title thereto by foreclosure; provided no right to any deficiency judgment on the notes, bonds or other evidences of indebtedness secured by such mortgage shall be affirmatively released by such trustee without the consent of the owners of such notes, bonds or other evidences of indebtedness.

(2) After acquiring title to such mortgaged property in either manner, or if money is needed by such trustee to redeem such property from the foreclosure of tax liens or other liens prior to such trust mortgage and to thus acquire such title, or to purchase such property at a court sale in any such foreclosure action, such trustee may, directly or indirectly, mortgage such premises to any Connecticut bank, to obtain the money necessary to so redeem or purchase such property or to pay any taxes or assessment liens due on such property. No such bank, accepting such a mortgage, shall be responsible for the rightful application of the money thus obtained by the trustee. No commission or bonus shall be paid by such trustee for such loan. All property or money received by such trustee as provided in this section shall be subject to such trust and shall be held and disposed of for the benefit of the beneficiaries of such trust, pro rata, or in such manner as such trust provides.
Conn. Gen. Stat. § 36b-69 — Connecticut Code / Title 36b / Chapter 672c / Section 36b-69
Sec. 36b-69. (Formerly Sec. 36-512). Registration does not imply approval.
Status: in_force

(b) No person shall make or cause to be made any representation inconsistent with subsection (a) of this section to any prospective purchaser-investor.
Conn. Gen. Stat. § 36a-353 — Connecticut Code / Title 36a / Chapter 665b / Section 36a-353
Sec. 36a-353. (Formerly Sec. 36-9w). Investments in certain investment companies or investment trusts.
Status: in_force

See Sec. 36a-275 re investments in debt securities.
Conn. Gen. Stat. § 36a-441a — Connecticut Code / Title 36a / Chapter 667 / Section 36a-441a
Sec. 36a-441a. Loan and lease losses account. Net worth requirement.
Status: in_force

(b) A Connecticut credit union shall contribute from its earnings, as net worth, the greater of (1) such amounts as may be required by 12 CFR Part 702, as from time to time amended, or (2) amounts in accordance with the following schedule: (A) In the case of a Connecticut credit union in existence for more than four years and having assets of two million dollars or more, ten per cent of its gross income until its net worth equals four per cent of total assets, then five per cent of gross income until its net worth equals six per cent of total assets; and (B) in the case of a Connecticut credit union in existence for four years or less or a Connecticut credit union having assets of less than two million dollars, ten per cent of its gross income until its net worth equals seven and one-half per cent of total assets, then five per cent of its gross income until its net worth equals ten per cent of total assets.

(c) The commissioner may increase the net worth requirement of any Connecticut credit union set forth in subsection (b) of this section when the commissioner deems it necessary to protect the safety and soundness of such Connecticut credit union.

(d) Whenever the net worth falls below the applicable percentages of total assets specified in subsection (b) of this section, the Connecticut credit union shall make regular contributions in such amounts as specified in subsection (b) of this section as may be needed to maintain such net worth. Such contributions shall be made prior to the declaration or payment of dividends.

(e) As used in this section, the term “net worth” means the retained earnings balance of the Connecticut credit union at the end of each dividend period, excluding the allowance for loan and lease losses account and, in the case of a Connecticut credit union designated by the National Credit Union Administration as a low-income credit union under 12 CFR 701.34, as from time to time amended, net worth includes any secondary capital account that is uninsured and subordinate to all other claims, including claims of creditors, shareholders and the National Credit Union Share Insurance Fund. Retained earnings shall consist of undivided earnings, as determined under generally accepted accounting principles, regular reserves and other appropriations designated by the commissioner or the National Credit Union Administration, or its successor agency, or by the governing board of the Connecticut credit union with the approval of the commissioner.