In addition to the number of written complaints handled, the Division responded to over 41,000 telephone calls during 1999. Chapter 668, Part VI - Loan Brokers Prohibits brokers of unsecured loans from requiring that applicants pay any advance fee before loan proceeds are disbursed. Comprehensively regulates the collection practices of creditors in the same way that the Federal Fair Debt Collection Practices Act regulates the collection practices of collection agencies. Chapter 669, Part IV - Interest and Finance Charge Rebates Limits the applicability of methods of finance charge and interest rebates in consumer credit transactions which are less favorable to the consumer than the actuarial method. Part V - Consumer Credit Reports Provides protections from credit reporting abuses and prescribes an error resolution procedure in the event of credit reporting errors.
Places limits on the activities of credit repair firms known as credit clinics.
Chapter 669, Part VII - Mortgage Servicing Requires the prompt payment of taxes and insurance from mortgage escrow accounts if payments have been made by the consumer in a timely fashion and the mortgage servicer has been provided with tax or insurance bills before they are due. Chapter 669, Part VIII - Mortgage Insurance Requires certain disclosures in cases where mortgage guaranty insurance is required by a mortgage lender. Chapter 669, Part XI - Retail Instalment Sales Financing Sets forth the contract requirements, rates, maximum late charges, finance charge rebates, repossession procedures and miscellaneous requirements for retail instalment contracts and instalment loan contracts. Links to Related Web Sites External links are provided for the general information of visitors to the Connecticut Department of Banking's web site. Inclusion of a link does not constitute an endorsement of a site's organization or of the information provided at a site.