reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-809. (Formerly Sec. 42-131d). - Commissioner's powers. Regulations.

The powers vested in the commissioner by sections 36a-805 to 36a-808, inclusive, shall be additional to any other powers to enforce any penalties, fines or forfeitures authorized by law with respect to the methods, acts and practices prohibited or declared to be unfair or deceptive, and the commissioner may adopt such regulations, in accordance with chapter 54, as may be necessary for the conduct of the consumer collection agency business.
(1971, P.A. 539, S. 11; P.A. 73-428; P.A. 94-122, S. 334, 340.)
History: P.A. 73-428 authorized issuance of regulations “as may be necessary for the conduct of the consumer collection agency business” rather than regulations “implementing the provisions of section 42-131”; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 42-131d transferred to Sec. 36a-809 in 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-810. (Formerly Sec. 42-133a). - Penalty.

Any person who operates a consumer collection agency without a license as required by sections 36a-800 to 36a-812, inclusive, shall be fined not more than one thousand dollars or imprisoned not more than one year, or both. Any person who violates any other provision of said sections shall be fined not more than five hundred dollars, or imprisoned not more than six months, or both. The state's attorney or assistant state's attorney for the superior court having jurisdiction in each town shall diligently inquire and make due complaint to the court of all violations of said sections which come to his knowledge, by investigation of report.
(1971, P.A. 539, S. 12; P.A. 74-183, S. 270, 291; P.A. 76-436, S. 233, 681; P.A. 15-235, S. 37.)
History: P.A. 74-183 replaced circuit court with court of common pleas, effective December 31, 1974; P.A. 76-436 replaced “prosecuting” attorney with “state's attorney or assistant state's” attorney and court of common pleas with superior court, effective July 1, 1978; Sec. 42-133a transferred to Sec. 36a-810 in 1995; P.A. 15-235 changed “36a-810” to “36a-812”, effective July 7, 2015.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-811. - Maintenance of consumer debtor and creditor records.

(a) Each consumer collection agency shall maintain its consumer debtor and creditor records so as to clearly identify the amounts and dates of all payments collected or received from consumer debtors and all remittances made to creditors. Consumer debtor and creditor records shall be kept so as to be readily available to the Banking Commissioner and retained for a period of not less than two years after the date of final entry thereon. All accounting records shall be maintained in accordance with generally accepted accounting practices. Each consumer collection agency engaged in the business of collecting child support shall maintain originals or copies of the written agreements entered into with the creditors to whom the child support is owed for a period of not less than two years after the date of the last payment made by the consumer debtor to the consumer collection agency.
(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.
(P.A. 13-253, S. 24; P.A. 16-65, S. 51; P.A. 18-173, S. 83; P.A. 22-94, S. 10.)
History: P.A. 16-65 amended Subsec. (b) by adding “federally insured” and replacing “accounting practices” with “accounting principles”; P.A. 18-173 amended Subsec. (b) by replacing “third party consumer collection agency” with “consumer collection agency, except a consumer collection agency engaged solely in the business of debt buying”; P.A. 22-94 amended Subsec. (b) by deleting “that maintains in this state a branch as defined in section 36a-410,”, effective May 24, 2022.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-812. - Compliance with Fair Debt Collection Practices Act.

Each consumer collection agency shall comply with the applicable provisions of the Fair Debt Collection Practices Act, 15 USC Section 1692 et seq., as from time to time amended, and any regulations adopted under said act. In addition to any other remedies provided by law, a violation of such federal law or regulation shall be deemed to be a violation of this section and a basis upon which the Banking Commissioner may take enforcement action pursuant to section 36a-804.
(P.A. 13-253, S. 25.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-814. - Initiation of cause of action for purchased debt prohibited when statute of limitations has expired. Limitations period not extended by payment or affirmation.

(a) For the purposes of this section, “creditor” has the same meaning as in section 36a-645.
(b) No creditor or consumer collection agency that purchased debt shall initiate a cause of action to collect the debt owed by a consumer debtor when such creditor or consumer collection agency knows or reasonably should know that the applicable statute of limitations on such cause of action has expired.
(c) Notwithstanding any other provision of law, when the applicable statute of limitations on a cause of action to collect debt owed by a consumer has expired, any subsequent payment toward or oral or written affirmation of the debt owed by the consumer shall not extend the limitations period within which the creditor or consumer collection agency that purchased the debt may bring the cause of action.
(P.A. 16-65, S. 53.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-831. - Change in control of exchange facilitator. Notification to clients.

An exchange facilitator shall notify each client whose relinquished property, as defined in 26 CFR 1.1031(k)-1(a), is located in this state or whose replacement property, as defined in 26 CFR 1.1031(k)-1(a), held under a qualified exchange accommodation agreement is located in this state, of any change in control of the exchange facilitator. The exchange facilitator shall notify each such client not later than ten business days after the effective date of such change in control by facsimile, electronic mail transmission or first class mail and by posting such notice of change of control on the exchange facilitator's Internet web site for a period ending not earlier than ninety days after the change in control. Such notification shall set forth the name, address and other contact information of the persons to whom control was transferred. Notwithstanding the provisions of this section, if the exchange facilitator is a publicly traded company and remains a publicly traded company after a change in control, the publicly traded company shall not be required to notify its existing clients of such change in control. For purposes of this section, “change in control” means any transfer or transfers within a twelve-month period of more than fifty per cent of the assets or ownership interests, directly or indirectly, of the exchange facilitator.
(P.A. 13-135, S. 6.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-832. - Fidelity bond. Deposit of exchange funds.

An exchange facilitator at all times shall:
(1) Maintain a fidelity bond in an amount of not less than one million dollars executed by an insurer authorized to do business in this state;
(2) Deposit all exchange funds in a separately identified account, as defined in 26 CFR 1.468B-6(c)(2)(ii)(A), and provide that any withdrawals from such separately identified account require the written authorizations of both the client and the exchange facilitator. Deliver authorization for withdrawals by any commercially reasonable means, including (A) the client's delivery to the exchange facilitator of the client's authorization to disburse exchange funds and the exchange facilitator's delivery to the depository institution of the exchange facilitator's sole authorization to disburse exchange funds, or (B) delivery to the depository institution of both the client's and the exchange facilitator's authorizations to disburse exchange funds; or
(3) Deposit all exchange funds in a qualified escrow or qualified trust, as such terms are defined in 26 CFR 1.1031(k)-1(g)(3), with a financial institution and provide that any withdrawals from such qualified escrow or qualified trust require the taxpayer's and the exchange facilitator's written authorization.
(P.A. 13-135, S. 7.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-833. - Errors and omissions insurance policy; cash or securities deposit; letters of credit.

An exchange facilitator at all times shall: (1) Maintain an errors and omissions policy of insurance in an amount not less than two hundred fifty thousand dollars executed by an insurer authorized to do business in this state; or (2) deposit an amount of cash or securities or provide irrevocable letters of credit in an amount not less than two hundred fifty thousand dollars.
(P.A. 13-135, S. 8; 13-253, S. 28.)
History: P.A. 13-253 made a technical change.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-834. - Regulations. Damage claims.

The Banking Commissioner may adopt regulations, in accordance with the provisions of chapter 54, to implement the provisions of sections 36a-830 to 36a-837, inclusive. Any person claiming to have suffered damage by reason of the failure of an exchange facilitator to comply with the provisions of sections 36a-831 to 36a-836, inclusive, may file a claim with the commissioner against the exchange facilitator to recover such damage from (1) the fidelity bond maintained in accordance with subdivision (1) of section 36a-832, (2) cash or securities deposited in accordance with subdivision (2) of section 36a-833, (3) letters of credit provided in accordance with subdivision (2) of section 36a-833, or (4) the errors and omissions policy maintained in accordance with subdivision (1) of section 36a-833.
(P.A. 13-135, S. 9.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-835. - Holding and investment of exchange funds.

(a) An exchange facilitator shall hold all exchange funds, including money, property, other consideration or instruments received by the exchange facilitator from or on behalf of the client, but not including funds received as the exchange facilitator's compensation, in a manner that provides liquidity and preserves principal. An exchange facilitator shall provide the client with written notification of the manner in which the exchange funds will be invested or deposited and shall deposit or invest exchange funds in investments which meet the prudent investor standard and which satisfy investment goals of liquidity and preservation of principal. Exchange funds may be pooled. For purposes of this section, an exchange facilitator violates the prudent investor standard if:
(1) Exchange funds are knowingly commingled by the exchange facilitator with the operating accounts of the exchange facilitator; or
(2) Exchange funds are loaned or otherwise transferred to any person or entity affiliated with or related to the exchange facilitator except that this subdivision shall not apply to a transfer made pursuant to the exchange contract (A) for payment of an exchange expense or completion of the acquisition of the replacement property, (B) for depositing exchange funds with a financial institution, or (C) to an exchange accommodation titleholder, a trustee of a qualified trust or a qualified escrow agent.
(b) Exchange funds are not subject to execution or attachment on any claim against the exchange facilitator. An exchange facilitator shall not knowingly keep or cause to be kept any money in any financial institution under any name designating the money as belonging to a client of the exchange facilitator unless the money equitably belongs to the client and was actually entrusted to the exchange facilitator by the client.
(P.A. 13-135, S. 10.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-836. - Prohibited activities of exchange facilitators.

No exchange facilitator or, in the case of an exchange facilitator that is an entity, no owner, officer, director or employee of such exchange facilitator, shall knowingly:
(1) Make any material misrepresentations concerning any exchange facilitator transaction that are intended to mislead;
(2) Pursue a continued or flagrant course of misrepresentation or making false statements through advertising or by any other means;
(3) Fail, within a reasonable time, to account for any money or property belonging to another person that may be in the possession or under the control of the exchange facilitator;
(4) Engage in any conduct constituting fraudulent or dishonest dealings;
(5) Commit any crime related to the exchange facilitation business involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery or other theft of property, except that commission of such crime by an officer, director or employee shall not be considered a violation of this section, provided (A) the employment or appointment of such officer, director or employee has been terminated, and (B) no clients of the exchange facilitator were harmed or full restitution has been made to all harmed clients;
(6) Materially fail to fulfill the exchange facilitator's contractual duties to the client to deliver property or funds to the client unless such failure is due to circumstances beyond the control of the exchange facilitator; and
(7) Materially violate any provision of sections 36a-831 to 36a-835, inclusive, or the regulations adopted by the Banking Commissioner in accordance with section 36a-834.
(P.A. 13-135, S. 11.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-837. - Civil action. Notice.

(a) A person who violates any provision of sections 36a-831 to 36a-836, inclusive, is subject to civil suit in a court of competent jurisdiction.
(b) Any person who commences a civil action pursuant to subsection (a) of this section shall notify the Department of Banking upon filing such action.
(P.A. 13-135, S. 12.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-847a. - Federal student loan servicer registration required. Fees. Service of process and communication with commissioner. Civil penalty.

(a) Except as provided in section 36a-847b, no person shall act as a federal student loan servicer, directly or indirectly, unless such person has registered as a federal student loan servicer on the system, pursuant to section 36a-24b, in the form prescribed by the commissioner.
(b) Each registrant shall pay to the system any required fees or charges and a registration fee of nine hundred dollars. Each registration shall be effective on the date the registration is filed to the system and shall remain in force and effect until the registration has been surrendered, revoked or suspended or has expired in accordance with the provisions of this section. Each registration shall expire at the close of business on December thirty-first of the year in which the registration is filed, unless such registration is renewed, except that any such registration filed 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 filed. Any request to renew a registration shall be filed on the system between November first and December thirty-first of the year in which the registration expires and shall be accompanied by payment of any required fees or charges and a renewal fee of nine hundred dollars.
(c) (1) Each registrant shall appoint an agent to accept service of process in this state on behalf of the registrant. Service of process made upon such agent shall be deemed service of process upon the registrant. If such agent cannot with reasonable diligence be found, or if the registrant has failed to appoint an agent as required by this subdivision, service of process may be made upon a control person of the registrant, as the agent of the registrant.
(2) Each registrant shall designate an individual to represent the registrant in communications with the commissioner and provide contact information for such individual to the commissioner at the time of registration. The registrant shall notify the commissioner of any change of such individual or information not later than ten days after the change.
(d) Each registrant shall notify the commissioner in writing of the expiration, revocation or termination of any contract awarded to the registrant by the United States Department of Education pursuant to 20 USC 1087f, as amended from time to time, not later than seven days after such expiration, revocation or termination. Any registration based solely upon such contract shall be deemed expired upon the effective date of such expiration, revocation or termination by the United States Department of Education.
(e) The commissioner may impose a civil penalty, after notice and an opportunity for a hearing in accordance with section 36a-50 on any person that acts as a federal student loan servicer for thirty or more days in violation of this section.
(P.A. 21-130, S. 3.)
History: P.A. 21-130 effective July 1, 2021.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-847b. - Exemptions.

The provisions of sections 36a-846 to 36a-855, inclusive, shall not apply to the following persons: (1) Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union; (2) any wholly owned subsidiary of any such bank or credit union; and (3) any operating subsidiary where each owner of such operating subsidiary is wholly owned by the same bank or credit union.
(P.A. 21-130, S. 4.)
History: P.A. 21-130 effective July 1, 2021.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-849. - Records to be maintained by licensee.

(a) Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private student loan servicer licensee and each federal student loan servicer registrant shall maintain adequate records of each student education loan transaction for not less than two years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or such longer period as may be required by any other provision of law.
(b) Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private student loan servicer licensee and each federal student loan servicer registrant shall, if requested by the commissioner, make such records available or send such 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 by the commissioner to do so. Upon request, the commissioner may grant a licensee or registrant additional time to make such records available or send the records to the commissioner.
(P.A. 15-162, S. 5; P.A. 16-65, S. 61; P.A. 21-130, S. 6.)
History: P.A. 15-162 effective July 1, 2016; P.A. 16-65 amended Subsec. (a) by deleting provision re persons exempt from licensure and amended Subsec. (b) by adding “licensee” re student loan servicer, effective July 1, 2016; P.A. 21-130 amended Subsec. (a) by replacing “Each” with “Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private” and adding “and each federal student loan servicer registrant”, and amended Subsec. (b) by replacing “If requested by the commissioner, each” with “Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private”, replacing “shall” with “and each federal student loan registrant shall, if requested by the commissioner,” and adding “or registrant”, effective July 1, 2021.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-853. - Compliance with federal laws and regulations.

A student loan servicer shall comply with all applicable federal laws and regulations relating to student loan servicing, including, but not limited to, the Truth-in-Lending Act, 15 USC Section 1601 et seq., as from time to time amended, and the regulations promulgated thereunder. In addition to any other remedies provided by law, a violation of any such federal law or regulation shall be deemed a violation of this section and a basis upon which the commissioner may take enforcement action pursuant to section 36a-852.
(P.A. 15-162, S. 9.)
History: P.A. 15-162 effective July 1, 2016.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-854. - Regulations.

The Banking Commissioner shall adopt such regulations, in accordance with chapter 54, to implement the provisions of this section and sections 36a-846 to 36a-853, inclusive.
(P.A. 15-162, S. 10.)
History: P.A. 15-162 effective July 1, 2016.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-855. - Action for damages, fees, costs and equitable relief. Class actions.

(a) Any student loan borrower, class of student loan borrowers or the legal representative of such borrower or borrowers aggrieved by a violation of any provision of sections 36a-846 to 36a-854, inclusive, by a student loan servicer, may bring an action in the Superior Court. Upon finding that a student loan servicer has violated any provision of said sections, the court may award a prevailing party actual damages, reasonable attorneys' fees and court costs, and may, in its discretion, award punitive damages and restitution of property and may provide such equitable relief as it deems appropriate.
(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.
(P.A. 21-130, S. 17.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-860. - Financial planners.

(a) For purposes of this section and section 36a-860a, (1) “fiduciary duty” means a duty to act with prudence in the best interests of a consumer with undivided loyalty to such consumer, and (2) “financial planner” means a person offering individualized financial planning or investment advice to a consumer for compensation where such activity is not otherwise regulated by state or federal law.
(b) No financial planner shall, in connection with an agreement with a consumer to provide financial planning or investment advice for compensation, use a certificate, professional designation or form of advertising expressing or implying that such person has special training, education or experience in advising or serving senior citizens, unless such person has obtained a certificate, title or designation as described in section 36b-4.
(c) A financial planner shall disclose to a consumer, upon request, whether or not such financial planner has a fiduciary duty to such consumer for each recommendation such financial planner makes to such consumer.
(P.A. 17-120, S. 1.)
History: P.A. 17-120 effective July 5, 2017.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-860a. - Links to educational materials re financial planning and investment advisers on department's Internet web site.

(a) To the extent practicable, the Banking Commissioner shall provide on the department's Internet web site links to educational materials on (1) financial planning and other designations, including associated prerequisites, and (2) information on requirements for investment advisers pursuant to chapter 672a. The Banking Commissioner shall also include on the department's Internet web site information concerning a consumer's right to ask for disclosure from financial planners or other financial planning professionals about fees and compensation as required under applicable state and federal law.
(b) The Department of Banking shall share the information provided on the department's Internet web site pursuant to subsection (a) of this section with the Department of Consumer Protection. The Department of Consumer Protection shall provide such shared information on its own department's Internet web site.
(P.A. 17-120, S. 2.)
History: P.A. 17-120 effective July 5, 2017.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672 - General Statement › Section 36b-1. - General statement.

Sections 36b-2 to 36b-34, inclusive, and 36b-40 to 36b-52, inclusive, and 36b-60 to 36b-80, inclusive, shall be known as the “Securities and Business Investments Law of Connecticut” and shall be applicable to all issuers of securities, broker-dealers, agents, investment advisers, investment adviser agents, sellers of business opportunities, and offerors in a tender offer, and to such other corporations, unincorporated associations, partnerships, limited liability companies and individuals who subject themselves to special provisions in said sections, or who, by violating any of the provisions of said sections become subject to the penalties provided in said sections.
(P.A. 94-122, S. 336, 340; P.A. 97-22, S. 3; P.A. 10-141, S. 1.)
History: P.A. 94-122 effective January 1, 1995; P.A. 97-22 made a technical change; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-2. (Formerly Sec. 36-470). - Short title: Connecticut Uniform Securities Act.

Sections 36b-2 to 36b-34, inclusive, may be cited as the “Connecticut Uniform Securities Act”.
(P.A. 77-482, S. 1; P.A. 10-141, S. 2.)
History: Sec. 36-470 transferred to Sec. 36b-2 in 1995; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
Annotation to former section 36-470:
Cited. 219 C. 204.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-7. (Formerly Sec. 36-475). - Application for initial or renewal registration. Registration conditions. Waiver of specific registration requirements.

(a) A broker-dealer, agent, investment adviser or investment adviser agent may obtain an initial or renewal registration by filing with the commissioner or other depository as the commissioner may by regulation or order designate an application together with a consent to service of process pursuant to subsection (g) of section 36b-33. The application shall contain such information as the commissioner may require.
(b) The commissioner may, by regulation adopted, in accordance with chapter 54, or order, impose such registration conditions as are not inconsistent with the National Securities Markets Improvement Act of 1996. The commissioner may, by regulation or order, waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.
(P.A. 77-482, S. 6; P.A. 78-34, S. 11, 17; P.A. 81-292, S. 4; P.A. 97-220, S. 4, 15; P.A. 05-177, S. 3.)
History: P.A. 78-34 referred to Sec. 36-502 rather than to Sec. 36-501; P.A. 81-292 provided that an application may be filed with a depository as the commissioner may by regulation or order designate; Sec. 36-475 transferred to Sec. 36b-7 in 1995; P.A. 97-220 made a technical change, effective July 1, 1997; P.A. 05-177 designated existing provisions as Subsec. (a) and added Subsec. (b) allowing commissioner to impose registration conditions not inconsistent with the National Securities Markets Improvement Act of 1996 and to waive specific registration requirements.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-8. (Formerly Sec. 36-476). - Investigation of applicant for registration. Register.

On receipt of the application for registration as a branch office, broker-dealer, agent, investment adviser or investment adviser agent, the commissioner may make such investigation of the applicant and the applicant's affairs as the commissioner deems necessary or advisable. Upon completion of such investigation, the commissioner shall, subject to the authority of the commissioner to deny, revoke or suspend such registration, enter the name of such person on a register of branch offices, broker-dealers, agents, investment advisers or investment adviser agents, as the case may be, to be kept in the office of the commissioner, properly indexed and open to the public. The information to be entered on the register shall be the name, address and date of registration or renewal and, in the case of broker-dealers or investment advisers, whether such registrant is an individual, partnership, corporation or other form of association. When the registration of any such person is suspended or revoked, the commissioner shall so note on the appropriate register.
(P.A. 77-482, S. 7; P.A. 82-149, S. 5, 16; P.A. 91-145, S. 3; P.A. 04-45, S. 2.)
History: P.A. 82-149 deleted the prohibition against commissioner's issuing certificates or written evidence to persons registered under the chapter; P.A. 91-145 added provisions re registration as a branch office and suspension of registration; Sec. 36-476 transferred to Sec. 36b-8 in 1995; P.A. 04-45 made technical changes.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-9. (Formerly Sec. 36-477). - Statement of financial condition.

The commissioner may require that each application for registration of a broker-dealer or investment adviser be accompanied by a true and correct statement of financial condition, in such form and containing such data as the commissioner may require. Such statement of financial condition shall be sworn to, before a person qualified to administer oaths, by the applicant, and shall state that the alleged facts therein contained are true to his own knowledge. If such applicant is a partnership, such oath shall be made by a general partner thereof, and, if such applicant is a corporation or other form of association, such oath shall be made by an executive officer thereof. Such statement of financial condition shall be kept in a confidential file and shall not be open to the public.
(P.A. 77-482, S. 8; P.A. 97-220, S. 5, 15.)
History: Sec. 36-477 transferred to Sec. 36b-9 in 1995; P.A. 97-220 amended section to provide that the commissioner may require applications for registration to be accompanied by statements of financial condition, effective July 1, 1997.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-10. (Formerly Sec. 36-478). - Application for registration to be under oath.

Each application for registration under sections 36b-2 to 36b-34, inclusive, shall be sworn to, before a person qualified to administer oaths, by the person making the same and shall state that the alleged facts therein contained are true to his own knowledge. If such person is a partnership, such oath shall be made by a general partner thereof, and, if such person is a corporation or other form of association, such oath shall be made by an executive officer thereof.
(P.A. 77-482, S. 9; P.A. 10-141, S. 7.)
History: Sec. 36-478 transferred to Sec. 36b-10 in 1995; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-11. (Formerly Sec. 36-479). - Photograph to accompany each application for registration.

Each application for registration under sections 36b-2 to 36b-34, inclusive, shall be accompanied by a photograph as defined by the commissioner, unless the commissioner waives the requirement of such photograph. If the applicant for registration as a broker-dealer or investment adviser is a sole proprietorship, the photograph shall be of the sole proprietor; if the application is for a partnership, it shall be accompanied by a photograph of each general partner; if the application is for a corporation, it shall be accompanied by a photograph of each principal officer or director as determined by the commissioner.
(P.A. 77-482, S. 10; P.A. 87-375, S. 3; P.A. 10-141, S. 8.)
History: P.A. 87-375 amended the section to authorize the commissioner to waive the requirement of a photograph; Sec. 36-479 transferred to Sec. 36b-11 in 1995; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-13. (Formerly Sec. 36-481). - Registration renewal. Requirements.

(a) Each person registered as a broker-dealer or investment adviser may renew such registration for a one-year period not later than December thirty-first of each calendar year by making application in such manner as prescribed by the commissioner. The fee for renewal of registration for each registered broker-dealer or investment adviser shall be two hundred fifteen dollars per renewal application, nonrefundable, payable at the time of renewal, and shall be submitted, together with the renewal application, to the commissioner or any person designated in writing by the commissioner to collect such fee on his behalf.
(b) Each person registered as an agent or investment adviser agent may renew such registration for a one-year period by December thirty-first of each calendar year by making application in such manner as prescribed by the commissioner. The fee for renewal of registration for each person registered as an agent or investment adviser agent shall be one hundred twenty-five dollars, nonrefundable, payable at the time of renewal, and shall be submitted, together with the renewal application, to the commissioner or any person designated in writing by the commissioner to collect such fee on his behalf.
(c) Each registrant or person requesting renewal of a registration shall pay the actual cost, as determined by the commissioner, of any reasonable investigation or examination made of such person by or on behalf of the commissioner.
(P.A. 77-482, S. 12; P.A. 78-34, S. 5, 17; P.A. 83-368, S. 5, 11; P.A. 85-169, S. 4, 5, 11; P.A. 92-89, S. 9, 20; P.A. 97-220, S. 6, 15; June Sp. Sess. P.A. 09-3, S. 383; June Sp. Sess. P.A. 17-2, S. 670.)
History: P.A. 78-34 reduced renewal fee in Subsec. (a) from $70 to $30; P.A. 83-368 required annual renewals for broker-dealers or investment advisors and for agents or investment advisor agents and imposed new renewal fees, deleting provisions re biennial renewal and fees therefor; P.A. 85-169 amended Subsecs. (a) and (b) to clarify that the renewal fee is nonrefundable; P.A. 92-89 increased the renewal fee in Subsec. (b) from $30 to $40; Sec. 36-481 transferred to Sec. 36b-13 in 1995; P.A. 97-220 amended Subsecs. (a) and (b) to delete provisions re application form and renewal fees for registrations that expire on June 30, 1983, and increased the renewal fee in Subsec. (b) from $40 to $50, effective July 1, 1997; June Sp. Sess. P.A. 09-3 amended Subsec. (a) to increase fee from $150 to $190 and amended Subsec. (b) to increase fee from $50 to $100; June Sp. Sess. P.A. 17-2 amended Subsec. (a) to replace $190 fee with $215 fee, and amended Subsec. (b) to replace $100 fee with $125 fee, effective December 1, 2017.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-16. (Formerly Sec. 36-485). - Registration of security prior to offer or sale required. Exceptions.

No person shall offer or sell any security in this state unless (1) it is registered under sections 36b-2 to 36b-34, inclusive, (2) the security or transaction is exempted under section 36b-21, or (3) the security is a covered security provided such person complies with any applicable requirements in subsections (c), (d) and (e) of section 36b-21.
(P.A. 77-482, S. 16; P.A. 81-292, S. 5; P.A. 89-220, S. 5; P.A. 97-220, S. 8, 15; P.A. 10-141, S. 11.)
History: P.A. 81-292 deleted “or from” after “within”; P.A. 89-220 made a technical change; Sec. 36-485 transferred to Sec. 36b-16 in 1995; P.A. 97-220 added Subdiv. (3) re covered securities, effective July 1, 1997; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
See Sec. 3-123ee re exemption for Connecticut Home Care Trust Fund participation, offering and solicitation.
Cited. 233 C. 304. Defendant's claim that her convictions under statute should be reversed because she reasonably relied on advice of legal counsel in selling unregistered securities is unavailing; offense of selling unregistered securities requires proof only that defendant intended to do the act prohibited by statute and no specific intent to violate the law is required. 256 C. 313.
A note that does not require payment until expiration of a 9-month period does not fall within the exemptions from registration provided for in Sec. 36b-21. 77 CA 621.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-22. (Formerly Sec. 36-491). - Filing of material intended for distribution to prospective investors.

The commissioner may, by regulation adopted, in accordance with chapter 54, or order, require the filing of any prospectus, pamphlet, circular, form letter, advertisement or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser registered or required to be registered under sections 36b-2 to 36b-34, inclusive, unless the security or transaction is (1) exempted by subsection (a) or (b) of section 36b-21, except for transactions exempted by subdivision (13) of subsection (b) of said section 36b-21, or (2) a covered security.
(P.A. 77-482, S. 23; P.A. 79-396, S. 7, 11; P.A. 82-149, S. 14, 16; P.A. 97-220, S. 12, 15; P.A. 05-177, S. 7; P.A. 10-141, S. 17.)
History: P.A. 79-396 substituted Sec. “36-490” for “36-491”; P.A. 82-149 added “except for transactions exempted by subdivision (12) of subsection (b) of said section”; Sec. 36-491 transferred to Sec. 36b-22 in 1995; P.A. 97-220 added exception for a covered security, effective July 1, 1997; (Revisor's note: In 1999 a reference to “subdivision (12)” of Subsec. (b) of Sec. 36b-21 was replaced editorially by the Revisors with “subdivision (13)” pursuant to changes to Sec. 36b-21 enacted by P.A. 98-162); P.A. 05-177 required that regulation be adopted in accordance with chapter 54, provided that filings of literature and advertising communications addressed or intended for prospective clients apply to investment advisers registered or required to be registered under Secs. 36b-2 to 36b-33, inclusive, and made technical changes; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
See Sec. 3-123ee re exemption for Connecticut Home Care Trust Fund participation, offering and solicitation.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-22a. - Investment advisers and investment adviser agents to provide schedule of charges, fees and penalties to clients.

Each investment adviser required to register under section 36b-6 or investment adviser agent, as defined in section 36b-3, except an investment adviser representative, as defined in Securities and Exchange Commission Rule 203A-3, 17 CFR 275.203A-3, shall provide to each customer or client, upon request, a schedule of any charges, fees or penalties imposed on a customer or client for the acquisition, transfer or holding of securities. Such schedule shall fully disclose any variance, advantage or economy of volume purchases to be realized by the customer or client.
(P.A. 05-111, S. 1.)
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-23. (Formerly Sec. 36-492). - False or misleading statements or omissions prohibited.

No person shall make or cause to be made orally or in any document filed with the commissioner or in any proceeding, investigation or examination under sections 36b-2 to 36b-34, inclusive, any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect or, in connection with the statement, omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
(P.A. 77-482, S. 24; P.A. 99-38, S. 5; P.A. 00-61, S. 5, 9; P.A. 05-177, S. 8; P.A. 10-141, S. 18.)
History: Sec. 36-492 transferred to Sec. 36b-23 in 1995; P.A. 99-38 added “investigation or examination”; P.A. 00-61 prohibited false or misleading oral statements, effective July 1, 2000; P.A. 05-177 prohibited any person, in connection with a statement made to commissioner, from omitting to state a material fact necessary to make the statement made not false or misleading, and made a technical change; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-24. (Formerly Sec. 36-493). - Findings by commissioner.

(a) Neither (1) the fact that an application for registration under sections 36b-6 to 36b-15, inclusive, or a registration statement under sections 36b-16 to 36b-20, inclusive, has been filed, nor (2) the fact that a person or security is effectively registered constitutes a finding by the commissioner that any document filed under sections 36b-2 to 36b-34, inclusive, is true, complete and not misleading. Neither any such fact nor the fact that an exemption or exception is available for security or a transaction means that the commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security or transaction.
(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.
(P.A. 77-482, S. 25; P.A. 07-217, S. 155; P.A. 10-141, S. 19.)
History: Sec. 36-493 transferred to Sec. 36b-24 in 1995; P.A. 07-217 made technical changes in Subsec. (a), effective July 12, 2007; P.A. 10-141 amended Subsec. (a) by replacing reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.
2023 Connecticut General Statutes › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › Chapter 672a - Uniform Securities Act › Section 36b-25. (Formerly Sec. 36-494). - Administration of chapter. Use and disclosure of information obtained under chapter.

(a) Sections 36b-2 to 36b-34, inclusive, shall be administered by the commissioner.
(b) Neither the commissioner nor any of his officers or employees shall use for personal benefit any information which is filed with or obtained by the commissioner and which is not made public. No provision of sections 36b-2 to 36b-34, inclusive, authorizes the commissioner or any of his officers or employees to disclose any such information except among themselves or when necessary or appropriate in a proceeding or investigation under said sections. No provision of said sections either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner or any of his officers or employees.
(P.A. 77-482, S. 26; P.A. 10-141, S. 20.)
History: Sec. 36-494 transferred to Sec. 36b-25 in 1995; P.A. 10-141 replaced references to Sec. 36b-33 with references to Sec. 36b-34, effective June 7, 2010.