reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 668 - Nondepository Financial Institutions › Section 36a-636a. - License.

(a) The Banking Commissioner may issue a license to any international trade and investment corporation that submits an application pursuant to subsection (b) of this section and meets the requirements of this section and sections 36a-636b to 36a-636e, inclusive.
(b) An application for a license shall be in writing upon forms acceptable to the commissioner and shall contain: (1) The full name and address of the applicant; (2) if the applicant is a corporation, each of the officers and directors thereof; (3) a statement of the assets and liabilities of the applicant in such form as the commissioner requires; (4) a copy of the applicant's business plan; (5) proof that the applicant is in compliance with applicable state and federal laws; and (6) such other information and exhibits as the commissioner shall require.
(c) The commissioner, at any time and in accordance with section 29-17a, may arrange for a state and national criminal history records check of each principal, executive officer and director of the applicant or licensee.
(d) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license if the commissioner finds that:
(1) The applicant has a net worth that is adequate for the applicant to transact business as an international trade and investment corporation, but in no case less than two million five hundred thousand dollars;
(2) If the applicant is a corporation, the directors and officers of the applicant are each of good character, each competent to perform their functions with respect to the applicant and collectively adequate to manage the business of the applicant as an international trade and investment corporation;
(3) It is reasonable to believe that the applicant, if licensed, will comply with all applicable provisions of sections 36a-636 to 36a-636e, inclusive, and of any regulation adopted pursuant to section 36a-636f; and
(4) The licensing of the applicant will promote the public convenience and advantage.
(e) Nothing in this section, section 36a-636 and sections 36a-636b to 36a-636f, inclusive, shall be deemed to require an international trade and investment corporation to be licensed by the commissioner.
(P.A. 16-65, S. 66; P.A. 17-236, S. 9.)
History: P.A. 16-65 effective May 26, 2016; P.A. 17-236 amended Subsec. (c) to make a technical change, effective July 11, 2017.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 668 - Nondepository Financial Institutions › Section 36a-636b. - Duties of licensees.

(a) Each licensee shall use its best efforts to provide financing in conjunction with, and fulfill the expectations of, the federal financing guarantee programs in which the licensee participates.
(b) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. No licensee or the directors or officers of such licensee, if such licensee is a corporation, shall commit any unsafe or unsound act.
(c) Each licensee shall comply with all applicable state and federal laws and regulations.
(P.A. 16-65, S. 67.)
History: P.A. 16-65 effective May 26, 2016.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 668 - Nondepository Financial Institutions › Section 36a-636c. - Books and records. Annual report.

(a) Each licensee shall make and keep such books, accounts and other records in such form and in such manner as the commissioner may by regulation or order require.
(b) Each licensee shall, not more than ninety days after the close of its fiscal year, or within such longer period as the commissioner may by regulation specify, file with the commissioner an annual report containing:
(1) A financial statement, including balance sheet, statement of income or loss, statement of changes in capital accounts and statement of changes in financial position, for its fiscal year or as of the end of such fiscal year, prepared with an audit by an independent certified public accountant in accordance with generally accepted accounting principles;
(2) A report, certificate or opinion of such independent certified public accountant stating that the financial statement was prepared in accordance with generally accepted accounting principles, and that such accountant agrees to provide related working papers, policies and procedures to the commissioner, if requested;
(3) A report as to (A) the number and aggregate dollar amount of loans made by such licensee during its fiscal year; (B) the geographic distribution, including by United States census tract, if applicable, of the borrowers that received such loans; (C) the percentage of such loans that were made to minority or women-owned United States and foreign businesses; (D) the dollar amount of the licensee's loan portfolio as of the end of its fiscal year; (E) the percentage amount of the licensee's loan portfolio that represents loans for which scheduled loan payments were more than ninety days past due as of the end of its fiscal year; (F) the number and dollar amount of loans in liquidation as of the end of its fiscal year; (G) the dollar amount of the licensee's reserve for loan and lease losses; and (H) percentage of reserves to total loans and leases; and
(4) Such other information as the commissioner may require.
(P.A. 16-65, S. 68.)
History: P.A. 16-65 effective May 26, 2016.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 668 - Nondepository Financial Institutions › Section 36a-636d. - Licensees subject to jurisdiction of commissioner.

Each licensee shall be an institution subject to the jurisdiction of the commissioner for purposes of sections 36a-17 and 36a-53.
(P.A. 16-65, S. 69.)
History: P.A. 16-65 effective May 26, 2016.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 668 - Nondepository Financial Institutions › Section 36a-636e. - License fees and expenses. Expiration and renewal. Automatic suspension. Surrender or termination of license.

(a) Each applicant for a license, at the time of making such application, shall pay to the commissioner a nonrefundable license fee of two thousand five hundred dollars. Each license issued pursuant to section 36a-636a shall expire at the close of business on June thirtieth of each year, unless such license is renewed. The license shall not be transferable or assignable. Each licensee shall, on or before June twentieth of each year, pay to the commissioner the sum of one thousand dollars as a license renewal fee for the succeeding year, commencing July first. Each applicant or licensee shall pay all the expenses associated with any examination or investigation made under sections 36a-636a to 36a-636e, inclusive, or any regulation adopted pursuant to section 36a-636f.
(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.
(P.A. 16-65, S. 70; P.A. 17-236, S. 7.)
History: P.A. 16-65 effective May 26, 2016; P.A. 17-236 amended Subsec. (c) by replacing “suspension” with “surrender”, effective July 11, 2017.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 668 - Nondepository Financial Institutions › Section 36a-636f. - Regulations.

The commissioner may adopt regulations, in accordance with the provisions of chapter 54, to administer the provisions of sections 36a-636 to 36a-636e, inclusive.
(P.A. 16-65, S. 71.)
History: P.A. 16-65 effective May 26, 2016.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-645. (Formerly Sec. 36-243a). - Definitions.

As used in sections 36a-645 to 36a-647, inclusive, unless the context otherwise requires:
(1) “Consumer debtor” means any natural person residing in this state who owes a debt to a creditor.
(2) “Creditor” means (A) any person to whom a debt is owed by a consumer debtor and such debt results from a transaction occurring in the ordinary course of such person's business, or (B) any person to whom such debt is assigned. “Creditor” shall not include a consumer collection agency, as defined in section 36a-800, or any department or agency of the United States, this state, any other state, or any political subdivision thereof.
(3) “Debt” means an obligation or alleged obligation arising out of a transaction in which the money, property, goods or services which are the subject of the transaction are for personal, family or household purposes, whether or not such obligation has been reduced to judgment.
(P.A. 77-418, S. 1; 77-614, S. 161, 587, 610; P.A. 78-303, S. 85, 136; P.A. 80-482, S. 252, 345, 348; P.A. 87-9, S. 2, 3; P.A. 91-357, S. 53, 78; P.A. 92-12, S. 70; P.A. 94-122, S. 293, 340; P.A. 97-207, S. 1; P.A. 04-69, S. 23; P.A. 05-288, S. 208.)
History: P.A. 77-614 and P.A. 78-303 replaced bank commissioner with banking commissioner and made banking department a division within the department of business regulation, effective January 1, 1979; P.A. 80-482 restored banking division as independent department with commissioner as its head and abolished the department of business regulation, thereby allowing revision of commissioner's title to omit reference to that department; (Revisor's note: Pursuant to P.A. 87-9 “banking commissioner” was changed editorially by the Revisors to “commissioner of banking”); P.A. 91-357 made a technical change in Subsec. (c); P.A. 92-12 redesignated Subdivs.; P.A. 94-122 deleted the definitions of “person” and “commissioner” and alphabetized the remaining definitions, effective January 1, 1995; Sec. 36-243a transferred to Sec. 36a-645 in 1995; P.A. 97-207 redefined “consumer debtor”, “creditor” and “debt”, and deleted definition of “credit”; P.A. 04-69 amended Subdiv. (2) to insert clause (i) and (ii) designators and add “any person to whom such debt is assigned” as clause (ii); P.A. 05-288 made technical changes in Subdiv. (2), effective July 13, 2005.
Annotation to former section 36-243a:
Cited. 231 C. 707.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-646. (Formerly Sec. 36-243b). - Prohibited acts.

No creditor shall use any abusive, harassing, fraudulent, deceptive or misleading representation, device or practice to collect or attempt to collect any debt.
(P.A. 77-418, S. 2.)
History: Sec. 36-243b transferred to Sec. 36a-646 in 1995.
Annotations to former section 36-243b:
Cited. 216 C. 458; 231 C. 707.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-647. (Formerly Sec. 36-243c). - Enforcement powers of commissioner. Regulations.

(a) The commissioner may adopt such regulations in accordance with the provisions of chapter 54 as may be necessary to carry out the purposes of sections 36a-645 to 36a-647, inclusive, including, but not limited to, specifying those acts which are deemed to be in violation of section 36a-646.
(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.
(P.A. 77-418, S. 3; P.A. 82-174, S. 3, 14; P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; P.A. 94-122, S. 294, 340; P.A. 09-208, S. 22.)
History: P.A. 82-174 amended Subsec. (b) by authorizing the commissioner to issue, after notice, cease and desist orders, unless a hearing is requested, and authorizing him to bring an action to enforce any such order; P.A. 88-230 replaced “judicial district of Hartford-New Britain” with “judicial district of Hartford”, effective September 1, 1991; P.A. 90-98 changed the effective date of P.A. 88-230 from September 1, 1991, to September 1, 1993; P.A. 93-142 changed the effective date of P.A. 88-230 from September 1, 1993, to September 1, 1996, effective June 14, 1993; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-243c transferred to Sec. 36a-647 in 1995; P.A. 09-208 amended Subsec. (c) to add reference to Sec. 36a-52.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-648. - Abusive, harassing, fraudulent, deceptive or misleading debt collection practices. Liability. Exemptions. Limitations on actions.

(a) A creditor, as defined in section 36a-645, who uses any abusive, harassing, fraudulent, deceptive or misleading representation, device or practice with respect to any person to collect or attempt to collect a debt in violation of section 36a-646, section 36a-805 or the regulations adopted pursuant to section 36a-647 or 36a-809 shall be liable to such person in an amount equal to the sum of: (1) Any actual damages sustained by such person, (2) if such person is an individual, such additional damages as the court may award, not to exceed one thousand dollars, and (3) in the case of any successful action to enforce liability under the provisions of this subsection, the costs of the action and, in the discretion of the court, a reasonable attorney's fee.
(b) In determining the amount of liability in an action brought pursuant to subsection (a) of this section, the trier of fact shall consider, among other relevant factors, the frequency and persistence of noncompliance by the creditor, the nature of such noncompliance and the extent to which such noncompliance was intentional.
(c) A creditor may not be held liable in an action brought under this section if the creditor shows by a preponderance of the evidence that the violation was not intentional and resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adopted by the creditor to avoid any such error.
(d) An action to enforce liability under this section may be brought in any court of competent jurisdiction not later than one year after the date on which the violation occurs.
(P.A. 07-176, S. 1; P.A. 16-65, S. 54.)
History: P.A. 07-176 effective July 1, 2007, and applicable to any cause of action accruing on or after that date; P.A. 16-65 amended Subsec. (a) by adding “with respect to any person”, adding reference to Secs. 36a-805 and 36a-809 and replacing “a person who is harmed by such conduct” with “such person”.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-648a. - Credit card debt collection actions against parents or legal guardians of students.

(a) No credit card issuer shall take any debt collection action, including, but not limited to, telephone calls or demand letters, against the parent or legal guardian of a student to whom a credit card has been issued, unless the parent or legal guardian has agreed in writing to be liable for the debts of the student pursuant to the terms of the credit card agreement.
(b) For purposes of this section, “student” means a person who is under twenty-one years of age and is enrolled in a public institution of higher education on a full or part-time basis.
(P.A. 09-167, S. 2.)
History: P.A. 09-167 effective July 1, 2009.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-659. (Formerly Sec. 36-372). - Separate bank account for benefit of debtors. Books and records.

Each licensee shall maintain a separate bank account for the benefit of debtors in which all payments received from debtors who are residents of Connecticut for the benefit of creditors shall be deposited. Every licensee shall keep and use in its business, books, accounts and records which will enable the commissioner to determine whether such licensee is complying with the provisions of sections 36a-655 to 36a-665, inclusive, and with the regulations adopted pursuant thereto. Every licensee shall preserve such books, accounts and records for at least seven years after making the final entry on any transaction recorded therein.
(1967, P.A. 882, S. 9; P.A. 94-122, S. 298, 340; P.A. 02-111, S. 44.)
History: P.A. 94-122 changed “his” to “the licensee's”, effective January 1, 1995; Sec. 36-372 transferred to Sec. 36a-659 in 1995; P.A. 02-111 changed “payments received from debtors” to “payments received from debtors who are residents of Connecticut”, deleted provision re payments to remain in bank account until remittance made to a debtor or creditor, and made technical changes.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-660. (Formerly Sec. 36-375). - Licensee's duties. Written agreement required.

Each licensee shall: (1) Provide the debtor with a written agreement that sets forth the services to be provided by the licensee and any fees to be charged for such services; (2) provide individualized credit counseling and budgeting assistance to the debtor without charge prior to entering into a written agreement with the debtor; (3) determine that the debtor has the financial ability to make the payments stated in the written agreement and that the payments stated in the written agreement are suitable for the debtor; (4) contact each creditor of the debtor to determine whether such creditors will accept payment of the debtor's debts as contemplated by the written agreement; (5) keep complete and adequate records during the term of the written agreement and for a period of seven years from the date of cancellation or completion of the written agreement with each debtor, which records shall contain complete information regarding the written agreement, extensions thereof, payments, disbursements and charges, and shall be open to inspection by the commissioner during normal business hours; (6) make remittances to creditors within a reasonable time after receipt of any funds, less prorated fees and costs, unless the reasonable payment of one or more of the debtor's obligations requires that such funds be held for a longer period so as to accumulate a sum certain; and (7) furnish the debtor a written statement of the debtor's account periodically, and no less than quarterly, and not later than the date ninety days after the date of completion of the adjustment of the debtor's debts, and shall furnish the debtor a verbal accounting at any time the debtor may request it during normal business hours.
(1967, P.A. 882, S. 12; P.A. 79-160, S. 6; P.A. 94-122, S. 299, 340; P.A. 09-208, S. 25.)
History: P.A. 79-160 required that remittances to creditors be made “within a reasonable time” rather than within 10 days, required that statement of account be likewise made within reasonable time after debtor requests it and in all cases within 90 days after adjustment completed rather than made each 90 days and deleted former Subsecs. (b) and (c) which required that budget analysis indicate debtor can meet requirements and that debtors have full benefit of any compromise of debt arranged by a licensee with any one or more creditors; P.A. 94-122 deleted “and his duly appointed agents” from Subdiv. (1) and changed “his” to “the debtor's” in Subdiv. (2), effective January 1, 1995; Sec. 36-375 transferred to Sec. 36a-660 in 1995; P.A. 09-208 added new Subdivs. (1) to (4) re licensee's duties, redesignated existing Subdivs. (1) to (3) as Subdivs. (5) to (7), amended redesignated Subdiv. (7) to require licensee to furnish debtor with written statement of the debtor's account no less than quarterly, changed “contract” to “written agreement” throughout, and made technical changes.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-661a. - Written agreement voidable. Licensee claims for restitution.

(a) If a debt adjuster licensee imposes a fee or other charge or receives money or other payments not specified in the written agreement with the debtor, the debtor may void the agreement and recover any fees paid.
(b) If any person is not licensed as required by section 36a-656, the written agreement is voidable by the debtor.
(c) If a debtor voids a written agreement under this section, the licensee shall not have a claim against the debtor for breach of contract or for restitution.
(P.A. 09-208, S. 27.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-662. (Formerly Sec. 36-377). - Regulations.

The commissioner may adopt such regulations, in accordance with chapter 54, as the commissioner deems necessary to administer and enforce the provisions of sections 36a-655 to 36a-665, inclusive.
(1967, P.A. 882, S. 14; P.A. 94-122, S. 301, 340.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-377 transferred to Sec. 36a-662 in 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-663. (Formerly Sec. 36-378). - Exceptions.

The provisions of sections 36a-655 to 36a-665, inclusive, shall not apply to the following: (1) Any attorney admitted to the practice of law in this state who engages in debt adjustment as an ancillary matter to such attorney's representation of a client; (2) any bank, fiduciary or financing or lending institution authorized to transact business in this state or any other state, which performs debt adjustment in the regular course of its principal business; (3) any title insurance or abstract company authorized to transact business in this state or any other state, while doing an escrow business; and (4) any person acting pursuant to any law of this state or of the United States or acting under the order of a court.
(1967, P.A. 882, S. 15; P.A. 73-357; P.A. 79-160, S. 8; P.A. 92-67, S. 8, 9; P.A. 11-216, S. 37.)
History: P.A. 73-357 added Subsec. (b) exempting bona fide nonprofit cooperative organizations offering debt adjustment services exclusively for members from chapter provisions except Secs. 36-364, 36-371, 36-372, 36-374, 36-375, 36-376, 36-377, 36-379 and 36-381; P.A. 79-160 deleted exemption from bona fide nonprofit, religious, fraternal or cooperative organization (Subsec. (a)(5) and Subsec. (b)) and exemption for employees of licensees when acting in the regular course of employment; P.A. 92-67 added exception for banks, fiduciaries or financing or lending institutions authorized to transact business in any other state; Sec. 36-378 transferred to Sec. 36a-663 in 1995; P.A. 11-216 amended Subdiv. (1) to replace “when engaged in such practice” with “who engages in debt adjustment as an ancillary matter to such attorney's representation of a client”.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-665. (Formerly Sec. 36-381). - Penalties.

(a) Any person who engages in debt adjustment without a license as required by sections 36a-655 to 36a-665, inclusive, shall be fined not more than one thousand dollars or imprisoned more than one year, or both, for each violation. Each day on which a person engages in debt adjustment without a license as required by said sections shall be construed as a separate violation.
(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.
(1967, P.A. 882, S. 18; P.A. 79-160, S. 9.)
History: P.A. 79-160 made no change; Sec. 36-381 transferred to Sec. 36a-665 in 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-671b. - Debt negotiation service contract required. Fees, commissions and other valuable consideration. Noncompliant contracts voidable by consumer.

(a) A debt negotiator shall provide to each debtor a contract that shall include a complete, detailed list of services to be performed, the costs of such services and the results to be achieved. Each debt negotiation service contract shall contain (1) a statement certifying that the person offering debt negotiation services has reviewed the consumer's debt, and (2) an individualized evaluation of the likelihood that the proposed debt negotiation services would reduce the consumer's debt or debt service or, if appropriate, prevent the consumer's residential home from being foreclosed. Each contract shall allow the consumer to cancel or rescind such contract within three business days after the date on which the consumer signed the contract. Such contract shall contain a clear and conspicuous caption that shall read, “Debtor's three-day right to cancel”, along with the following statement: “If you wish to cancel this contract, you may cancel by mailing a written notice by certified or registered mail to the address specified below. The notice shall state that you do not wish to be bound by this contract and must be delivered or mailed before midnight of the third business day after you sign this contract.” As used in this section, “business day” has the same meaning as provided in section 42-134a.
(b) No person offering debt negotiation services may receive a fee, commission or other valuable consideration for the performance of any service the person offering debt negotiation services has agreed to perform for any consumer until the person offering debt negotiation services has fully performed such service. A person offering debt negotiation services may receive reasonable periodic payments as services are rendered, provided such payments are clearly stated in the contract. The commissioner may establish a schedule of maximum fees that a debt negotiator may charge for specific services.
(c) Any contract that does not comply with the provisions of this section shall be voidable by the consumer.
(P.A. 09-208, S. 32; P.A. 14-122, S. 160.)
History: P.A. 14-122 made technical changes in Subsec. (a).
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-671c. - Exceptions.

The provisions of sections 36a-671 to 36a-671d, inclusive, shall not apply to the following: (1) Any attorney admitted to the practice of law in this state who engages or offers to engage in debt negotiation as an ancillary matter to such attorney's representation of a client; (2) any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union; (3) any wholly-owned subsidiary of any such bank or credit union; (4) any operating subsidiary where each owner of such operating subsidiary is wholly owned by the same such bank or credit union; (5) any person licensed as a debt adjuster pursuant to sections 36a-655 to 36a-665, inclusive, while performing debt adjuster services; (6) any person acting under the order of a court; or (7) any bona fide nonprofit organization organized under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.
(P.A. 09-208, S. 31; P.A. 11-216, S. 43; P.A. 14-89, S. 22.)
History: P.A. 11-216 amended Subdiv. (1) to replace “when engaged in such practice” with “who engages or offers to engage in debt negotiation as an ancillary matter to such attorney's representation of a client”; P.A. 14-89 deleted proviso in Subdiv. (2), added new Subdiv. (3) re wholly-owned subsidiary and new Subdiv. (4) re operating subsidiary and redesignated existing Subdivs. (3) to (5) as Subdivs. (5) to (7).
Subdiv. (1) re inapplicability of provisions to attorneys offends the separation of powers provision of Art. 2 of the Connecticut Constitution and is unenforceable with respect to Connecticut attorneys engaged in the bona fide practice of law; assuming the facts alleged in the complaint by plaintiff to be true, the debt negotiation services provided by plaintiff are inextricably bound together with the practice of law by licensed Connecticut attorneys and their regulation falls under the exclusive authority of the Judicial Branch. 318 C. 652.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-671e. - Requirements re mortgage loan originator license.

(a) No person licensed to engage or offer to engage in debt negotiation or exempt from such licensure shall permit any individual to engage or offer to engage in debt negotiation of a residential mortgage loan on behalf of a mortgagor for compensation or gain or with the expectation of compensation or gain unless such individual is licensed as a mortgage loan originator under section 36a-489 or exempt from such licensure under subdivision (2) of subsection (b) of section 36a-486.
(b) No individual shall engage or offer to engage in debt negotiation of a residential mortgage loan on behalf of a mortgagor for compensation or gain or with the expectation of compensation or gain without first obtaining and maintaining annually a license as a mortgage loan originator under section 36a-489 unless such individual is exempt from such licensure under subdivision (2) of subsection (b) of section 36a-486.
(c) Any individual required to obtain and annually maintain a license as a mortgage loan originator under subsection (b) of this section shall comply with all requirements imposed on a mortgage loan originator licensee under chapter 668.
(P.A. 11-216, S. 41.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-671f. - Prohibited practices.

No person who is required to be licensed and who is subject to the provisions of this section and sections 36a-671 to 36a-671e, inclusive, and no control person, shall, directly or indirectly: (1) Employ any scheme, device or artifice to defraud or mislead any person in connection with a debt negotiation; (2) engage in any unfair or deceptive practice toward any person in connection with a debt negotiation; (3) obtain property by fraud or misrepresentation; (4) fail to comply with the provisions of sections 36a-671 to 36a-671e, inclusive, or regulations adopted under said sections, or any other state or federal law, including the rules and regulations thereunder; (5) negligently make any false statement or knowingly and wilfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the system, or in connection with any investigation conducted by the commissioner or another governmental agency; (6) fail to truthfully account for moneys belonging to a debtor or mortgagor; (7) fail to comply with any demand or requirement made by the commissioner under and within the authority of sections 36a-671 to 36a-671e, inclusive; (8) make, in any manner, any false or deceptive statement or representation in connection with a debt negotiation or engage in bait and switch advertising; or (9) 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 debt negotiation laws and regulations.
(P.A. 17-233, S. 25.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-675. (Formerly Sec. 36-416). - Short title: Connecticut Truth-in-Lending Act.

Sections 36a-675 to 36a-686, inclusive, shall be known and may be cited as the “Connecticut Truth-in-Lending Act”.
(1969, P.A. 454, S. 24; P.A. 15-235, S. 1.)
History: Sec. 36-416 transferred to Sec. 36a-675 in 1995; (Revisor's note: In 1997 the Revisors editorially reinstated the word “shall” before the words “be known and may be cited” to correct a clerical error in the preparation of the 1995 revision); P.A. 15-235 added reference to Sec. 36a-686 and replaced “Truth-in-Lending Act” with “Connecticut Truth-in-Lending Act”, effective August 1, 2015.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-677. (Formerly Sec. 36-393a). - State policy.

(a) It is the policy of this state to (1) enhance economic stabilization and strengthen competition among the various businesses engaged in the extension of consumer credit or in the leasing of consumer goods and to serve the interests of consumers of credit and leased goods by requiring meaningful disclosure of credit and lease terms so that prospective debtors and lessees have the opportunity to compare more readily the various credit and lease terms available to them and the opportunity to avoid the uninformed use of credit and leases, and (2) protect consumers against inaccurate and unfair credit billing practices.
(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.
(P.A. 81-158, S. 2, 17; P.A. 82-18, S. 2, 4; 82-472, S. 114, 183; P.A. 15-235, S. 3.)
History: P.A. 82-18 changed effective date of P.A. 81-158 from March 31, 1982, to “the effective date of Title VI of Public Law 96-221, as contained in Section 625(a) of Public Law 96-221, as amended”, i.e. October 1, 1982; P.A. 82-472 made technical changes and corrections; Sec. 36-393a transferred to Sec. 36a-677 in 1995; P.A. 15-235 amended Subsec. (a) by adding provisions re economic stabilization and protection of consumers against inaccurate and unfair credit billing practices and amended Subsec. (b) to make a technical change, effective August 1, 2015.
Annotation to former section 36-393a:
Cited. 27 CA 628.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-678. (Formerly Sec. 36-393b). - Compliance with Consumer Credit Protection Act. Exempt transactions.

(a) Except as otherwise provided in the Connecticut Truth-in-Lending Act or regulations adopted by the commissioner, each person shall comply with all provisions of the Consumer Credit Protection Act that apply to such person, including the delivery of integrated disclosures required by 12 USC 5301 et seq. and implemented through regulations adopted by the Bureau of Consumer Financial Protection.
(b) Any transaction that is exempt from the provisions of the Consumer Credit Protection Act, pursuant to 15 USC 1603, as amended from time to time, or by regulation promulgated pursuant to 15 USC 1604, as amended from time to time, is exempt from the provisions of the Connecticut Truth-in-Lending Act.
(c) Notwithstanding subsection (b) of this section, each person shall comply with all provisions of the Real Estate Settlement Procedures Act of 1974 (12 USC Chapter 27), as amended from time to time, and the regulations promulgated thereunder that apply to such person.
(P.A. 81-158, S. 3, 17; P.A. 82-18, S. 2, 4; 82-174, S. 12, 14; P.A. 88-65, S. 41; P.A. 94-122, S. 304, 340; P.A. 15-235, S. 4.)
History: P.A. 82-18 changed effective date of P.A. 81-158 from March 31, 1982, to “the effective date of Title VI of Public Law 96-221, as contained in Section 625(a) of Public Law 96-221, as amended”, i.e. October 1, 1982; P.A. 82-174 amended Subsec. (a) by deleting the provision that a person “who is a creditor or lessor” shall comply with all applicable provisions; P.A. 88-65 made a technical change by adding U.S. code citations; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-393b transferred to Sec. 36a-678 in 1995; P.A. 15-235 amended Subsecs. (a) and (b) to add provisions re federal integrated disclosure requirements and to make technical changes and added Subsec. (c) re compliance with the Real Estate Settlement Procedures Act of 1974, effective August 1, 2015.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-679. (Formerly Sec. 36-395). - Regulations.

(a) The commissioner may adopt regulations, in accordance with chapter 54, to carry out the provisions of the Connecticut Truth-in-Lending Act, subdivision (13) of subsection (c) of section 36a-770, and sections 36a-771, 36a-774 and 36a-777. Such regulations shall be consistent with the policy of this state as provided in section 36a-677 and the Consumer Credit Protection Act.
(b) No liability shall be imposed under the Connecticut Truth-in-Lending Act for an act done or omitted in conformity with any provision of said act, the Consumer Credit Protection Act or a regulation of the commissioner notwithstanding that after the act or omission the provision may be amended, repealed or determined to be invalid for any reason.
(1969, P.A. 454, S. 3; P.A. 81-158, S. 4, 17; P.A. 82-18, S. 2, 4; P.A. 88-65, S. 43; P.A. 94-122, S. 305, 340; P.A. 96-109, S. 11; P.A. 15-235, S. 5; P.A. 18-173, S. 93.)
History: P.A. 81-158 amended Subsec. (a) by replacing “prescribe” with “adopt” and by providing that the regulations be consistent with the policy of the state, deleted the language concerning the mandatory and optional provisions of the regulations, and redesignated Subsec. (c) as Subsec. (b) and added “any provision of this chapter, the Consumer Credit Protection Act or”, effective March 31, 1982; P.A. 82-18 changed effective date of P.A. 81-158 from March 31, 1982, to “the effective date of Title VI of Public Law 96-221, as contained in Section 625(a) of Public Law 96-221, as amended”, i.e. October 1, 1982; P.A. 88-65 made technical changes by adding U.S. code citations; (Revisor's note: In 1991 the incorrect internal reference to section “42-83(2)(d)” was changed editorially by the Revisors to “42-83(3)(d)”); P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-395 transferred to Sec. 36a-679 in 1995; P.A. 96-109 made technical changes in Subsec. (a), deleting reference to Subsec. (c) of Sec. 36a-535 and substituting reference to Subdiv. (13) for Subdiv. (12) of Sec. 36a-770(c); P.A. 15-235 amended Subsec. (a) by deleting provisions re substantive and procedural regulations, adding reference to adoption in accordance with Ch. 54 and making technical changes, and amended Subsec. (b) by making technical changes, effective August 1, 2015; P.A. 18-173 deleted reference to Secs. 36a-567 and 36a-568.
Annotation to former section 36-395:
Cited. 34 CS 154.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-681. (Formerly Sec. 36-399). - Penalty.

Any person who wilfully and knowingly (1) gives false or inaccurate information or fails to provide information which such person is required to disclose under the provisions of sections 36a-567, 36a-568 and the Connecticut Truth-in-Lending Act, subdivision (13) of subsection (c) of section 36a-770, and sections 36a-771, 36a-774, 36a-777 and 36a-786, or any regulation adopted thereunder, (2) uses any chart or table authorized by the Federal Reserve Board or the Bureau of Consumer Financial Protection under 15 USC 1606, as amended from time to time, in such manner as to consistently understate the annual percentage rate determined under said sections, or (3) otherwise fails to comply with any requirement imposed under said sections shall be fined not more than five thousand dollars or imprisoned not more than one year or both.
(1949 Rev., S. 6699, (a) 6; 1957, P.A. 361, S. 1 (a) 6; P.A. 94-122, S. 307, 340; P.A. 96-109, S. 12; P.A. 11-110, S. 6; P.A. 15-235, S. 7.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 42-94 transferred to Sec. 36a-681 in 1995; P.A. 96-109 made technical changes, deleting reference to Sec. 36a-535(c) and substituting reference to Subdiv. (13) for Subdiv. (12) of Sec. 36a-770(c); P.A. 11-110 added reference to Bureau of Consumer Financial Protection, effective July 21, 2011; P.A. 15-235 made technical changes, effective August 1, 2015.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-685. (Formerly Sec. 36-415). - Unenforceable agreements.

(a) If it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation or property of any person, the repayment of the extension of credit is unenforceable through civil judicial processes against the debtor.
(b) Proof that an extension of credit was made at an annual rate exceeding forty-five per cent calculated according to the actuarial method, and that the creditor then had a reputation for the use or threat of use of violence or other criminal means to cause harm to the person, reputation or property of any person to collect extensions of credit or to punish the nonrepayment thereof, is prima facie evidence that the extension of credit was unenforceable under subsection (a) of this section.
(1969, P.A. 454, S. 23; P.A. 05-288, S. 209.)
History: Sec. 36-415 transferred to Sec. 36a-685 in 1995; P.A. 05-288 made a technical change in Subsec. (b), effective July 13, 2005.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-686. - Civil penalty. Liability.

(a) In addition to the enforcement provisions in the Connecticut Truth-in-Lending Act, the Banking Commissioner may order any person who violates 15 USC 1639e, as amended from time to time, to pay a civil penalty as provided in subsection (k) of said section. Such order shall be issued in accordance with section 36a-50, provided the amount of any civil penalty imposed shall be determined in accordance with 15 USC 1639e(k), as amended from time to time.
(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.
(P.A. 15-235, S. 11.)
History: P.A. 15-235 effective August 1, 2015.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-690. (Formerly Sec. 36-417z). - Calculation of interest or finance charge rebates. Prohibited methods. Transactions affected.

(a) As used in this section:
(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.
(P.A. 79-135, S. 1
–
4; P.A. 81-472, S. 70, 159; P.A. 87-13; P.A. 15-235, S. 19.)
History: P.A. 81-472 made technical changes; P.A. 87-13 amended Subsec. (c) to expand the application of the section after October 1, 1987, by deleting the requirement that the interest rate of the loan exceeds 14%; Sec. 36-417z transferred to Sec. 36a-690 in 1995; (Revisor's note: In 1997 an obsolete reference in Subsec. (c) to “chapter 657” was changed editorially by the Revisors to “sections 36a-675 to 36a-685, inclusive,” to reflect the renumbering in 1995 of the sections contained in former chapter 657); P.A. 15-235 amended section to change “36a-685” to “36a-686”, effective August 1, 2015.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 669 - Regulated Activities › Section 36a-695. (Formerly Sec. 36-431). - Definitions.

As used in sections 36a-695 to 36a-699e, inclusive, unless the context otherwise requires:
(1) “Consumer” means an individual seeking credit for personal, family or household purposes;
(2) “Creditor” means any person who extends credit in the ordinary course of business;
(3) “Credit report” means any written or oral report, recommendation or representation of a credit rating agency as to the credit worthiness, credit standing, or credit capacity of any consumer, and includes any information which is sought or given for the purpose of serving as the basis for determining eligibility for credit to be used primarily for personal, family or household purposes;
(4) “Credit rating agency” means any person whose business is the assembling and evaluating of information as to the credit standing and credit worthiness of a consumer, for the purposes of furnishing credit reports, for monetary fees and dues to third parties.
(1971, P.A. 868, S. 1; P.A. 86-403, S. 100, 132; P.A. 92-12, S. 85; P.A. 94-122, S. 309, 340; P.A. 98-177, S. 5.)
History: P.A. 86-403 made technical change in Subdiv. (c); P.A. 92-12 redesignated Subdivs. and made technical changes; P.A. 94-122 added “unless the context otherwise requires” and deleted “firm, company, partnership, corporation, bureau or agency” from the definition of “credit rating agency” in Subdiv. (4), effective January 1, 1995; Sec. 36-431 transferred to Sec. 36a-695 in 1995; P.A. 98-177 made a technical change.