Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 1 - Administrative Procedures › Article 1 - GENERAL › Section 36a-1-3 - Basic organization

Current through July 10, 2024
The commissioner, assisted by a deputy commissioner, heads
				  the department, which consists of the following operating divisions:
(1) The Financial Institutions Division
				examines and supervises Connecticut banks and state branches and state agencies
				established and maintained by foreign banks in Connecticut. The division
				analyzes and processes various applications including applications for the
				establishment of new banks, bank branches, mergers and consolidations,
				acquisitions, conversions and holding company formations. The division licenses
				and regulates business and industrial development corporations and certain
				nonbanking corporations that exercise fiduciary powers. The division also
				examines and supervises Connecticut credit unions and analyzes and processes
				applications for the organization of new credit unions, credit union branches,
				mergers, acquisitions, conversions and field of membership changes or
				expansions.
(2) The Consumer Credit
				Division licenses and regulates consumer collection agencies, debt adjusters,
				nondepository first and secondary mortgage lenders and brokers, sales finance
				companies, small loan companies, issuers and sellers of money orders, travelers
				checks and electronic payment instruments, money transmitters and check cashing
				services, and registers loan originators. The division also enforces the
				Truth-in-Lending Act and other consumer credit laws.
(3) The Securities and Business Investments
				Division registers securities and business opportunities that are offered for
				sale in Connecticut, broker-dealers, agents, investment advisers, investment
				adviser agents and broker-dealer and investment adviser branch offices;
				examines broker-dealer, investment adviser and branch office registrants; and
				enforces the securities, business opportunity and tender offer laws of this
				state.
(4) The Business Office is
				responsible for the department's accounting, budgeting, fiscal, payroll,
				purchasing, mail and financial reporting functions.
(5) The Government Relations and Consumer
				Affairs Division coordinates the department's legislative programs, manages
				media relations, helps to educate the public about financial services, receives
				and reviews consumer complaints concerning issues relating to banks, credit
				unions, consumer credit, securities and business opportunities, and serves as
				the department's liaison in labor relations.
(6) The Legal Division provides legal advice
				and related services to the commissioner and to the divisions of the department
				on issues that arise in regulating the banking, credit union and securities
				industries as well as the consumer credit and landlord tenant areas. The
				division drafts, monitors and analyzes legislation; drafts regulations;
				analyzes legal issues pertaining to the interpretation and enforcement of
				statutes within the commissioner's jurisdiction and the legal sufficiency of
				documents filed by regulated entities; and drafts notices of hearing in
				contested cases and participates in administrative hearings.
(7) The Personnel Division is responsible for
				the department's human resources function.