reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 647 - Collection Practices of Creditors › Transferred from Section 36-243c › Section 36a-647-6 - Representations, devices, practices

Current through July 10, 2024
A creditor shall not use any fraudulent, deceptive or
				  misleading representation, device or practice in connection with the collection
				  of any debt. Without limiting the general application of the foregoing, the
				  following conduct is a violation of this section:
(1) The false representation or implication
				that the creditor is vouched for, bonded by or affiliated with the United
				States, any state or any political subdivision thereof, including the use of
				any title or any badge, uniform or facsimile thereof.
(2) The false representation of:
(A) The character, amount or legal status of
				any debt; or
(B) Any services
				rendered or compensation which may be lawfully received by any attorney or
				consumer collection agency that may be employed for the collection of a
				debt.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 647 - Collection Practices of Creditors › Transferred from Section 36-243c › Section 36a-647-7 - Violation of provisions

Current through July 10, 2024
A creditor shall not be found to violate any provision of
				  sections
				  36a-647-2 to
				  36a-647-6,
				  inclusive, of the Regulations of Connecticut State Agencies if the creditor
				  proves 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 adapted to avoid such error. As to any violation by an
				  employee of the creditor, the commissioner shall consider, without limitation,
				  the extent of the creditor's education program for its employees in determining
				  whether the creditor maintains procedures reasonably adapted to avoid such
				  error.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-1 - Authority, scope, purpose

Current through July 10, 2024
(a) Sections
				36a-744-1 to
				36a-744-8,
				inclusive, comprise the regulations adopted by the commissioner pursuant to the
				Home Mortgage Disclosure Act, Part IX of Chapter 669 of the Connecticut General
				Statutes.
(b) Sections 36a-744-1 to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies apply to all
				financial institutions except as otherwise provided in sections 36a-744-1 to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies. Sections 36a-744-1
				to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies require a financial
				institution that makes home purchase loans, home improvement loans or other
				mortgage loans to disclose loan data at certain of its offices and to report
				the data to the commissioner.
(c)
				The purpose of sections 36a-744-1 to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies is (1) to prohibit
				the arbitrary denial of home purchase loans, home improvement loans or other
				mortgage loans on the basis of the location of the property to be mortgaged;
				(2) to encourage an increase in the availability of mortgage capital to
				neighborhoods to which such investment capital has generally been denied; (3)
				to provide the citizens and public officials of the state with sufficient
				information to enable them to determine which financial institutions are
				fulfilling their obligations to serve the housing needs of the communities and
				neighborhoods in which they are located; and (4) to assist public officials at
				both state and local levels in their determination of the distribution of
				public sector investments in a manner designed to improve the private
				investment environment and to aid state and local interests and
				priorities.
(d) Nothing in sections
				36a-744-1 to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies is intended to, nor
				shall those sections be construed to, encourage unsound lending practices or
				the allocation of credit.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-3 - Prohibited practices

Current through July 10, 2024
(a) No financial
				institution and no federal bank shall discriminate, on a basis that is
				arbitrary or unsupported by a reasonable analysis of the lending risks
				associated with the applicant for a given loan or the condition of the property
				to secure it, in the granting, withholding, extending, modifying, renewing or
				in the fixing of the rates, terms, conditions or provisions of any home
				purchase loan, home improvement loan or other mortgage loan on one to four
				family owner-occupied residential real property, solely because such property
				is located in a low-income or moderate-income neighborhood or geographical
				area. The following factors shall be included in the determination of the
				disposition of the application:
(1) The
				willingness and the financial ability of the applicant to repay the loan, and
(2) the fair market value and
				condition of any residential real property proposed as security for the
				loan.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-4 - Compilation of mortgage loan data

Current through July 10, 2024
(a) Unless exempt
				under Section
				36a-744-6 of the
				Regulations of Connecticut State Agencies, financial institutions shall compile
				the loan data required under the federal Home Mortgage Disclosure
				Act.
(b) Unless exempt under
				section
				36a-744-6 of the
				Regulations of Connecticut State Agencies, each financial institution shall
				report on the federal home mortgage disclosure act loan application register
				the reason for denial in connection with each application subject to federal
				reporting that is denied by the financial institution.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-5 - Disclosure requirements

Current through July 10, 2024
(a) A financial
				institution which becomes subject to the requirements of Sections
				36a-744-1
				to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies, shall compile loan
				data beginning with the calendar year following the year in which it becomes no
				longer exempt.
(b) A financial
				institution shall make its mortgage loan disclosure statements prepared by the
				Federal Financial Institutions Examination Council available to the public, as
				required by the federal Home Mortgage Disclosure Act, and shall submit such
				statements to the commissioner pursuant to Section
				36a-738
				of the act not later than thirty calendar days after the financial institution
				receives such statements.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-6 - Exemptions

Current through July 10, 2024
A financial institution is exempt from the compilation of
				  data and disclosure requirements contained in Sections
				  36a-744-4
				  and
				  36a-744-5
				  of the Regulations of Connecticut State Agencies if the financial institution
				  meets the requirements for exemption based on asset size or location contained
				  in Regulation C (12 C.F.R. Part 203) of the Board of Governors of the Federal
				  Reserve System, Section 203.3(a).
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-7 - Compliance and investigation

Current through July 10, 2024
(a) In order to
				provide for adequate records by which to monitor compliance with the provisions
				of the act, each financial institution shall retain all applications subject to
				the act and sections
				36a-744-1
				to
				36a-744-8,
				inclusive, of the Regulations of Connecticut State Agencies, and other
				materials made part of such applications or which are used to evaluate such
				loans whether or not the applications are approved, for a period of twenty-five
				months after the date on which action is taken on the applications. Included in
				the retained materials shall be the notification of action taken and the
				statement of specific reasons for adverse action, as required by Regulation B
				(12 C.F.R. Part 202) of the Board of Governors of the Federal Reserve System,
				Section 202.9. Such information may be retained in original form or a copy
				thereof, and shall, in accordance with the provisions of Section
				36a-21
				of the Connecticut General Statutes and Section
				36a-742
				of the act, be made available to the commissioner and to appropriate federal
				authorities for the purpose of monitoring compliance with provisions of the
				act, and remain otherwise confidential.
(b) When adverse action is taken on
				applications, financial institutions shall inform the applicants of their
				right:
(1) To know the reasons for denial or
				adjustment in the terms of a loan and
(2) to register complaints with the
				commissioner. A financial institution satisfies the requirements of this
				subsection if the notification of action taken as required by Regulation B (12
				C.F.R. PART 202) of the Board of Governors of the Federal Reserve System,
				Section 202.9, includes the following statement:
THE CONNECTICUT HOME MORTGAGE DISCLOSURE ACT PROHIBITS
				  DISCRIMINATION AGAINST HOME PURCHASE LOAN, HOME IMPROVEMENT LOAN OR OTHER
				  MORTGAGE LOAN APPLICANTS SOLELY ON THE BASIS OF THE LOCATION OF THE PROPERTY TO
				  BE USED AS SECURITY. THE AGENCY WHICH ENFORCES COMPLIANCE WITH THIS LAW
				  IS:
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 744 - Home Mortgage Disclosure Act › Transferred from Section 36-455 › Section 36a-744-8 - Violations and sanctions

Current through July 10, 2024
(a) Any applicant
				who has been discriminated against as a result of a violation of Section
				36a-737
				of the act and Section
				36a-744-3 of
				the Regulations of Connecticut State Agencies may bring an action in a court of
				competent jurisdiction pursuant to section
				36a-740
				of the act.
(b) A violation of the
				act or sections
				36a-744-1
				to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies is
				subject to sanctions as provided in the act.
(c) It shall not be a violation of Section
				36a-737
				of the act if the home purchase loan, home improvement loan or other mortgage
				loan is made pursuant to a specific public or private program, the purpose of
				which is to increase the availability of home purchase loans, home improvement
				loans or other mortgage loans within a low-income or moderate-income
				neighborhood or geographical area in which such investment capital has
				generally been denied.
(d) An error
				in compiling or reporting required loan data shall not be deemed to be a
				violation of the act or sections
				36a-744-1
				to 36a-744-8, inclusive, of the Regulations of Connecticut State Agencies if
				the error was unintentional and resulted from a bona fide mistake
				notwithstanding the maintenance of procedures reasonably adopted to avoid any
				such error.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-6 - Definitions

Current through July 10, 2024
As used in Sections 36a-809-6 to 36-809-17, inclusive, of the
				  Regulations of Connecticut State Agencies:
(1) "Commissioner" means "commissioner" as
				defined in Section
				36a-2
				of the Connecticut General Statutes;
(2) "Communication" means the conveying of
				information regarding a debt directly or indirectly to any person through any
				medium;
(3) "Consumer collection
				agency" means "consumer collection agency" as defined in Section
				36a-800
				of the Connecticut General Statutes;
(4) "Consumer debtor" means "consumer debtor"
				as defined in Section
				36a-800
				of the Connecticut General Statutes;
(5) "Creditor" means "creditor" as defined in
				Section
				36a-800
				of the Connecticut General Statutes;
(6) "Debt" means any obligation or alleged
				obligation of a consumer debtor to pay money arising out of a transaction in
				which the money, property, insurance or services which are the subject of the
				transaction are primarily for personal, family or household purposes, including
				current or past child support, or arising out of a levy of a personal property
				tax by a municipality, whether or not such obligation has been reduced to
				judgment, or any obligation or alleged obligation of a property tax debtor to
				pay money arising out of a levy of a property tax;
(7) "Debtor" means a consumer debtor or a
				property tax debtor;
(8) "Location
				information" means information identifying a debtor's place of abode or the
				debtor's telephone number at such place, or a debtor's place of
				employment;
(9) "Municipality"
				means "municipality" as defined in Section
				36a-800
				of the Connecticut General Statutes;
(10) "Property tax" means "property tax" as
				defined in Section
				36a-800
				of the Connecticut General Statutes; and
(11) "Property tax debtor" means "property
				tax debtor" as defined in Section
				36a-800
				of the Connecticut General Statutes.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-7 - Books and records

Current through July 10, 2024
(a) Each consumer
				collection agency shall maintain its debtor and creditor records so as to
				clearly identify the amounts and dates of all payments received from debtors
				and all remittances made to creditors. Debtor and creditor records shall be
				kept so as to be readily available to the 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 debtor to the consumer collection agency.
(b) Each consumer collection agency shall
				deposit funds received from debtors in a separate account which 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 debtors, (2)
				the payment of such funds to creditors, and (3) the payment of earned fees to
				the consumer collection agency. Except for payments authorized by subdivisions
				(2) and (3) 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 debtors shall be posted to their respective
				accounts in accordance with generally accepted accounting practices.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-8 - Record keeping of information regarding collectors

Current through July 10, 2024
Each consumer collection agency shall maintain a record of
				  each collector employed or retained by the consumer collection agency including
				  such collector's place of abode, title or official capacity of such collector,
				  and any change in such information.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-9 - Record keeping methods and consumer collection agency communications

Current through July 10, 2024
(a)
Method of keeping records.
Each consumer collection agency shall maintain a record of all contacts or
				attempted contacts with the debtor or others regarding an alleged debt, whether
				such contacts or attempted contacts are made by telephone, in writing, in
				person or by any other method. Such record shall indicate the date, the nature
				of the contact, the name of the collector making the contact, the name of the
				person contacted and a brief summary of any conversation or individually
				composed correspondence. Form letters shall be identified by number or
				title.
(b)
Disclosures
				regarding acquisition of location information.
Any consumer collection
				agency that communicates with any person other than the debtor for the purposes
				of acquiring location information about the debtor shall disclose the name of
				the person making the communication on behalf of the consumer collection agency
				and state that the communication is for the purpose of confirming or correcting
				location information concerning the debtor and, only if expressly requested,
				identify the consumer collection agency.
(c)
Restrictions regarding acquisition
				of location information.
Any consumer collection agency described in
				subsection (b) of this section shall not:
(1)
				State that such debtor owes any debt;
(2) Communicate with any such person more
				than once unless requested to do so by such person or unless the consumer
				collection agency reasonably believes that the earlier response of such person
				is erroneous or incomplete and that such person now has correct or complete
				location information;
(3)
				Communicate by post card;
(4) Use
				any language or symbol on any envelope or in the contents of any written
				communication effected by the mails, telegram or electronic device that
				indicates that the consumer collection agency is in the debt collection
				business or that the communication relates to the collection of a debt;
				and
(5) Communicate with any person
				other than the attorney for the debtor after the consumer collection agency
				knows the debtor is represented by an attorney with regard to the subject debt
				and has knowledge of, or can readily ascertain, such attorney's name and
				address, unless the attorney fails to respond within a reasonable period of
				time to a communication from the consumer collection agency.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-10 - Harassment or abuse

Current through July 10, 2024
A consumer collection agency shall not engage in any conduct
				  the natural consequence of which is to harass, oppress or abuse any person in
				  connection with the collection of a debt. Without limiting the general
				  application of the foregoing, the following conduct is a violation of this
				  section:
(1) Using or threatening to
				use violence or other criminal means to harm the physical person, reputation or
				property of any person.
(2) Using
				obscene or profane language or language the natural consequence of which is to
				abuse the hearer or reader.
(3)
				Publicly disseminating or displaying a list of debtors who allegedly refuse to
				pay debts, except to a credit rating agency, as defined in Section
				36a-695
				of the Connecticut General Statutes, provided that this subdivision shall not
				apply to publicly disseminating or displaying a list of property tax
				debtors.
(4) Advertising for sale
				any debt to coerce payment of the debt.
(5) Causing a telephone to ring, engaging any
				person in telephone conversation or contacting any person via electronic device
				repeatedly or continuously with intent to annoy, abuse or harass any person
				receiving the communication being contacted.
(6) Except as provided in subsection (b) of
				section
				36a-809-9
				of the Regulations of Connecticut State Agencies, the placement of telephone
				calls without meaningful disclosure of the caller's identity.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-11 - False or misleading representations

Current through July 10, 2024
A consumer collection agency shall not use any false,
				  deceptive or misleading representation or means in connection with the
				  collection of any debt. Without limiting the general application of the
				  foregoing, the following conduct is a violation of this section:
(1) The false representation or implication
				that the consumer collection agency is vouched for, bonded by or affiliated
				with the United States or any state, including the use of any badge, uniform or
				facsimile thereof.
(2) The false
				representation of:
(A) The character, amount
				or legal status of any debt; or
(B)
				Any services rendered or compensation which may be lawfully received by any
				consumer collection agency for the collection of a debt.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-12 - Unfair practices

Current through July 10, 2024
A consumer collection agency shall not use unfair or
				  unconscionable means to collect or attempt to collect any debt. Without
				  limiting the general application of the foregoing, the following conduct is a
				  violation of this section:
(1) The
				collection of any amount, including any interest, fee, charge or expense
				incidental to the principal obligation, that is not expressly authorized by the
				agreement creating the debt or permitted by law.
(2) The acceptance by a consumer collection
				agency from any person of a check or other payment instrument postdated by more
				than five days unless such person is notified in writing of the consumer
				collection agency's intent to deposit such check or instrument not more than
				ten nor less than three business days prior to such deposit.
(3) The solicitation by a consumer collection
				agency of any postdated check or other postdated payment instrument for the
				purpose of threatening or instituting criminal prosecution.
(4) Depositing or threatening to deposit any
				postdated check or other postdated payment instrument prior to the date on such
				check or instrument.
(5) Causing
				charges for communications to be made to any person by concealment of the true
				purpose of the communication. Such charges include, but are not limited to,
				collect telephone calls and telegram fees.
(6) Taking or threatening to take any
				nonjudicial action to effect dispossession or disablement of property if:
(A) There is no present right to possession
				of the property claimed as collateral through an enforceable security
				interest;
(B) There is no present
				intention to take possession of the property; or
(C) The property is exempt by law from such
				dispossession or disablement.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-13 - Validation of debts

Current through July 10, 2024
(a) Not more than
				five days after the initial communication with a debtor in connection with the
				collection of any debt, a consumer collection agency shall, unless the
				following information is contained in the initial communication or the debtor
				has paid the debt, send the debtor a written notice containing:
(1) The amount of the debt;
(2) The name of the creditor to whom the debt
				is owed;
(3) A statement that
				unless the debtor, not more than thirty days after receipt of the notice,
				disputes the validity of the debt or any portion thereof, the debt will be
				assumed to be valid by the consumer collection agency;
(4) A statement that if the debtor notifies
				the consumer collection agency in writing within the thirty-day period that the
				debt or any portion thereof is disputed, the consumer collection agency will
				obtain verification of the debt or a copy of a judgment against the debtor and
				a copy of such verification or judgment will be mailed to the debtor by the
				consumer collection agency; and
(5)
				A statement that, upon the debtor's written request, not more than thirty days
				after receipt of the notice, the consumer collection agency will provide the
				debtor with the name and address of the original creditor, if different from
				the current creditor.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-14 - Multiple debts

Current through July 10, 2024
If any debtor owes multiple debts and makes any single
				  payment to a consumer collection agency with respect to such debts, the
				  consumer collection agency shall not apply such payment to any debt which is
				  disputed by the debtor and, where applicable, shall apply such payment in
				  accordance with the debtor's directions. This section shall not apply to the
				  payment of property taxes.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-15 - Furnishing certain deceptive forms

Current through July 10, 2024
(a) No person shall
				design, compile or furnish any form knowing that such form would be used to
				create the false belief in a debtor that a person other than the creditor of
				such debtor is participating in the collection of or in an attempt to collect a
				debt such debtor allegedly owes such creditor, when in fact such person is not
				so participating.
(b) Any person
				who violates this section shall be liable to the same extent and in the same
				manner as a consumer collection agency is liable under Sections
				36a-804,
				36a-807
				and
				36a-808
				of the Connecticut General Statutes for failure to comply with the provisions
				of this section.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-16 - Consumer collection agencies desiring to terminate business

Current through July 10, 2024
(a) No consumer collection agency shall
				terminate its business unless the following conditions have been met:
(1) The commissioner has received written
				notice of the proposed termination at least thirty days prior to its effective
				date.
(2) All clients of the
				consumer collection agency are notified in writing of the proposed termination
				and its date at least thirty days prior to that date.
(3) All clients of the consumer collection
				agency are provided with detailed final accountings of all debtor
				accounts.
(4) All money held in
				escrow by the consumer collection agency, sole and exclusive of earned fees, is
				remitted to each respective client of the consumer collection agency.
(5) All papers, documents and other property
				of clients turned over to the consumer collection agency in connection with its
				collection efforts are returned to each respective client of the consumer
				collection agency.
(6) The consumer
				collection agency license is returned to the commissioner for
				cancellation.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 809 - Consumer Collection Agencies › Transferred from Section 42-131d › Section 36a-809-17 - Process of collection

Current through July 10, 2024
For purposes of subdivision (7) of subsection (a) of Section
				  36a-805
				  of the Connecticut General Statutes, unless otherwise provided in a written
				  contract between a consumer collection agency and its client, a claim shall be
				  in the process of collection at any time (1) not more than sixty days after the
				  initial receipt of the claim by the consumer collection agency, and (2) not
				  more than sixty days after the receipt by the consumer collection agency of any
				  payment made by a debtor with respect to the claim.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-2 - Authority

Current through July 10, 2024
Sections 36b-31-2 to 36b-31-33, inclusive, comprise the regulations adopted by the commissioner pursuant to chapter 672a of the general statutes, "The Connecticut Uniform Securities Act."
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-5b - Custody or possession of client funds or securities

Current through July 10, 2024
(a) It shall constitute a fraudulent, deceptive or misleading act, practice or course of business for any investment adviser having custody or possession of funds or securities in which any client has any beneficial interest, to take any action, directly or indirectly, with respect to any such funds or securities, unless:
(1) All such securities of each such client are segregated, marked to identify the particular client who has the beneficial interest therein, and held in safekeeping in some place reasonably free from risk of destruction or other loss;
(2)
(A) All such funds of such clients are deposited in one or more bank accounts which contain only clients' funds;
(B) such account or accounts are maintained in the name of the investment adviser as agent or trustee for such clients; and
(C) the investment adviser maintains a separate record for each such account which shows the name and address of the bank where such account is maintained, the dates and amounts of deposits in and withdrawals from such account, and the exact amount of each client's beneficial interest in such account;
(3) Such investment adviser, immediately after accepting custody or possession of such funds or securities from any client, notifies such client in writing of the place and manner in which such funds and securities shall be maintained, and thereafter, if and when there is any change in the place or manner in which such funds or securities are being maintained, gives each such client written notice thereof;
(4) Such investment adviser sends to each client, not less frequently than once every three months, an itemized statement showing the funds and securities in the custody or possession of the investment adviser at the end of such period, and all debits, credits and transactions in such client's account during such period; and
(5) All such funds and securities of clients are verified by actual examination at least once during each calendar year by an independent public accountant at a time which shall be chosen by such accountant without prior notice to the investment adviser. A certificate of such accountant stating that he or she has made an examination of such funds and securities, and describing the nature and extent of such examination, shall be filed with the commissioner promptly after the examination.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-5c - Disclosures to advisory clients

Current through July 10, 2024
(a) As used in this section, (1) "contract for impersonal advisory services" means any contract relating solely to the provision of investment advisory services (A) by means of written material or oral statements which do not purport to meet the objectives or needs of specific individuals or accounts, (B) through the issuance of statistical information containing no expression or opinion as to the investment merits of a particular security, or (C) by means of any combination of the foregoing services; (2) "entering into," in reference to an investment advisory contract, does not include an extension or renewal without material change to any such contract which is in effect immediately prior to such extension or renewal; and (3) "investment company contract" means a contract with an investment company registered under the Investment Company Act of 1940 which meets the requirements of Section 15 (c) of that act.
(b) Unless otherwise provided in this section, an investment adviser registered or required to be registered shall, in accordance with this section, furnish each investment advisory client and prospective investment advisory client with a written disclosure statement which may be a copy of Part II of the investment adviser's Form ADV or a written document containing at least the information then so required by Part II of Form ADV. The disclosure statement shall include such other information as the commissioner may require.
(c)
(1) Except as provided in subdivision (2) of this subsection, an investment adviser shall deliver the statement required by this section to an investment advisory client or prospective investment advisory client (A) not less than 48 hours before entering into any written or oral investment advisory contract with the client or prospective client or (B) at the time of entering into any such contract, if the client has a right to terminate the contract without penalty within five business days after entering into the contract.
(2) Delivery of the statement required by subdivision (1) of this subsection need not be made in connection with entering into (A) an investment company contract or (B) a contract for impersonal advisory services.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-5d - Statement of advisory fee

Current through July 10, 2024
A statement in the written advisory contract of an advisory fee based on total or net asset value or of a flat fee constitutes compliance with the requirement in section 36b-5(b) (1) (A) of the general statutes that the contract provide that the investment adviser not be compensated on the basis of capital gains or capital appreciation.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-5e - Assignment

Current through July 10, 2024
In implementing section 36b-5(b) (3) of the general statutes, "assignment" shall not include a transaction not resulting in a change of actual control or management of an investment adviser.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6a - Broker-dealer and agent registration

Current through July 10, 2024
(a) No corporation or partnership shall be registered as a broker-dealer without the registration of at least one agent.
(b) A broker-dealer shall file written notice with the commissioner within five days whenever it hires an agent transferred from another broker-dealer, except that such notice shall not be required if the transfer is made in accordance with the temporary transfer procedures under section 36b-31-6 d of the regulations.
(c) A broker-dealer shall file written notice with the commissioner no later than 30 days after an agent leaves its employ. When an agent leaves its employ, the notice shall be given on Form U-5.
(d) A transfer of agent registration may be effected only after the commissioner receives written notice from the agent's former employer (Form U-5), the agent's new employer, and the agent. The agent's former employer shall not be required to file such notice if the transfer is made in accordance with the temporary transfer procedures under section 36b-31-6 d of the regulations. The agent shall not be required to give such notice if the transfer is made in accordance with the temporary transfer procedures under section 36b-31-6 d of the regulations, provided:
(1) The agent's prior employment was terminated within the preceding seven days and not for cause and
(2) the agent has satisfied the examination requirements under section 36b-31-15 e of the regulations.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6b - Investment adviser and investment adviser agent registration

Current through July 10, 2024
(a) No corporation or partnership shall be registered as an investment adviser without the registration of at least one investment adviser agent.
(b) An investment adviser shall file written notice with the commissioner within five days whenever it hires an investment adviser agent transferred from another investment adviser, except that such notice shall not be required if the transfer is made in accordance with the temporary transfer procedures under section 36b-31-6 d of the regulations.
(c) An investment adviser shall file written notice with the commissioner no later than 30 days after an investment adviser agent leaves its employ. When an investment adviser agent leaves its employ, the notice may be given on Form U-5.
(d) A transfer of investment adviser agent registration may be effected only after the commissioner receives written notice of the change from the investment adviser agent, the investment adviser agent's former employer (Form U-5) and the investment adviser agent's new employer. The investment adviser agent shall not be required to give such notice if the transfer is made in accordance with the temporary transfer procedures under section 36b-31-6 d of the regulations, provided the investment adviser agent's prior employment was terminated within the preceding seven days and not for cause.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6c - Central registration depository

Current through July 10, 2024
For purposes of sections 36b-6, 36b-7, 36b-12, 36b-13 and 36b-32 of the general statutes, the computerized Central Registration Depository operated by the National Association of Securities Dealers, Inc. and its subsidiaries under an agreement with the North American Securities Administrators Association, Inc. is authorized to accept filed documents and collect fees on behalf of the commissioner.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6d - Temporary transfer procedures

Current through July 10, 2024
(a) The commissioner may issue a temporary agent registration and terminate such a registration in accordance with temporary agent transfer procedures under the Central Registration Depository operated by the National Association of Securities Dealers, Inc. and its subsidiaries, as developed under the North American Securities Administrators Association, Inc. The registration of an agent transferring from one registered broker-dealer to another is not effective unless the requirements under the temporary agent transfer procedures are met by the agent, the broker-dealers involved in the transfer, and the Central Registration Depository.
(b) The commissioner may issue a temporary investment adviser agent registration and terminate such a registration in accordance with temporary investment adviser agent procedures developed in cooperation with the North American Securities Administrators Association, Inc. The registration of an investment adviser agent transferring from one registered investment adviser to another is not effective unless the requirements under the temporary investment adviser agent procedures are met by the investment adviser agent and the investment advisers involved in the transfer.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6e - Private securities transactions by broker-dealer agents

Current through July 10, 2024
(a) As used in this section, (1) "private securities transaction" means any securities transaction outside the regular course or scope of an agent's employment with a broker-dealer, including but not limited to, new offerings of securities which are not registered with the commissioner; provided, transactions executed through another broker-dealer in accordance with Article III, Section 28 of the National Association of Securities Dealers, Inc. Rules of Fair Practice, transactions among immediate family members for which no agent receives any selling compensation, and personal transactions in investment company securities and variable annuities shall be excluded, and (2) "selling compensation" means any compensation paid directly or indirectly from whatever source in connection with or as a result of the purchase or sale of a security, including but not limited to, commissions, finder's fees, securities and rights to acquire securities, rights of participation in profits, tax benefits, and dissolution proceeds, as a general partner and otherwise, or expense reimbursements.
(b) No agent of a broker-dealer shall participate in any manner in a private securities transaction except in accordance with this section.
(c) Before participating in any private securities transaction, an agent shall provide written notice to the broker-dealer by whom he is employed describing in detail the proposed transaction and his proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction; provided, in the case of a series of related transactions in which no selling compensation has been or will be received, an agent may provide a single written notice.
(d) In the case of a transaction in which the agent has received or may receive selling compensation, a broker-dealer which has received notice pursuant to subsection (c) of this section shall advise the agent in writing concerning whether the broker-dealer approves or disapproves of the agent's participation in the proposed transaction. If the broker-dealer approves the agent's participation in the transaction, the transaction shall be recorded on the books and records of the broker-dealer and the broker-dealer shall supervise the agent's participation in the transaction as if the transaction were executed on behalf of the broker-dealer. If the broker-dealer disapproves the agent's participation, the agent shall not participate in the transaction in any manner, directly or indirectly.
(e) A copy of the notice and written statement required by subsections (c) and (d) of this section shall be maintained at the office of the broker-dealer from which the agent conducts activities on behalf of the broker-dealer and shall be open to inspection by the commissioner.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6f - Supervision requirements

Current through July 10, 2024
(a) As used in this section, "manager" means (1) any person who supervises agents or investment adviser agents, as the case may be, either directly or indirectly or (2) any person responsible for the day-to-day operation and supervision of a broker-dealer or investment adviser office located in this state.
(b) Each registered broker-dealer and investment adviser shall establish, enforce and maintain a system for supervising the activities of its agents, investment adviser agents and Connecticut office operations that is reasonably designed to achieve compliance with applicable securities laws and regulations.
(c) The supervisory system shall provide, at a minimum, for the following:
(1) The establishment, implementation and maintenance of written supervisory procedures in accordance with subsection (f) of this section;
(2) The designation of a manager with authority to carry out the supervisory responsibilities of the broker-dealer or investment adviser for each type of business in which it engages and for which broker-dealer or investment adviser registration is required;
(3) For each Connecticut branch office and principal place of business, the designation of a manager who shall be responsible for its day-to-day operation and supervision and, unless otherwise allowed by the commissioner under subsection (d) of this section, who shall be located on the premises of such office on a full time basis;
(4) The assignment of each agent or investment adviser agent to a manager who shall be responsible for supervising the activities of such agent or investment adviser agent;
(5) Reasonable efforts to determine that all supervisory personnel are qualified by virtue of experience or training to carry out their assigned responsibilities; and
(6) The participation by each agent or investment adviser agent, either individually or collectively and no less than annually, in an interview or meeting conducted by persons designated by the broker-dealer or investment adviser at which interview or meeting compliance matters relevant to the activities of the agent or investment adviser agent shall be discussed. The meeting or interview may occur in conjunction with a discussion of other matters and may be conducted at a central or regional location or at the agent's or investment adviser agent's place of business.
Connecticut Administrative Code › Title 36b - Connecticut Securities Law and Business Opportunity Investment Act › 31 - Connecticut Uniform Securities Act › Transferred from section 36-500, July 3, 1995 › Section 36b-31-6g - Multiple registration

Current through July 10, 2024
(a) No person shall be concurrently registered as an agent of more than one broker-dealer or issuer unless written consent is obtained from the commissioner.
(b) No person shall be concurrently registered as an investment adviser agent of more than one investment adviser unless written consent is obtained from the commissioner.
(c) The commissioner may consent to multiple registration under subsections (a) and (b) of this section if each employer files a written undertaking with the commissioner containing the following information:
(1) A statement by each employer that it consents to the multiple employment of the agent or investment adviser agent and setting forth the effective date of the multiple employment and
(2) a statement by each employer that it agrees to assume joint and several liability with all other employers for any act or omission of the agent or investment adviser agent during the employment period.