reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks › Section 36a-136-48 - Acquisition by an existing holding company as part of the conversion

Current through July 10, 2024
(a) A converting institution may convert to
			 stock form as part of a transaction in which an existing holding company
			 acquires upon issuance all the capital stock of the converted institution. In
			 such a transaction, the eligible account holders and supplemental eligible
			 account holders of the converting institution shall receive, without payment,
			 nontransferable rights under section
			 36a-136-24
			 of the Regulations of Connecticut State Agencies from the holding company to
			 purchase its capital stock in lieu of the capital stock of the converting
			 institution. Unless clearly inapplicable, all of the requirements of sections
			 36a-136-1 to
			 36a-136-48, inclusive, of the Regulations of Connecticut State Agencies shall
			 apply to a conversion under this subsection.
(b) A converting institution may convert to
			 stock form by merging into an existing insured capital stock bank which is a
			 wholly-owned subsidiary of a holding company. In such a transaction, the
			 eligible account holders and supplemental eligible account holders of the
			 converting institution shall receive, without payment, nontransferable rights
			 under section
			 36a-136-24
			 of the Regulations of Connecticut State Agencies from the holding company to
			 purchase its capital stock in lieu of capital stock of the converting
			 institution. Unless clearly inapplicable, all of the requirements of sections
			 36a-136-1 to
			 36a-136-48, inclusive, of the Regulations of Connecticut State Agencies shall
			 apply to a conversion under this subsection.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 145 - Community Reinvestment Act Compliance, Consumer Protection Law Compliance and Community Reinvestment Plan Requirements for Certain Transaction Applications › Section 36a-145-1 - Submissions concerning community reinvestment act compliance and consumer protection law compliance required in connection with applications for the establishment by Connecticut banks of branches, limited branches or mobile branches outside of this state

Current through July 10, 2024
(a) As used in this
			 section:
(1) "Branch", "limited branch" and
			 "mobile branch" shall have the same meaning as set forth in subsection (a) of
			 section
			 36a-145
			 of the Connecticut General Statutes;
(2) "Federal CRA" shall have the same meaning
			 as set forth in subsection (a) of section
			 36a-30
			 of the Connecticut General Statutes;
(3) "State CRA" means sections
			 36a-30
			 to
			 36a-33,
			 inclusive, of the Connecticut General Statutes; and
(4) Terms that are defined in section
			 36a-2
			 of the Connecticut General Statutes shall have the same meaning as set forth in
			 section
			 36a-2
			 unless the context otherwise requires.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-1 - Definitions (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-2 - Requirements for qualification as qualified public depository (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-3 - Other terms and conditions (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-4 - Requirements for financial institutions to serve as trustee for segregated eligible collateral (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-5 - Requirements for the transfer of eligible collateral (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-6 - Valuation of eligible collateral (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-7 - Reports to commissioner (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 332 - Maximum Deposit Liability, Collateral and Reports by Qualified Public Depositories › Transferred from Section 36-385 › Section 36a-332-8 - Total capital (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 333 - Protection of Public Deposits › Transferred from Section 36-386 › Section 36a-333-1 - Risk-based capital ratio (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 333 - Protection of Public Deposits › Transferred from Section 36-386 › Section 36a-333-2 - Public deposits held by the depository (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 412 - Supervision and Examination of Out-of-State Banks › Section 36a-412-1 - Authority, scope, purpose (Repealed)

Current through July 10, 2024
For 2014 repeal, see
				  Sec.
				  54 of
				  Public
				  Act 14-187. (June 11,
				  2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 412 - Supervision and Examination of Out-of-State Banks › Section 36a-412-2 - Definition (Repealed)

Current through July 10, 2024
For 2014 repeal, see
				  Sec.
				  54 of
				  Public
				  Act 14-187. (June 11,
				  2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 412 - Supervision and Examination of Out-of-State Banks › Section 36a-412-3 - Supervision, examination and reports (Repealed)

Current through July 10, 2024
For 2014 repeal, see
				  Sec.
				  54 of
				  Public
				  Act 14-187. (June 11,
				  2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428c - Foreign Banks › Section 36a-428c-2 - Maintenance of assets

Current through July 10, 2024
The amount of eligible assets which is to be held by a foreign
				bank with a licensed state branch or licensed state agency is established at
				zero percent of its adjusted liabilities, provided the commissioner may impose
				specific asset maintenance requirements as deemed necessary for the protection
				of the public interest and the interest of depositors and creditors, and
				provided further the commissioner in specific cases may impose such other
				requirements as deemed necessary to effectuate the purpose of section
				36a-428c(b)
				of the general statutes.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428c - Foreign Banks › Section 36a-428c-3 - Documentation for assets

Current through July 10, 2024
Whether or not a foreign bank with a licensed state branch or
				licensed state agency is required to maintain eligible assets pursuant to
				section
				36a-428c-2
				of the Regulations of Connecticut State Agencies, such foreign bank shall
				maintain or make available within twenty-four hours after it is requested by
				the commissioner, at such branch or agency, the original of the evidence of
				indebtedness, or other documentation, for any asset which appears in the books,
				accounts and records of that branch or agency as an asset of that branch or
				agency.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428c - Foreign Banks › Section 36a-428c-4 - Assets to be deposited

Current through July 10, 2024
(a) A foreign bank
			 with a licensed state branch or licensed state agency shall keep deposit assets
			 on deposit in accordance with section
			 36a-428c-6 of
			 the Regulations of Connecticut State Agencies as follows:
(1) If at the time the foreign bank filed its
			 application to establish the licensed state branch or licensed state agency, it
			 did not have an existing branch or agency in the United States:
(A) for the first three years that the
			 foreign bank maintains the licensed state branch or licensed state agency, an
			 amount, based upon the lower of principal amount or market value, equal to the
			 greater of one million dollars, or two per cent of adjusted liabilities;
			 and
(B) thereafter, an amount,
			 based upon the lower of principal amount or market value, equal to the greater
			 of one million dollars, or two per cent of adjusted liabilities up to a maximum
			 of one hundred million dollars, provided such amount shall be subject to
			 adjustment as provided in subsection (b) of this section. Notwithstanding the
			 time requirement in subpara-graph (A) of this subdivision, the commissioner
			 may, in the commissioner's sole discretion, allow the foreign bank to keep
			 deposit assets on deposit in the amount specified in this subparagraph (B) if
			 (i) there is an information-sharing agreement between the commissioner and the
			 foreign bank's home country regulators that is satisfactory to the
			 commissioner, (ii) the licensed state branch or licensed state agency receives
			 a satisfactory rating at an examination by the commissioner, and (iii) allowing
			 such amount would not be contrary to the public interest;
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428c - Foreign Banks › Section 36a-428c-5 - Record of assets and liabilities

Current through July 10, 2024
(a) Each foreign
			 bank with one or more licensed state branches or licensed state agencies shall
			 record, at the close of each business day, the liabilities of the foreign bank
			 appearing in the books, accounts and records of such branches and agencies as
			 liabilities of such branches and agencies as determined in accordance with
			 section
			 36a-428c(b)
			 of the general statutes and section
			 36a-428c-1(a)
			 of the Regulations of Connecticut State Agencies and the assets as determined
			 in accordance with section
			 36a-428c(b)
			 of the general statutes and section
			 36a-428c-1(d)
			 of the Regulations of Connecticut State Agencies. The daily record shall
			 include a computation of the daily ratio of eligible assets to adjusted
			 liabilities. The daily record shall be maintained in permanent legible form and
			 be retained until the conclusion of the next examination by the commissioner. A
			 foreign bank authorized to maintain more than one licensed state branch or
			 licensed state agency shall maintain the daily record on a consolidated basis.
			 The daily record shall contain such information in sufficient detail as will
			 permit ready verification of its accuracy.
(b) Each foreign bank with a licensed state
			 branch or licensed state agency shall maintain, in addition to the daily record
			 required to be maintained by subsection (a) of this section, a daily itemized
			 record of assets deposited pursuant to section
			 36a-428c(a)
			 of the general statutes and section
			 36a-428c-4
			 of the Regulations of Connecticut State Agencies. The record shall include the
			 value of assets deposited at principal or market value, whichever is lower, and
			 the ratio of the aggregate of such values to adjusted liabilities.
(c) The records required to be maintained by
			 this section shall be authenticated by the signature of a duly authorized
			 officer of the licensed state agency or licensed state branch.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 428c - Foreign Banks › Section 36a-428c-7 - Record of deposits

Current through July 10, 2024
(a) Each foreign
			 bank shall retain until completion of its next examination by the commissioner
			 the originals of all receipts or statements obtained from a depository pursuant
			 to subsection (b) of section
			 36a-428c-6 of
			 the Regulations of Connecticut State Agencies, copies of withdrawal requests
			 and the certificate provided for in subsection (c) of section
			 36a-428c-6 of
			 the Regulations of Connecticut State Agencies.
(b) Coincident with any withdrawal request,
			 the foreign bank shall furnish to the commissioner a copy of the withdrawal
			 request and the certificate provided for in subsection (c) of section
			 36a-428c-6 of
			 the Regulations of Connecticut State Agencies.
(c) The amount of assets remaining on deposit
			 and the amount of adjusted liabilities as certified pursuant to subsection (c)
			 of section
			 36a-428c-6 of
			 the Regulations of Connecticut State Agencies shall be supported by data
			 contained in the daily record required to be maintained pursuant to section
			 36a-428c-5
			 of the Regulations of Connecticut State Agencies.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 446 - Share Accounts with an Agreed Maturity in Connecticut Credit Unions › Transferred from Section 36-200 › Section 36a-446-1 - Definitions (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 446 - Share Accounts with an Agreed Maturity in Connecticut Credit Unions › Transferred from Section 36-200 › Section 36a-446-2 - Term shares and term share accounts (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 446 - Share Accounts with an Agreed Maturity in Connecticut Credit Unions › Transferred from Section 36-200 › Section 36a-446-3 - Term share account agreements (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 446 - Share Accounts with an Agreed Maturity in Connecticut Credit Unions › Transferred from Section 36-200 › Section 36a-446-4 - Term share account procedures (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 446 - Share Accounts with an Agreed Maturity in Connecticut Credit Unions › Transferred from Section 36-200 › Section 36a-446-5 - Share insurance (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 456 - Payment of Interest Refunds by Connecticut Credit Unions › Transferred from Section 36-206 › Section 36a-456-1 - Definitions

Current through July 10, 2024
As used in Sections 36a-456-1 to
				  36a-456-6,
				  inclusive, of the Regulations of Connecticut State Agencies:
(1) "Commissioner" means the commissioner of
				banking. With respect to any function of the commissioner, "commissioner"
				includes any person authorized or designated by the commissioner to carry out
				that function;
(2) "Delinquency
				rate" means the total dollar value of loans which are more than SIXTY days
				delinquent divided by the total dollar value of loans outstanding at the end of
				any annual, semi-annual or quarterly accounting period from income earned and
				received during such period; and
(3) "Reserves" means the total of the reserve
				against losses on loans and any special reserve accounts.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 456 - Payment of Interest Refunds by Connecticut Credit Unions › Transferred from Section 36-206 › Section 36a-456-2 - Authorization of payment of interest refunds

Current through July 10, 2024
The governing board of a Connecticut credit union may
				  authorize the payment of interest refunds to members following the end of any
				  annual, semi-annual or quarterly accounting period; provided (1) the
				  Connecticut credit union has declared a dividend during such period, (2) the
				  delinquency rate at the end of such period is less than five percent, and (3)
				  reserves are sufficient to meet the following formula: R -
				  D1(.1) + D2(.2) +
				  D3(.8) where R = reserves, D1 =
				  loans 2 to less than 6 months delinquent, D2 = loans 6
				  months to less than 12 months delinquent, and D3 = loans
				  12 or more months delinquent.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 456 - Payment of Interest Refunds by Connecticut Credit Unions › Transferred from Section 36-206 › Section 36a-456-3 - Refund to be paid from income received during period

Current through July 10, 2024
Interest refunds shall be paid by a Connecticut Credit Union
				  to members from income earned and received during any annual, semi-annual or
				  quarterly accounting period, in proportion to the interest paid by members
				  during such accounting period on reasonable, objective classes of loans
				  established by the governing board and under such conditions as the governing
				  board may prescribe, but in no event shall interest refunds be paid to members
				  whose loans are delinquent more than sixty days at the time of such interest
				  refund.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 456 - Payment of Interest Refunds by Connecticut Credit Unions › Transferred from Section 36-206 › Section 36a-456-5 - Accounting

Current through July 10, 2024
Interest refunds shall be paid by a Connecticut credit union
				  only after payment of expenses, distribution of dividends and required
				  allocations to reserves have been made. Such refunds shall be charged to
				  interest income.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 456 - Payment of Interest Refunds by Connecticut Credit Unions › Transferred from Section 36-206 › Section 36a-456-6 - Application for approval

Current through July 10, 2024
A Connecticut credit union which does not meet the
				  requirements of Section
				  36a-456-2
				  of the Regulations of Connecticut State Agencies may apply, in writing, to the
				  commissioner for approval to pay an interest refund. Such application shall
				  state the proposed rate or rates of the interest refund, the delinquency rate,
				  the reserves, the dividend rate, and the Connecticut credit union's reasons for
				  payment of an interest refund. The commissioner shall approve or disapprove
				  such application, in writing, within forty-five days of receipt of such
				  application.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 458 - Risk Assets of Connecticut Credit Unions › Transferred from Section 36-209 › Section 36a-458-1 - Risk assets defined (Repealed)

Current through July 10, 2024
For 2014 repeal, see
					 Sec.
					 54 of
					 Public
					 Act 14-187. (June 11,
					 2014)
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-1 - Definitions

Current through July 10, 2024
As used in sections 36a-570-1 to
				  36a-570-17,
				  inclusive, of these regulations:
(a)
				"Affiliated entity" means any person, partnership, association or corporation
				authorized by the commissioner under section
				36a-561
				of the Connecticut General Statutes to solicit or conduct business in
				association or conjunction with a licensee or within any office or room where a
				licensee conducts the business of making loans under the provisions of part III
				of chapter 668 of the Connecticut General Statutes.
(b) "Commissioner" means the commissioner of
				banking.
(c) "Department" means the
				department of banking.
(d)
				"Electronic equivalent" means any system whereby information or records
				required to be maintained may be displayed in readily understandable form on a
				computer screen or similar device.
(e) "Licensee" means a person, partnership,
				association or corporation licensed under part III of chapter 668 of the
				Connecticut General Statutes.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-2 - Advertising and solicitation

Current through July 10, 2024
(a) The advertising
				of each licensee and affiliated entity shall conform with the provisions of
				part III of chapter 669 of the Connecticut General Statutes and any regulations
				issued thereunder.
(b) It may be
				indicated in advertising that the licensee is "Licensed under the Laws Relating
				to Small Loans," but no other reference to licensing or supervision by the
				commissioner or State of Connecticut may be made.
(c) No licensee or affiliated entity shall
				advertise in any manner that may tend to confuse the identity of the licensee
				or affiliated entity with any other unrelated business.
(d) No licensee or affiliated entity shall
				cause or permit any advertising of its services to be placed before the public
				in any manner if it contains any statements or claims which are deceptive or
				false.
(e) Each licensee and
				affiliated entity shall make readily available to the commissioner a copy of
				all advertising for a period of one year from the date of its use.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-4 - Extended first payments, interest after maturity, rebates of unearned charges, and renewals

Current through July 10, 2024
(a)
Extended
				first payments.
To determine the due date for loans under which the
				first payment is extended for a charge, the actual number of days in the
				extension period shall be counted from the date of the loan and a month, as
				determined under subsection (b) of section
				36a-563
				of the Connecticut General Statutes, added to the date so obtained.
(b)
Interest after maturity.
Interest after maturity shall be computed from the maturity date or deferred
				maturity date as applicable and shall be computed at a rate no higher than
				twelve per cent per year computed on a daily basis on the respective unpaid
				balances.
(c)
Rebates of
				unearned charges.
(1) Where prepayment
				in full occurs on or before the fifteenth day following an instalment period
				due date, the rebate shall be calculated as of the due date immediately
				preceding the date of prepayment.
(2) Where prepayment in full occurs on or
				after the sixteenth day following an instalment period due date, the rebate
				shall be calculated as of the due date immediately following the date of
				prepayment.
(3) In the event
				prepayment occurs before the first instalment period due date, the entire first
				month's charges shall be earned, except where prepayment occurs during any paid
				first payment extension period, in which case only the first month's charge
				shall be earned and the extension charge shall be refunded.
(4) In the event prepayment occurs after any
				paid first payment extension period, but before the first instalment period due
				date, both the extension charge and the first month's charges shall be
				earned.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-5 - Collection practices

Current through July 10, 2024
(a) Each licensee
				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 be by telephone, in writing, in person, or any other method. Such
				record shall indicate the date, nature of the contact, name of the collector,
				the person contacted, and a brief summary of any conversation. Form letters
				shall be identified by number or title. Copies of all collection
				communications, except form notices and form letters of collection, shall be
				kept for a year from the date thereof. A sample copy of each form notice or
				letter shall be kept on file.
(b)
				The ledger card or its electronic equivalent shall indicate when any account
				has been placed for collection or legal action taken as well as the fact that
				any judgment has been obtained, together with the date and details of the
				judgment.
(c) Sections
				36a-645
				through
				36a-647,
				inclusive, of the Connecticut General Statutes and regulations adopted
				thereunder shall govern all collection practices by licensees and affiliated
				entities.
(d) Unless specific
				written permission is given by the commissioner, all collections of, or
				attempts to collect, any amounts due a licensee or an affiliated entity shall
				be made in this state only by the licensee, the affiliated entity, or an
				attorney at law.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-6 - General conduct of business

Current through July 10, 2024
(a) No licensee
				shall conduct the loan business at any place of business other than that named
				in the license. Where a loan results from a recommendation of a merchant or
				dealer for the purpose of financing the purchase price of goods or services to
				be purchased from that merchant or dealer, the borrower or, if a joint loan
				contract, at least one of the borrowers, must sign the note in the office of
				the licensee.
(b) No licensee
				shall, by any representation or device, offer money or other articles or
				consideration of value to any person for the purpose of inducing that person or
				any other person to borrow from such licensee.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-7 - Office and office hours

Current through July 10, 2024
(a) Unless specific
				written permission is given by the commissioner, the place of business, as
				designated in the license, shall be open for business at least three
				consecutive hours each day, Monday through Friday, except when one of those
				days is designated by law as a legal holiday. A licensee may close its place of
				business on a day other than a legal holiday if it requests and receives
				permission from the commissioner to do so. Except in the case of a bona fide
				emergency, such permission shall be in writing. Unless otherwise prohibited by
				law, a licensee may remain open for business on a legal holiday.
(b) The licensee shall file with the
				commissioner a schedule of days and hours during which the office will be open.
				Any restrictive change in such schedule shall be reported to the commissioner
				and appropriate notice given to borrowers before such change is to become
				effective.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-9 - Miscellaneous

Current through July 10, 2024
(a) On the first page of the statement
				delivered to the borrower at the time a loan is made, the following sentence
				shall appear in bold and easily readable type:
This Office is Licensed by The
Commissioner of Banking,
260 Constitution Plaza,
Hartford, Connecticut 06103
(b) No licensee shall sell, transfer,
				hypothecate, assign or otherwise dispose of any loan to any individual,
				partnership, corporation or association not having a small loan license issued
				by the commissioner, unless prior written approval is obtained from the
				commissioner.
(c) Capital
				investment, as referred to by statute, shall consist of cash on hand, cash in
				banks, collectible small loans, marketable securities or furniture and fixtures
				of a fair value. Deferred charges, advances to any other company including the
				parent, any subsidiary or any related company, and organization expenses are
				not allowable in computing required capital investment.
(d) If any other business is conducted by the
				licensee, separate records of assets, liabilities, income and expenses shall be
				maintained to the extent required by the commissioner.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-10 - Other businesses on licensed premises

Current through July 10, 2024
If any other business is permitted by the commissioner to be
				  operated on the premises occupied by a licensee, such business shall be
				  conducted by a separate entity. When more than one other business is authorized
				  to operate on the premises occupied by a licensee, such other authorized
				  businesses may be operated by one separate entity.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-11 - Records and accounts of affiliated entities

Current through July 10, 2024
(a)
				Each affiliated entity shall maintain separate books and records in the form
				and manner prescribed by subsection (a) of section
				36a-570-8 of
				these regulations.
(b) The account
				ledger cards or their electronic equivalent relating to each type of business
				conducted on the same premises shall be filed in such a manner as to be readily
				distinguished one from the other. The same shall apply to ledger cards or their
				electronic equivalent of accounts paid in full, renewed or refinanced, which
				shall be filed separate from open accounts.
(c) An alphabetical index or its electronic
				equivalent shall be maintained for all persons indebted to any affiliated
				entity. The index shall show the following information:
(1) The name of the obligor;
(2) the account number or numbers assigned to
				the obligor;
(3) the total
				indebtedness of the obligor when liable on more than one contract of any
				type;
(4) the type of
				indebtedness.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-12 - Restrictions on loans by affiliated entities

Current through July 10, 2024
(a) A
				loan shall not be made for a downpayment on an automobile, other merchandise or
				service where the retail instalment contract in the transaction is purchased or
				to be purchased and held by an affiliated entity.
(b) A loan shall not be made coincident with
				the purchasing of a retail instalment contract or the entering into any other
				type of contract by an affiliated entity when the proceeds of both are for the
				same purpose.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-13 - Refinancing loans

Current through July 10, 2024
A loan shall not be made to refinance a retail instalment
				  contract or any other obligation held by an affiliated entity unless a refund
				  credit, as required by law for prepayment in full, is first given and, in
				  addition, one of the following conditions shall prevail:
(1) The contract being refinanced has been in
				existence for at least ninety days, or
(2) the amount of each instalment on the loan
				being made is less than the instalment on the contract being refinanced by ten
				per cent or five dollars, whichever is greater, or
(3) the principal amount of the loan being
				made exceeds the net amount owing on the obligation held by the affiliated
				entity by at least seventy-five dollars. A loan shall not be made where the
				proceeds are for the sole purpose of making payments on an obligation of any
				affiliated entity.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-14 - Restrictions on affiliated entities

Current through July 10, 2024
(a) Commissions,
				gratuities, or broker's fees shall not be paid by a licensee or an affiliated
				entity to dealers, salesmen or any other parties for the referral of loans to
				be made under part III of chapter 668 of the Connecticut General Statutes. No
				licensee shall make a loan under said chapter if the licensee knows that the
				borrower has paid or has contracted to pay such commissions, gratuities or
				broker's fees.
(b) An affiliated
				entity granting mortgage loans in excess of five thousand dollars under section
				36a-570-17
				of these regulations may pay commissions, gratuities, or broker's fees for the
				referral of such loans. Any such commissions, gratuities, or broker's fees may
				be charged to or paid by the borrower, provided:
(1) if a nonrefundable prepaid finance charge
				is assessed against the borrower, such commissions, gratuities, or broker's
				fees shall be subject to the limitation set forth in subparagraph (A) of
				subdivision (2) of subsection (a) of section
				36a-570-17
				of these regulations; and
(2) if a
				nonrefundable prepaid finance charge is not assessed against the borrower, such
				commissions, gratuities, or broker's fees shall not exceed eight per cent of
				the loan amount in the case of a closed-end loan or eight per cent of the
				initial cash advance in the case of an open-end loan.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-15 - Revocation of authorization

Current through July 10, 2024
Any authorization granted by the commissioner pursuant to
				  section 36-231 of the Connecticut General Statutes shall be subject to
				  revocation for any violation of sections
				  36a-570-10
				  to
				  36a-570-17,
				  inclusive, of these regulations.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-16 - Investigations and examinations

Current through July 10, 2024
The commissioner or his duly appointed representative shall
				  have the authority to investigate and examine at any time the books and records
				  of any affiliated entity, licensed or unlicensed, for the purpose of
				  determining if it is operating in a manner consistent with the provisions of
				  section
				  36a-561
				  of the Connecticut General Statutes. The cost of any such investigation or
				  examination shall be paid by the licensee.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 570 - Small Loan Licensees › Transferred from Section 36-239 › Section 36a-570-17 - Mortgage loans in excess of five thousand dollars

Current through July 10, 2024
(a)
(1)
Approval of Commissioner.
Any licensee in this state may apply to
				the commissioner, in a manner prescribed by the commissioner, for permission to
				allow an affiliated entity on the same premises to make loans in excess of five
				thousand dollars which are secured by real estate. Upon receipt of written
				permission from the commissioner, the affiliated entity shall conduct its
				business in accordance with the requirements of this section.
(2)
Calculation of finance
				charge.
(A) The total finance charge
				assessed against the borrower on any mortgage loan made pursuant this section
				may be composed of interest and a nonrefundable prepaid finance charge,
				provided, any such nonrefundable prepaid finance charge, when added to any
				commissions, gratuities, or broker's fees for which the borrower may be
				obligated, shall not exceed, in the aggregate, eight per cent of the loan
				amount in the case of a closed-end loan or eight per cent of the initial cash
				advance in the case of an open-end loan.
(B) When computed in accordance with part III
				of chapter 669 of the Connecticut General Statutes, but without the tolerances
				contained therein, the total finance charge, expressed as an annual percentage
				rate, shall not exceed twenty-four per cent for the original term of the loan.
(C) In the case of a closed-end
				loan, the interest portion of the total finance charge may be assessed on a
				daily basis on the actual unpaid loan amount at the simple interest rate
				contained in the mortgage note, or at the lender's option it may be precomputed
				at the same rate in accordance with the disclosed schedule of payments. In the
				case of an open-end loan, the interest portion of the total finance charge
				shall be computed in accordance with subsection (e) of section
				36a-565
				of the Connecticut General Statutes.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 585 - Maximum Check Cashing Fees › Transferred from Section 36-569 › Section 36a-585-1 - Check cashing fees

Current through July 10, 2024
(a) No check
				cashing service licensed under Section
				36a-581
				of the Connecticut General Statutes shall charge or collect in fees, charges or
				otherwise for cashing a check, draft or money order drawn on a depository
				institution, a sum exceeding two percent of the item.
(b) Each licensee shall give to the
				individual cashing a check, draft or money order a receipt which shall, at
				minimum, include the following:
(1) Date on
				which the check, draft or money order is cashed;
(2) Name of the payee of the check, draft or
				money order;
(3) Face amount of the
				check, draft or money order; and
(4) The fee collected for cashing the check,
				draft or money order.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 588 - Licensing of Check Cashing Services › Transferred from Section 36-572 › Section 36a-588-1 - Definitions

Current through July 10, 2024
As used in sections 36a-588-1 to
				  36a-588-4, inclusive, of
				  these regulations, the term:
(a)
				"Commissioner" means the commissioner of banking; and
(b) "Licensee" means a licensed casher of
				checks, drafts, and/or money orders.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 588 - Licensing of Check Cashing Services › Transferred from Section 36-572 › Section 36a-588-3 - Books, records and accounts

Current through July 10, 2024
(a) Each licensee
				shall maintain the following or similar books, records and accounts, which
				shall be kept in ink or typewritten, preserved for at least three years after
				the date of final entry, and kept readily available for inspection by
				representatives of the commissioner:
(1)
(A) A "Daily Record of Checks Cashed," in
				which shall be clearly recorded all cash transactions occurring each day. This
				record shall include the following information:
(i) Date on which the check, draft, or money
				order is cashed;
(ii) Date of the
				check, draft, or money order;
(iii)
				Number of the check, draft, or money order;
(iv) Name and location, or American Bankers
				Association number, or clearinghouse number, of the banking institution on
				which the check, draft, or money order is drawn;
(v) Name of the drawer of such check, draft,
				or money order which is cashed;
(vi) Name and home or business address of the
				individual or entity for which such check, draft, or money order is
				cashed;
(vii) Face amount of the
				check, draft, or money order;
(viii) The fee collected by the licensee for
				cashing each such check, draft, or money order;
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 588 - Licensing of Check Cashing Services › Transferred from Section 36-572 › Section 36a-588-4 - Reports

Current through July 10, 2024
Each licensee shall annually file with the commissioner, an
				  unaudited unconsolidated financial statement, including the licensee's balance
				  sheet and receipts and disbursements for the preceding year, prepared by an
				  independent certified public accountant. The statement shall be in a form of
				  compilation or review and contain information satisfactory to the commissioner.
				  The commissioner may also require additional reports as deemed necessary,
				  including an audited unconsolidated financial statement.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 647 - Collection Practices of Creditors › Transferred from Section 36-243c › Section 36a-647-2 - Definitions

Current through July 10, 2024
As used in sections 36a-647-2 to
				  36a-647-7,
				  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 any communication
				directly or indirectly to any person through any medium and includes the
				conveyance of debt information;
(3)
				"Consumer debtor" means "consumer debtor" as defined in section
				36a-645
				of the Connecticut General Statutes;
(4) "Consumer debtor agent" means a consumer
				debtor's guardian, executor, administrator, spouse if such spouse resides with
				the consumer debtor or parent if the consumer debtor is a minor, as defined in
				section
				1-1d
				of the Connecticut General Statutes;
(5) "Creditor" means "creditor" as defined in
				section
				36a-645
				of the Connecticut General Statutes;
(6) "Debt" means "debt" as defined in section
				36a-645
				of the Connecticut General Statutes;
(7) "Location information" means information
				identifying the residence or place of employment of a consumer debtor or
				consumer debtor agent or any other identifying information that facilitates
				direct contact with a consumer debtor or a consumer debtor agent, such as a
				telephone number, cellular telephone number or e-mail address; and
(8) "Person" means an individual,
				partnership, limited liability company, trust, association, corporation or
				other legal entity.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 647 - Collection Practices of Creditors › Transferred from Section 36-243c › Section 36a-647-3 - Location information

Current through July 10, 2024
(a) Any creditor
				who communicates with any person other than the consumer debtor or consumer
				debtor agent for the purpose of acquiring location information about the
				consumer debtor or consumer debtor agent shall disclose the name of the person
				making such communication and state that the communication is for the purpose
				of confirming or correcting location information concerning the consumer debtor
				or consumer debtor agent and, at the creditor's option, identify the creditor.
				No such identification of creditor shall include the phrase "collection
				department" or any other phrase that would convey or suggest the existence of a
				debt.
(b) Any creditor described in
				subsection (a) of this section shall not:
(1)
				State that such consumer debtor owes any debt nor in any other manner
				communicate debt information;
(2)
				Communicate with any such person more than once with regard to a particular
				consumer debtor or consumer debtor agent unless requested to do so by such
				person or unless the creditor reasonably believes that the earlier response of
				such person was erroneous or incomplete or is no longer applicable and that
				such person now has correct, complete or current 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
				communication relates to the collection of a debt; and
(5) Communicate with any person other than
				the attorney for the consumer debtor or consumer debtor agent after the
				creditor knows the consumer debtor or consumer debtor agent is represented by
				an attorney with regard to the subject debt and has knowledge of such
				attorney's name and address, unless the attorney fails to respond within a
				reasonable period of time not to exceed thirty days after such communication
				from the creditor, or unless the attorney cannot or will not provide location
				information to such creditor.
Connecticut Administrative Code › Title 36a - The Banking Law of Connecticut › 647 - Collection Practices of Creditors › Transferred from Section 36-243c › Section 36a-647-4 - Communications

Current through July 10, 2024
(a)
Communication with the consumer
				debtor or consumer debtor agent generally.
Without the prior consent of
				the consumer debtor or consumer debtor agent given directly to the creditor or
				the express permission of a court of competent jurisdiction, a creditor shall
				not communicate with a consumer debtor or consumer debtor agent in connection
				with the collection of any debt:
(1) At any
				unusual time or place or a time or place known or that should be known to be
				inconvenient or embarrassing to the consumer debtor or consumer debtor agent.
				In the absence of knowledge of circumstances to the contrary, a creditor shall
				assume that the convenient time for communicating with a consumer debtor or
				consumer debtor agent is after 8:00 a.m. and before 9:00 p.m., local time at
				the consumer debtor's or consumer debtor agent's location;
(2) If the creditor knows the consumer debtor
				or consumer debtor agent is represented by an attorney with respect to such
				debt and has knowledge of such attorney's name and address, unless the attorney
				fails to respond within a reasonable period of time to a communication from the
				creditor, not to exceed thirty days after such communication, unless the
				attorney consents to direct communication with the consumer debtor or consumer
				debtor agent, provided that a creditor may send to a consumer debtor or
				consumer debtor agent normal periodic billing statements which do not contain
				any message that violates the provisions of section
				36a-647-5 or
				36a-647-6
				of the Regulations of Connecticut State Agencies; or
(3) At the place of employment of the
				consumer debtor or consumer debtor agent if the creditor knows or has reason to
				know that the employer of the consumer debtor or consumer debtor agent
				prohibits such debtor or agent from receiving such communication.