# Connecticut SB 01257: AN ACT CONCERNING CONSUMER CREDIT AND COMMERCIAL FINANCING. Connecticut SB 01257, AN ACT CONCERNING CONSUMER CREDIT AND COMMERCIAL FINANCING., is a 2025 Regular Session Senate bill sponsored by Banking Committee; status signed, last action 2025-07-01 (Signed by the Governor); PRIA reads it as touching household money (as of 2026-10-17). - Canonical: https://policyrisk.com/state-bill/CT-SB01257-2025 - As of: 2026-10-17 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Connecticut SB 01257 - State: Connecticut - Session: 2025 Regular Session - Title: AN ACT CONCERNING CONSUMER CREDIT AND COMMERCIAL FINANCING. - Status: signed - Chamber: Senate - Introduced: 2025-02-06 - Last action: 2025-07-01, Signed by the Governor - Sponsor: Banking Committee - Cosponsors: 0 - Subjects: banking - Touches household money: yes - Roll calls: 4 (235 yes, 0 no in all) - Economic provisions PRIA read: 9 ## Summary To: (1) Require cancellations of certain surety bonds to be submitted electronically; (2) modify procedures regarding changes to the legal names of certain licensees; (3) redefine "sales finance company"; (4) establish procedures for registering as an exempt mortgage servicer registrant; (5) establish requirements regarding private student education loan cosigner releases; (6) establish enforcement authority regarding registrants; (7) prohibit receiving fees in connection with small loans without a license; (8) redefine "mortgage servicer" and "servicing"; (9) define "private education lender" and "private education loan creditor"; (10) establish requirements regarding timelines and fees for certain registrants that are exempt from licensing; (11) modify various statutes relating to commercial financing; (12) modify registration and enforcement procedures regarding private education lenders and private education loan creditors; (13) require certain disclosures in connection with shared appreciation agreements; (14) make technical changes to various statutes regarding consumer credit; and (15) redefine "system". ## Bill overview: provisions PRIA read - New release rights for student loan cosigners: benefit, high. Covered private student loans made or extended on or after October 1, 2025 must offer cosigner release. The payment requirement cannot exceed 12 consecutive on-time payments. Paying 12 months of principal and interest within any 12-month period also satisfies that requirement, even without monthly… - Homeowners get shared appreciation cost details: benefit, low. Beginning October 1, 2025, licensed mortgage lenders offering shared appreciation agreements must disclose terms within three business days after application. A conspicuous warning in 12-point type must explain that borrowers need not proceed and risk losing their home. It must explain the lender’s… - More installment payment firms face oversight: benefit, low. Beginning October 1, 2025, Connecticut’s sales finance company definition includes more businesses receiving payments from retail buyers. It covers payments tied to retail installment contracts or installment loan contracts, including fees, principal, and interest. These payment recipients fall wit… - Mortgage managers must enforce compliance policies: benefit, low. Beginning October 1, 2025, covered mortgage businesses, qualified individuals, and branch managers must establish, enforce, and maintain compliance policies. Mortgage servicers’ qualified individuals and branch managers must enforce their servicing policies. A servicing-policy failure violates this… - Mortgage lenders servicing loans must register: cost, low. Beginning October 1, 2025, licensed Connecticut mortgage lenders must register before servicing loans from a licensed main or branch office. They must register as exempt mortgage servicer registrants through the electronic licensing system and renew annually. Registration and renewal require supple… - Credit firms face updated filing rules: mixed, low. Beginning October 1, 2025, sureties must send covered bond-cancellation notices through the electronic licensing system. They must notify the licensee or bond principal and Banking Commissioner at least 30 days before cancellation. Covered licensees must file legal-name or office-address changes th… - Mortgage servicers must maintain financial safeguards: mixed, low. Beginning October 1, 2025, mortgage servicers and exempt servicer registrants must maintain surety bonds of at least $100,000 per office. Required fidelity and errors-and-omissions coverage starts at $300,000 for residential servicing volume up to $100 million. Above $100 million through $500 milli… - Student lenders face fees and stronger oversight: mixed, low. Beginning October 1, 2025, private education lenders and creditors generally must register before making, purchasing, or assuming Connecticut residents’ loans. Initial and renewal registrations cost a nonrefundable $900, plus other required charges. Registrations expire December 31 of the approval… - Business financing fees rise alongside oversight: mixed, low. Beginning July 1, 2025, commercial financing providers and brokers pay $1,000 for each initial or renewal registration. This nonrefundable fee replaces the prior $500 annual fee. Registrations expire December 31 of the approval year; approvals on or after November 1 last through the following Decem… ## Sponsors and cosponsors - Sponsor: Banking Committee ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2025-05-12 | Senate | JUD Vote Tally Sheet (Joint Favorable) | pass | 40 | 0 | | | 2025-03-06 | Senate | Senate Roll Call Vote 203 | pass | 35 | 0 | | | 2025-03-06 | Senate | BA Vote Tally Sheet (Joint Favorable) | pass | 12 | 0 | | | 2025-03-06 | House | House Roll Call Vote 333 AS AMENDED | pass | 148 | 0 | | ## Actions (27) - 2025-07-01: Signed by the Governor (legislature) - 2025-06-25: Transmitted by Secretary of the State to Governor (legislature) - 2025-06-25: Transmitted to the Secretary of State (legislature) - 2025-06-16: Public Act 25-115 (legislature) - 2025-06-03: In Concurrence (legislature) - 2025-06-03: House Passed as Amended by Senate Amendment Schedule A (House) - 2025-06-03: House Adopted Senate Amendment Schedule A (House) - 2025-05-22: House Calendar Number 623 (House) - 2025-05-22: Favorable Report, Tabled for the Calendar, House (House) - 2025-05-20: Senate Passed as Amended by Senate Amendment Schedule A (Senate) - 2025-05-20: Senate Adopted Senate Amendment Schedule A 8655 (Senate) - 2025-05-13: Favorable Report, Tabled for the Calendar, Senate (Senate) - 2025-05-13: No New File by Committee on Judiciary (legislature) - 2025-05-13: Reported Out of Legislative Commissioners' Office (legislature) - 2025-05-13: Filed with Legislative Commissioners' Office (legislature) - 2025-05-12: Joint Favorable (legislature) - 2025-05-08: Immediate Transmittal (legislature) - 2025-05-08: Referred by Senate to Committee on Judiciary (Senate) - 2025-03-24: File Number 181 (legislature) - 2025-03-24: Senate Calendar Number 146 (Senate) - 2025-03-24: Favorable Report, Tabled for the Calendar, Senate (Senate) - 2025-03-24: Reported Out of Legislative Commissioners' Office (legislature) - 2025-03-17: Referred to Office of Legislative Research and Office of Fiscal Analysis 03/24/25 12:00 PM (legislature) - 2025-03-06: Filed with Legislative Commissioners' Office (legislature) - 2025-03-06: Joint Favorable (legislature) - 2025-02-07: Public Hearing 02/13 (legislature) - 2025-02-06: Referred to Joint Committee on Banking (legislature) ## Bill text - Public Act No. 25-115, 2025-06-16: [PDF](https://www.cga.ct.gov/2025/ACT/PA/PDF/2025PA-00115-R00SB-01257-PA.PDF) - File No. 181, 2025-03-24: [PDF](https://www.cga.ct.gov/2025/FC/PDF/2025SB-01257-R000181-FC.PDF) - BA Joint Favorable, 2025-03-06: [PDF](https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-01257-R01-SB.PDF) - JUD Joint Favorable, 2025-03-06: [PDF](https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-01257-R02-SB.PDF) - Raised Bill, 2025-02-06: [PDF](https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-01257-R00-SB.PDF) - BA Joint Fav. Rpt: [PDF](https://www.cga.ct.gov/2025/JFR/S/PDF/2025SB-01257-R00BA-JFR.PDF) - BA Vote Tally Sheet (Joint Favorable): [PDF](https://www.cga.ct.gov/2025/TS/S/PDF/2025SB-01257-R00BA-CV41-TS.PDF) - Bill Analysis For File Copy 181: [PDF](https://www.cga.ct.gov/2025/BA/PDF/2025SB-01257-R000181-BA.PDF) - Bill Analysis for SB-1257, as amended by Senate "A": [PDF](https://www.cga.ct.gov/2025/BA/PDF/2025SB-01257-R01-BA.PDF) - Fiscal Note For File Copy 181: [PDF](https://www.cga.ct.gov/2025/FN/PDF/2025SB-01257-R000181-FN.PDF) - Fiscal Note for Amendment LCO 8308 (See Fiscal Note Details): [PDF](https://www.cga.ct.gov/2025/fna/pdf/2025SB-01257-R00LCO08308-FNA.PDF) - Fiscal Note for Amendment LCO 8655 (No Fiscal Impact): [PDF](https://www.cga.ct.gov/2025/fna/pdf/2025SB-01257-R00LCO08655-FNA.pdf) - Fiscal Note for SB-1257, As Amended by Senate "A" (LCO 8655): [PDF](https://www.cga.ct.gov/2025/FN/PDF/2025SB-01257-R01-FN.PDF) - House Roll Call Vote 333 AS AMENDED: [PDF](https://www.cga.ct.gov/2025/VOTE/H/PDF/2025HV-00333-R00SB01257-HV.PDF) - JUD Joint Fav. Rpt: [PDF](https://www.cga.ct.gov/2025/JFR/S/PDF/2025SB-01257-R00JUD-JFR.PDF) - JUD Vote Tally Sheet (Joint Favorable): [PDF](https://www.cga.ct.gov/2025/TS/S/PDF/2025SB-01257-R00JUD-CV210-TS.PDF) - Senate LCO Amendment #8308 (J): [PDF](https://www.cga.ct.gov/2025/lcoamd/pdf/2025LCO08308-R00-AMD.pdf) - Senate Roll Call Vote 203: [PDF](https://www.cga.ct.gov/2025/VOTE/S/PDF/2025SV-00203-R00SB01257-SV.PDF) - Senate Schedule A LCO# 8655 (J): [PDF](https://www.cga.ct.gov/2025/amd/S/pdf/2025SB-01257-R00SA-AMD.pdf) - Summary for Public Act No. 25-115: [PDF](https://www.cga.ct.gov/2025/SUM/PDF/2025SUM00115-R02SB-01257-SUM.PDF) ## Related bills - HB 05013: AN ACT ADDING CERTAIN PLANTS TO THE INVASIVE PLANTS LIST. (signed) - SB 01558: AN ACT CONCERNING INCOME TAXES IMPOSED BY OTHER JURISDICTIONS ON RESIDENTS OF THE STATE. (signed) - SB 01396: AN ACT CONCERNING EARNED BUT UNPAID WAGE OR SALARY INCOME ADVANCES. (signed) - SB 01187: AN ACT CONCERNING FORECLOSURE, ASSIGNMENT AND OTHER ENFORCEMENT ACTIONS FOR UNPAID SEWER ASSESSMENTS AND OTHER FEES AND CHARGES. (signed) - HB 07236: AN ACT CONCERNING HUMAN TRAFFICKING AND SEXUAL ASSAULT VICTIMS. (signed) - HB 07192: AN ACT IMPLEMENTING RECOMMENDATIONS OF THE BIPARTISAN DRUG TASK FORCE. (signed) ## Sources - [Public Act No. 25-115 (PDF)](https://www.cga.ct.gov/2025/ACT/PA/PDF/2025PA-00115-R00SB-01257-PA.PDF) - [File No. 181 (PDF)](https://www.cga.ct.gov/2025/FC/PDF/2025SB-01257-R000181-FC.PDF) - [BA Joint Favorable (PDF)](https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-01257-R01-SB.PDF) - [JUD Joint Favorable (PDF)](https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-01257-R02-SB.PDF) - [Raised Bill (PDF)](https://www.cga.ct.gov/2025/TOB/S/PDF/2025SB-01257-R00-SB.PDF) - [BA Joint Fav. Rpt (PDF)](https://www.cga.ct.gov/2025/JFR/S/PDF/2025SB-01257-R00BA-JFR.PDF) - [BA Vote Tally Sheet (Joint Favorable) (PDF)](https://www.cga.ct.gov/2025/TS/S/PDF/2025SB-01257-R00BA-CV41-TS.PDF) - [Bill Analysis For File Copy 181 (PDF)](https://www.cga.ct.gov/2025/BA/PDF/2025SB-01257-R000181-BA.PDF) - [Bill Analysis for SB-1257, as amended by Senate "A" (PDF)](https://www.cga.ct.gov/2025/BA/PDF/2025SB-01257-R01-BA.PDF) - [Fiscal Note For File Copy 181 (PDF)](https://www.cga.ct.gov/2025/FN/PDF/2025SB-01257-R000181-FN.PDF) - [Fiscal Note for Amendment LCO 8308 (See Fiscal Note Details) (PDF)](https://www.cga.ct.gov/2025/fna/pdf/2025SB-01257-R00LCO08308-FNA.PDF) - [Fiscal Note for Amendment LCO 8655 (No Fiscal Impact) (PDF)](https://www.cga.ct.gov/2025/fna/pdf/2025SB-01257-R00LCO08655-FNA.pdf) - [Fiscal Note for SB-1257, As Amended by Senate "A" (LCO 8655) (PDF)](https://www.cga.ct.gov/2025/FN/PDF/2025SB-01257-R01-FN.PDF) - [House Roll Call Vote 333 AS AMENDED (PDF)](https://www.cga.ct.gov/2025/VOTE/H/PDF/2025HV-00333-R00SB01257-HV.PDF) - [JUD Joint Fav. Rpt (PDF)](https://www.cga.ct.gov/2025/JFR/S/PDF/2025SB-01257-R00JUD-JFR.PDF) - [JUD Vote Tally Sheet (Joint Favorable) (PDF)](https://www.cga.ct.gov/2025/TS/S/PDF/2025SB-01257-R00JUD-CV210-TS.PDF) - [Senate LCO Amendment #8308 (J) (PDF)](https://www.cga.ct.gov/2025/lcoamd/pdf/2025LCO08308-R00-AMD.pdf) - [Senate Roll Call Vote 203 (PDF)](https://www.cga.ct.gov/2025/VOTE/S/PDF/2025SV-00203-R00SB01257-SV.PDF) - [Senate Schedule A LCO# 8655 (J) (PDF)](https://www.cga.ct.gov/2025/amd/S/pdf/2025SB-01257-R00SA-AMD.pdf) - [Summary for Public Act No. 25-115 (PDF)](https://www.cga.ct.gov/2025/SUM/PDF/2025SUM00115-R02SB-01257-SUM.PDF) ## Related - [HB 05013: AN ACT ADDING CERTAIN PLANTS TO THE INVASIVE PLANTS LIST.](https://policyrisk.com/state-bill/CT-HB05013-2025) - [SB 01558: AN ACT CONCERNING INCOME TAXES IMPOSED BY OTHER JURISDICTIONS ON RESIDENTS OF T…](https://policyrisk.com/state-bill/CT-SB01558-2025) - [SB 01396: AN ACT CONCERNING EARNED BUT UNPAID WAGE OR SALARY INCOME ADVANCES.](https://policyrisk.com/state-bill/CT-SB01396-2025) - [SB 01187: AN ACT CONCERNING FORECLOSURE, ASSIGNMENT AND OTHER ENFORCEMENT ACTIONS FOR UNP…](https://policyrisk.com/state-bill/CT-SB01187-2025) - [HB 07236: AN ACT CONCERNING HUMAN TRAFFICKING AND SEXUAL ASSAULT VICTIMS.](https://policyrisk.com/state-bill/CT-HB07236-2025) - [HB 07192: AN ACT IMPLEMENTING RECOMMENDATIONS OF THE BIPARTISAN DRUG TASK FORCE.](https://policyrisk.com/state-bill/CT-HB07192-2025) - [Connecticut bills](https://policyrisk.com/states/connecticut/bills) - [Connecticut state hub](https://policyrisk.com/states/connecticut) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/CT-SB01257-2025 (as of 2026-10-17).