Title 36a — Title 36a: The Banking Law of Connecticut

Sec. 36a-435. (Formerly Sec. 36-194). Definitions. Section 36a-435 is repealed, effective October 1, 2002. (1949 Rev., S. 5908; P.A. 75-518, S. 1, 13; P.A. 79-112; P.A. 84-125, S. 1; P.A. 85-210, S. 1; 85-415, S. 1; P.A. 87-9, S. 2, 3; 87-23, S. 1; P.A. 92-12, S. 60; P.A. 94-122,…

Sec. 36a-435a. Short title: Connecticut Credit Union Act. Sections 36a-435a to 36a-472a, inclusive, shall be known as the “Connecticut Credit Union Act”. (P.A. 02-73, S. 34.)

Sec. 36a-435b. Definitions. As used in sections 36a-435a to 36a-472a, inclusive, unless the context otherwise requires: (1) “Appointed director” means a director emeritus or an advisory director of a Connecticut credit union, who is not a member of the governing board of such cre…

Sec. 36a-436. (Formerly Sec. 36-195). License required. Section 36a-436 is repealed, effective October 1, 2002. (1949 Rev., S. 5909; 1959, P.A. 376, S. 1; 1967, P.A. 591, S. 4; P.A. 75-518, S. 2, 13; P.A. 85-94, S. 3, 6; 85-415, S. 3; P.A. 94-122, S. 191, 340; P.A. 02-73, S. 86.)…

Sec. 36a-436a. Franchise and filing fee payable to the Secretary of the State. (a) The franchise and filing fee payable to the Secretary of the State shall be thirteen dollars for the filing of a certificate of incorporation upon the incorporation of a Connecticut credit union un…

Sec. 36a-436b. Issuance of certificate of authority to engage in business of Connecticut credit union. (a) No person shall, or have the power to, engage in the business of a Connecticut credit union in this state until such person has obtained a certificate of authority to engage…

Sec. 36a-437. (Formerly Sec. 36-196). Organization. Section 36a-437 is repealed, effective October 1, 2002. (1949 Rev., S. 5910; 1961, P.A. 51; 1963, P.A. 419; 1969, P.A. 184, S. 1; 246, S. 1, 3; 267, S. 1; 268, S. 4; P.A. 73-330, S. 1, 2; P.A. 75-69, S. 1, 3; 75-518, S. 3–7, 13;…

Sec. 36a-437a. Organization. (a) A Connecticut credit union organized under this title shall be subject to the provisions of the laws of this state governing corporations without capital stock, provided the provisions of this title shall prevail over any inconsistent provisions o…

Sec. 36a-438. (Formerly Sec. 36-196a). Field of membership. Expansion. Membership applications. Continuation of membership. Expulsion or withdrawal of member. Section 36a-438 is repealed, effective October 1, 2002. (1969, P.A. 432, S. 1, 2; P.A. 75-518, S. 8, 13; P.A. 85-210, S. …

Sec. 36a-438a. Field of membership. Expansion. Change in field of membership. (a)(1) Except as provided in subdivision (2) of this subsection, the field of membership of a Connecticut credit union is limited to: (A) A single common bond membership; (B) a multiple common bond memb…

Sec. 36a-439. (Formerly Sec. 36-196c). Change in the field of membership. Section 36a-439 is repealed, effective October 1, 2002. (P.A. 85-210, S. 3; P.A. 94-122, S. 194, 340; P.A. 99-22, S. 4, 8; P.A. 02-73, S. 86.)

Sec. 36a-439a. Membership applications. Expulsion of member. (a) All applications for membership shall be submitted to the Connecticut credit union. The governing board at a regular meeting shall consider and act upon the membership applications received by the Connecticut credit…

Sec. 36a-440. (Formerly Sec. 36-196d). Central credit union. Section 36a-440 is repealed, effective October 1, 2002. (P.A. 85-415, S. 34; P.A. 86-139, S. 1, 2; P.A. 88-81, S. 1, 2; P.A. 90-26, S. 2; P.A. 91-108, S. 1, 3; P.A. 92-89, S. 3, 20; P.A. 93-61; P.A. 94-122, S. 195, 340;…

Sec. 36a-440a. Meetings. (a) A Connecticut credit union shall hold an annual meeting as provided in its bylaws. Special meetings of members shall be held as provided in the bylaws and shall be called by the governing board at the request of a majority of the governing board, at t…

Sec. 36a-440b. Financial and statistical reports and other information. Records. (a) A Connecticut credit union shall file (1) financial and statistical reports with the National Credit Union Administration or its successor agency in accordance with and at such times as required …

Sec. 36a-441. (Formerly Sec. 36-198). Powers. Section 36a-441 is repealed, effective October 1, 2002. (1949 Rev., S. 5911; 1951, 1953, 1955, S. 2741d; 1957, P.A. 108; 111; 1959, P.A. 72, S. 1; 1961, P.A. 127; 204; 1963, P.A. 183; 1967, P.A. 133, S. 1; 143; 322; 369, S. 1; 563, S.…

Sec. 36a-441a. Loan and lease losses account. Net worth requirement. (a) A Connecticut credit union shall establish and maintain an allowance for loan and lease losses account in an amount that represents the estimated losses on loans and leases. The allowance for loan and lease …

Sec. 36a-442. (Formerly Sec. 36-198b). Mortgage loans to members. Section 36a-442 is repealed, effective October 1, 2002. (1967, P.A. 563, S. 2; 1971, P.A. 405, S. 1; P.A. 73-270, S. 1–3; P.A. 75-107, S. 1–3; 75-121, S. 1, 2; P.A. 77-95; 77-179, S. 19; P.A. 79-130, S. 1, 2; P.A. …

Sec. 36a-442a. Deposit of funds; withdrawals. Bond requirement. (a) The funds of a Connecticut credit union shall be deposited in the name of the credit union only in such depository or depositories as designated by the governing board, in accordance with section 36a-459a, and no…

Secs. 36a-443 to 36a-448. (Formerly Secs. 36-198c to 36-198e, 36-200, 36-202 and 36-203). Extension of lines of credit to members. Lien on shares of members. Tax and loan and note accounts. Shares; value; withdrawal; minors; trusts; retirement accounts; share insurance. Meetings.…

Sec. 36a-448a. Governing board powers. (a) The governing board of a Connecticut credit union shall be charged with and have control over the general management of the operations, funds, committee actions and records of the credit union. Except to the extent the governing board is…

Sec. 36a-449. (Formerly Sec. 36-203a). Governing board meetings. Section 36a-449 is repealed, effective October 1, 2002. (P.A. 85-415, S. 11; P.A. 94-122, S. 204, 340; P.A. 02-73, S. 86.)

Sec. 36a-449a. Meetings of governing board. (a) The governing board of a Connecticut credit union shall meet as often as necessary and at least monthly, provided if the governing board delegates its authority to an executive committee, one body shall meet at least monthly and the…

Sec. 36a-450. (Formerly Sec. 36-203b). Governing board powers. Committees. Section 36a-450 is repealed, effective October 1, 2002. (P.A. 85-415, S. 10; P.A. 94-122, S. 205, 340; P.A. 99-36, S. 11; P.A. 02-73, S. 86.)

Sec. 36a-450a. Executive committee. (a) The executive committee, if one is appointed by the governing board, shall consist of an odd number of not less than three directors of the Connecticut credit union. (b) The executive committee shall meet in accordance with section 36a-449a…

Sec. 36a-451. (Formerly Sec. 36-203c). Executive committee. Section 36a-451 is repealed, effective October 1, 2002. (P.A. 85-415, S. 13; P.A. 94-122, S. 206, 340; P.A. 02-73, S. 86.)

Sec. 36a-451a. Supervisory committee. Members. Powers. Duties. (a) The supervisory committee shall consist of not less than three members of the Connecticut credit union, none of whom shall simultaneously serve on the credit committee or as an officer of the Connecticut credit un…

Sec. 36a-452. (Formerly Sec. 36-203d). Investment policy. Section 36a-452 is repealed, effective October 1, 2002. (P.A. 85-415, S. 16; P.A. 88-30; P.A. 92-12, S. 63; P.A. 94-122, S. 207, 340; P.A. 96-44, S. 7; P.A. 99-36, S. 12; P.A. 02-73, S. 86.)

Sec. 36a-452a. Credit committee. Credit manager. Loan officer. (a) Except as provided in section 36a-454b, the governing board may delegate, in accordance with its bylaws, all or part of its lending authority to a credit committee, a credit manager who may be but is not required …

Secs. 36a-453 and 36a-454. (Formerly Secs. 36-204 and 36-204a). Officers. Benefits for Connecticut credit union employees and their families; liability or indemnity coverage for directors, credit committee members and supervisory committee members. Sections 36a-453 and 36a-454 ar…

Sec. 36a-454a. Benefits for Connecticut credit union employees and their families. Liability or indemnity coverage for directors, credit committee members and supervisory committee members. (a) In addition to compensating its employees, a Connecticut credit union may, either inde…

Sec. 36a-454b. Conflict of interest policy. Prohibitions re insiders and family members of insiders. (a) The governing board of a Connecticut credit union shall adopt a written conflict of interest policy that includes provisions addressing transactions with insiders and their im…

Sec. 36a-455. (Formerly Sec. 36-205). Credit committee. Loans. Lines of credit. Section 36a-455 is repealed, effective October 1, 2002. (1949 Rev., S. 5917; 1951, S. 2746d; 1961, P.A. 196; 1967, P.A. 101, S. 2; 1969, P.A. 224, S. 4; P.A. 73-127, S. 1, 2; P.A. 75-66, S. 2, 3; P.A.…

Sec. 36a-455a. Powers. A Connecticut credit union may: (1) Transact a general credit union business and exercise by its governing board or duly authorized members of senior management, subject to applicable law, all such incidental powers as are consistent with its purposes. The …

Sec. 36a-455b. Transfer of assets or business. Sale of branch. Acquisition of assets or business of federal credit union. (a) A Connecticut credit union may, with the approval of the commissioner, transfer all or a significant part of its assets as provided in subdivisions (18), …

Sec. 36a-456. (Formerly Sec. 36-206). Loans. Interest on loans. Authorization of interest refunds. Security. Regulations. Section 36a-456 is repealed, effective October 1, 2002. (1949 Rev., S. 5919; 1969, P.A. 246, S. 4; P.A. 77-179, S. 11; 77-212, S. 2; P.A. 80-415, S. 1, 2; P.A…

Sec. 36a-456a. Shares; secondary capital accounts; share insurance. (a) The par value of shares of a Connecticut credit union shall be five dollars or any multiple thereof, provided such par value shall not exceed one hundred dollars. (b) A Connecticut credit union may receive pa…

Sec. 36a-456b. Tax and loan and note accounts. (a) As used in this section: (1) “Tax and loan account” means an account, the balance of which is subject to the right of immediate withdrawal, established for receipt of payments of federal taxes and certain United States obligation…

Sec. 36a-456c. Dividends. The governing board of a Connecticut credit union, or the executive committee or senior management if so delegated by the governing board, may declare and pay dividends on partial or full shares from current or accumulated net earnings, provided such cre…

Sec. 36a-457. (Formerly Sec. 36-208). Supervisory committee. Members. Powers. Duties. Section 36a-457 is repealed, effective October 1, 2002. (1949 Rev., S. 5918; 1959, P.A. 63; 1961, P.A. 49; 50, S. 2; 1969, P.A. 268, S. 1, 2; P.A. 76-172, S. 1, 5; P.A. 81-173, S. 5; P.A. 85-415…

Sec. 36a-457a. Loan policy. (a) At least once a year, the governing board of each Connecticut credit union shall adopt a written loan policy governing loans made pursuant to sections 36a-457a to 36a-458a, inclusive. The governing board of each Connecticut credit union shall devel…

Sec. 36a-457b. Mortgage loans to members. (a) Subject to the requirements of this section, a Connecticut credit union may make one or more mortgage loans to its members. As used in this section, the term “mortgage loan” means a closed-end loan or line of credit secured wholly or …

Sec. 36a-458. (Formerly Sec. 36-209). Reserve requirements. Section 36a-458 is repealed, effective October 1, 2002. (1949 Rev., S. 5920; 1951, S. 2747d; 1971, P.A. 403, S. 1; P.A. 81-173, S. 2; P.A. 85-415, S. 26; P.A. 89-287, S. 2; P.A. 94-122, S. 213, 340; P.A. 02-73, S. 86.)

Sec. 36a-458a. Loans. Definitions. (a) As used in this section: (1) “Associated member” means any member with a shared ownership, investment or other pecuniary interest in a business or commercial endeavor with the borrower. (2) “Construction loan” means a loan for developing or …

Sec. 36a-459. (Formerly Sec. 36-210). Dividends. Section 36a-459 is repealed, effective October 1, 2002. (1949 Rev., S. 5921; 1955, S. 2748d; 1957, P.A. 110; 1961, P.A. 52; 53; 1969, P.A. 184, S. 2; P.A. 73-141; 73-390, S. 1, 2; P.A. 75-265, S. 1, 2; P.A. 80-24, S. 1, 2; P.A. 81-…

Sec. 36a-459a. Investment policy. (a) At least once a year, the governing board of each Connecticut credit union shall adopt a written investment policy governing investments made pursuant to this section and securities trading, if any. No Connecticut credit union shall make any …

Sec. 36a-460. (Formerly Sec. 36-211). Losses. Reduction of liabilities. Section 36a-460 is repealed, effective October 1, 2002. (1949 Rev., S. 5922; P.A. 77-179, S. 13; P.A. 85-415, S. 21; P.A. 94-122, S. 215, 340; P.A. 02-73, S. 86.)

Sec. 36a-460a. Corporate Connecticut credit union. (a) A single corporate Connecticut credit union may be organized and operated as a Connecticut credit union under the provisions of sections 36a-435a to 36a-472a, inclusive, and shall be subject to the provisions of said sections…

Sec. 36a-461. (Formerly Sec. 36-213). Deposit of funds; withdrawals. Registration of securities; inspection. Bonding of officers, employees and authorized agents. Section 36a-461 is repealed, effective October 1, 2002. (1949 Rev., S. 5924; 1951, 1953, 1955, S. 2749d; 1961, P.A. 1…

Sec. 36a-461a. Credit union service organizations. (a) With the approval of the commissioner and in accordance with subsection (d) of section 36a-459a, a Connecticut credit union may establish a Connecticut credit union service organization by itself or jointly with one or more o…