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

Sec. 36a-560. (Formerly Sec. 36-230). Restrictions on licensee. No licensee shall: (1) Cause a borrower, including, but not limited to, a comaker or guarantor, to owe at any time more than fifty thousand dollars in principal on one or more small loans; (2) Induce or permit a borr…

Sec. 36a-561. (Formerly Sec. 36-231). Prohibited practices. No person licensed or required to be licensed and no control person shall, directly or indirectly: (1) Assist or aid and abet any person in conduct prohibited by sections 36a-555 to 36a-573, inclusive; (2) Employ any sch…

Sec. 36a-562. (Formerly Sec. 36-232). Main and branch offices. In each case where a license is required by section 36a-556, the licensee shall have a main office license and may have a branch office license. All offices shall be located in the United States. Each main office shal…

Sec. 36a-563. (Formerly Sec. 36-233). Application for small loan license. (a) An application for a small loan license shall be made and processed on the system pursuant to section 36a-24b, in the form prescribed by the commissioner on the system. Each such form shall contain cont…

Sec. 36a-564. (Formerly Sec. 36-233a). License fees. Renewal. Automatic suspension. (a) Each applicant for a small loan license shall pay to the system any required fees or charges and a license fee of four hundred dollars. Each such license shall expire at the close of business …

Sec. 36a-565. (Formerly Sec. 36-233b). Findings required for issuance of license. Denial of application. Minimum funds. Standards for renewal. Surrender of license. (a) Upon the filing of the required application and license fee under sections 36a-563 and 36a-564, the commissione…

Sec. 36a-566. (Formerly Sec. 36-234). License not assignable or transferable. Use of name. Change in control person, name or place of business. Automatic suspension of license. (a) No license issued under section 36a-556 shall be assignable or transferable. Any change in any cont…

Sec. 36a-567. (Formerly Sec. 36-235). Change in information. Required system filing or notice to commissioner. (a) Except as otherwise specified in section 36a-566, each small loan license applicant or licensee, and each control person, qualified individual and branch manager of …

Sec. 36a-568. (Formerly Sec. 36-236). Unique identifier of licensee. Advertising of licensee. (a) The unique identifier of any small loan licensee shall be clearly shown on the licensee's application forms for a small loan and all of the licensee's solicitations or advertisements…

Sec. 36a-569. (Formerly Sec. 36-237). Books and records. Reports of condition. Submission of sworn statement and other information. (a) Each small loan licensee shall keep adequate books and records at the place of business specified in the license in such form and in such manner…

Sec. 36a-570. (Formerly Sec. 36-239). Suspension, revocation or refusal to renew license or taking of other action. Enforcement action and orders. Removal from office and employment. Temporary order to cease business. (a) The commissioner may suspend, revoke or refuse to renew an…

Sec. 36a-571. (Formerly Sec. 36-241). License suspension. Section 36a-571 is repealed, effective October 1, 2002. (1949 Rev., S. 5948 (2); P.A. 02-111, S. 51.)

Sec. 36a-572. (Formerly Sec. 36-242). Investigations and examinations. Section 36a-572 is repealed, effective October 1, 2018. (1949 Rev., 5942; 1949, S. 2758d; P.A. 74-254, S. 5; P.A. 78-303, S. 53, 136; P.A. 94-122, S. 267, 340; P.A. 02-111, S. 38; P.A. 04-69, S. 21; P.A. 07-91…

Sec. 36a-573. (Formerly Sec. 36-243). Regulations. The commissioner may adopt such regulations, in accordance with chapter 54, as the commissioner deems necessary to administer and enforce the provisions of this section and sections 36a-555 to 36a-570, inclusive. (1949 Rev., S. 5…

Secs. 36a-574 to 36a-579. Reserved for future use. PART IV CHECK CASHING SERVICES

Sec. 36a-580. (Formerly Sec. 36-564). Definitions. Applicability of provisions. (a) For purposes of this chapter: (1) “Advertise” or “advertising” has the same meaning as provided in section 36a-485. (2) “Branch office” means a location other than the main office at which a licen…

Sec. 36a-581. (Formerly Sec. 36-565). License required. Application. Criminal history records check. Change in information. Required system filing or notice to commissioner. Authority of commissioner to deny application for license. Abandonment of application. (a) Except as provi…

Sec. 36a-582. (Formerly Sec. 36-566). License and location fees. Automatic suspension of license or renewal license. Notice. Opportunity for hearing. Expenses of examination. (a) Each applicant for a check cashing license shall pay to the system any required fees or charges and a…

Sec. 36a-583. (Formerly Sec. 36-567). License not transferable or assignable. Change in control person. Automatic suspension. Surrender of license. (a)(1) A license issued under section 36a-581 shall not be transferable or assignable. A change in any control person of the license…

Sec. 36a-584. (Formerly Sec. 36-568). Maximum fees for the cashing of state checks. Regulations. Maximum amount of check that may be cashed by check cashing licensee. Exceptions. Report. (a) A check cashing licensee shall not charge or collect in fees, charges or otherwise, a sum…

Sec. 36a-585. (Formerly Sec. 36-569). Maximum fees set by Banking Commissioner. The commissioner shall, by regulation adopted in accordance with the provisions of chapter 54, establish the maximum fees which may be charged by a licensee for cashing a check, draft or money order d…

Sec. 36a-586. (Formerly Sec. 36-570). Records to be maintained by check cashing license. Reporting requirements. Prohibited acts. Advertisements. (a) Each check cashing licensee shall use and maintain at a general facility in this state, in the form satisfactory to the commission…

Sec. 36a-587. (Formerly Sec. 36-571). Suspension, revocation or refusal to renew license or taking of other action. Removal from office and from employment or retention. Temporary order to cease business. (a) The commissioner may suspend, revoke or refuse to renew any license iss…

Sec. 36a-588. (Formerly Sec. 36-572). Regulations. The commissioner shall adopt, pursuant to chapter 54, such regulations as may be necessary to carry out the provisions of sections 36a-580 to 36a-589, inclusive. (P.A. 88-200, S. 8.) History: Sec. 21-118 transferred to Sec. 36-57…

Sec. 36a-589. (Formerly Sec. 36-573). Violations. A violation of any of the provisions of sections 36a-580 to 36a-589, inclusive, shall be deemed an unfair or deceptive trade practice under subsection (a) of section 42-110b. (P.A. 88-200, S. 9.) History: Sec. 21-119 transferred t…

Secs. 36a-590 to 36a-594. Reserved for future use. PART V PAYMENT INSTRUMENTS. MONEY TRANSMISSION

Sec. 36a-595. (Formerly Sec. 36-530). Short title: Money Transmission Act. Sections 36a-595 to 36a-612, inclusive, shall be known and may be cited as the “Money Transmission Act”. (P.A. 81-264, S. 1; P.A. 01-56, S. 2; P.A. 13-253, S. 1.) History: Sec. 36-530 transferred to Sec. 3…

Sec. 36a-596. (Formerly Sec. 36-531). Definitions. As used in sections 36a-595 to 36a-614, inclusive, unless the context otherwise requires: (1) “Advertise” or “advertising” has the same meaning as provided in section 36a-485. (2) “Authorized delegate” means a person designated b…

Sec. 36a-597. (Formerly Sec. 36-532). License required. Penalty. (a) No person shall engage in the business of money transmission in this state, or advertise or solicit such services, without a main office license issued by the commissioner as provided in sections 36a-595 to 36a-…

Sec. 36a-598. (Formerly Sec. 36-533). Application. Criminal history records check. Abandonment of application. Required system filing or notice to commissioner. License not assignable or transferable. Use of name. Automatic suspension. (a) Each application for an initial or renew…

Sec. 36a-599. (Formerly Sec. 36-534). License fees. Surrender of license. Plan and accounting. Termination of business. (a) Each applicant for a money transmission license shall pay to the system any required fees or charges and a license fee of one thousand eight hundred seventy…

Sec. 36a-600. (Formerly Sec. 36-536). Investigation of applicant. Issuance of license. Authority of commissioner to deny application for license. (a) Upon the filing of an application for an initial license, and the payment of required fees, the commissioner shall investigate the…

Sec. 36a-601. (Formerly Sec. 36-537). Renewal of license. Automatic suspension of renewal license. Notice. Opportunity for hearing. (a) The minimum standards for renewal of a license shall include the following: (1) The applicant continues to meet the minimum standards under sect…

Sec. 36a-602. (Formerly Sec. 36-538). Surety bond. Investments in lieu of surety bond. (a) As a condition for the issuance and retention of the license, applicants for a license and licensees shall file with the commissioner a surety bond, the form of which shall be approved by t…

Sec. 36a-603. (Formerly Sec. 36-539). Investments equal to amount of money transmissions. Virtual currency equal to amount owed or obligated. Investments and virtual currency held in trust. (a) Each licensee shall at all times maintain permissible investments having a value, comp…

Sec. 36a-604. (Formerly Sec. 36-540). Net worth requirements. (a) Each licensee which issues or sells payment instruments in this state which are checks, drafts or money orders shall at all times have a tangible net worth of at least one hundred thousand dollars. (b) Each license…

Sec. 36a-605. (Formerly Sec. 36-541). Examination of licensees. In connection with the examination of a licensee under section 36a-17, the commissioner may also examine the authorized delegates of such licensee. (P.A. 81-264, S. 12; P.A. 87-9, S. 2, 3; P.A. 94-122, S. 281, 340; P…

Sec. 36a-606. (Formerly Sec. 36-542). Reports. Annual financial reports required. (a) Any person making any filing or submission of any information on the system shall do so in accordance with the procedures and requirements of the system and pay the applicable fees or charges to…

Sec. 36a-606a. Federal reporting requirements. Anti-money-laundering program. (a) Each licensee shall comply with the applicable provisions of the Currency and Foreign Transactions Reporting Act, 31 USC Section 5311 et seq., as from time to time amended, and any regulations adopt…

Sec. 36a-607. (Formerly Sec. 36-543). Conduct of business authorized by delegate. Prohibited practices. Deadline to remit value received for transmission. (a) A licensee may conduct its business at one or more locations within this state as follows: (1) The business may be conduc…

Sec. 36a-608. (Formerly Sec. 36-544). Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business. (a) The commissioner shall make such investigations as the commissioner considers necessary to determine whether any …

Sec. 36a-609. (Formerly Sec. 36-545). Exemptions. The provisions of sections 36a-597 to 36a-607, inclusive, and sections 36a-611 and 36a-612 shall not apply to: (1) Any federally insured federal bank, out-of-state bank, Connecticut bank, Connecticut credit union, federal credit u…

Sec. 36a-610. (Formerly Sec. 36-546). Regulations. The commissioner may adopt regulations, in accordance with chapter 54, which are necessary or appropriate for the administration of sections 36a-595 to 36a-609, inclusive, and sections 36a-611 and 36a-612. (P.A. 81-264, S. 17; P.…

Sec. 36a-611. Maintenance of records. Unique identifier of license. Advertising of license. (a) Each licensee shall maintain and prepare such records as will enable the commissioner to determine whether the licensee and any of its authorized delegates are complying with the provi…

Sec. 36a-612. Notification of change in list of authorized delegates or locations. A licensee shall notify the commissioner on the system not later than fifteen days after the date of any change in the list of the licensee's authorized delegates or locations where the licensee or…

Sec. 36a-613. Virtual currency kiosks. Disclosures. Receipts. Fee and commission. Maximum daily transaction limits. Cancellation and refund. Requirements applicable to owners or operators. (a) The owner or operator of a virtual currency kiosk shall, in establishing a relationship…

Sec. 36a-614. Regulations. (a) For purposes of this section, “commissioner” has the same meaning as provided in section 36a-2. (b) The commissioner may, in accordance with the provisions of chapter 54, adopt, amend and rescind regulations, forms and orders governing the business …

Sec. 36a-615. (Formerly Sec. 36-577). Definitions. As used in sections 36a-615 to 36a-620, inclusive, unless the context otherwise requires: (1) “Advance fee” means any consideration paid or given, directly or indirectly, to a loan broker prior to the distribution of the proceeds…

Sec. 36a-616. (Formerly Sec. 36-578). Advance fees imposed by loan brokers prohibited. No loan broker may assess, collect, charge, impose or cause to be paid, directly or indirectly, an advance fee as an incident to, condition of or in connection with providing the services of a …

Sec. 36a-617. (Formerly Sec. 36-580). Penalties for violations. Any loan broker who knowingly violates any provision of sections 36a-615 to 36a-620, inclusive, or any regulation or order adopted or issued under said sections, shall be fined not more than one thousand dollars or i…