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

Sec. 36a-235. (Formerly Sec. 36-49). Conditions under which transfers of or liens on property or assets of Connecticut banks and credit unions in receivership are voidable. Personal liability of persons who implemented or benefited from voidable transfers or liens. Issuance or le…

Sec. 36a-236. (Formerly Sec. 36-50). Final distribution of receivership accounts. Within sixty days after all the assets of the receivership have been converted into money, the receiver shall apply to the superior court having jurisdiction for an order for the final disposition o…

Sec. 36a-237. (Formerly Sec. 36-51). Distribution of assets of any Connecticut bank, trust bank or innovation bank. Order of priority. Distribution of assets of a Connecticut credit union in event of liquidation. Sequence of distribution. (a) The assets of any Connecticut bank, o…

Secs. 36a-237a to 36a-237e. Reserved for future use.

Sec. 36a-237f. Procedures re filing claims against the estate of trust banks and innovation banks in receivership. Judgment. Appeal. Payment of claims. (a) To receive payment of a claim against the estate of a trust bank or innovation bank in receivership, a person who has a clai…

Sec. 36a-237g. Disposition of fiduciary records re fiduciary accounts of trust banks and innovation banks. (a) All fiduciary records relating to the administration of fiduciary accounts of a trust bank or innovation bank shall be turned over to the successor fiduciary, as defined…

Sec. 36a-237h. Immunity for receivers and conservators of trust banks and innovation banks and their employees. (a) Persons entitled to protection under this section shall be: (1) All receivers or conservators of trust banks or innovation banks, including present and former recei…

Sec. 36a-238. (Formerly Sec. 36-51a). Subrogation of Federal Deposit Insurance Corporation, National Credit Union Administration or successor agencies. Whenever the Federal Deposit Insurance Corporation or National Credit Union Administration, or their successor agencies, pay or …

Sec. 36a-239. (Formerly Sec. 36-52). Discharge of receiver or conservator. (a) After a final disposition of funds as provided in sections 36a-236 and 36a-237, the receiver, upon applying to the superior court having jurisdiction and after such public notice as the court may requi…

Sec. 36a-23a. Designation of Martin Luther King, Jr. Corridors. The Banking Commissioner shall designate seven Martin Luther King, Jr. Corridors to promote secured and unsecured lending in the state. (P.A. 16-65, S. 6; P.A. 24-23, S. 1.) History: P.A. 24-23 replaced “three” with …

Sec. 36a-24. Hearings. (a) The commissioner, in the commissioner's discretion, may hold a hearing in connection with any application filed with the commissioner and otherwise, with respect to any matter within the commissioner's jurisdiction, as the commissioner may determine. In…

Secs. 36a-240 to 36a-249. Reserved for future use.

Sec. 36a-24a. Failure of critical functions of computer-based information systems owned or used by depository institutions. Section 36a-24a is repealed, effective October 1, 2002. (P.A. 99-18, S. 1, 2; P.A. 02-73, S. 74; S.A. 02-12, S. 1.)

Sec. 36a-24b. System-based licensure and registration. (a) In addition to any other duties imposed upon the commissioner by law, the commissioner is authorized to require persons engaged in a financial services industry subject to the commissioner's jurisdiction to be licensed or…

Sec. 36a-24c. Location of activity pursuant to a license or registration. The Banking Commissioner may, by order, establish a process to permit individuals engaging in an activity pursuant to a license or registration issued by the commissioner under title 36a to conduct such act…

Sec. 36a-25. Office of the Student Loan Ombudsman. Duties. Student loan borrower education course. (a) There is established an Office of the Student Loan Ombudsman, which shall be within the Department of Banking for administrative purposes only, to provide timely assistance to a…

Sec. 36a-26. Deposit index. The Banking Commissioner shall determine the deposit index for each calendar year and publish such deposit index in the Department of Banking's news bulletin and on the department's Internet web site not later than December fifteenth of the prior year.…

Secs. 36a-27 to 36a-29. Reserved for future use. PART II COMMUNITY REINVESTMENT (A) BANKS

Sec. 36a-3. Other defined terms. Other definitions applying to this title or to specified parts thereof and the sections in which they appear are: “Account”. Sections 36a-155 and 36a-365. “Additional proceeds”. Section 36a-746e. “Administrative expense”. Section 36a-237. “Advance…

Sec. 36a-30. (Formerly Sec. 36-52a). Community reinvestment. General requirements. (a) As used in sections 36a-30 to 36a-33, inclusive, unless the context otherwise requires: (1) “Bank” means any bank or out-of-state bank that maintains in this state a branch as defined in sectio…

Sec. 36a-31. (Formerly Sec. 36-52b). Community reinvestment notice. (a) Except as provided in subsection (d) of this section, until June 30, 1997, each bank shall provide, in the public lobby of each of its offices other than satellite devices, a public notice substantially simil…

Sec. 36a-32. (Formerly Sec. 36-52c). Assessment of banks. Factors to be considered. Community reinvestment performance evaluation. (a) In connection with the examination of a bank under section 36a-17, the commissioner shall assess the record of the performance of the bank in hel…

Sec. 36a-33. (Formerly Sec. 36-52d). Commissioner to prepare lists of banks. The commissioner shall annually prepare and submit to the State Treasurer a list of banks which have received a rating of needs to improve or of substantial noncompliance in connection with the community…

Sec. 36a-34. Findings of commissioner re Community Reinvestment Act compliance, consumer protection law compliance, adequacy of banking services to be provided and anticompetitive effects in connection with certain transaction approvals. (a) As used in subsection (b) of this sect…

Secs. 36a-35 and 36a-36. Reserved for future use. (B) CREDIT UNIONS

Sec. 36a-37. Community credit unions: Definitions. As used in sections 36a-37 to 36a-37e, inclusive: (1) “Assessment area” means one or more of the geographic areas as delineated by a community credit union that (A) consist of one or more metropolitan statistical areas or one or …

Sec. 36a-37a. Community reinvestment: General requirements. (a) Each community credit union shall satisfy its continuing and affirmative obligation to help meet the credit needs of its community, including low-income and moderate-income neighborhoods, consistent with the safe and…

Sec. 36a-37b. Community reinvestment performance evaluation; copies. (a) Each community credit union shall provide to the public upon request copies of the most recent community reinvestment performance evaluation prepared by the commissioner pursuant to section 36a-37a. A commun…

Sec. 36a-37c. Community reinvestment notice. Each community credit union shall provide in the public lobby of its principal office and each of its subsidiary offices in this state a public notice substantially similar to the following: STATE OF CONNECTICUTCOMMUNITY REINVESTMENT N…

Sec. 36a-37d. Community reinvestment performance; effects in connection with certain approvals. The commissioner may consider the community reinvestment performance of a community credit union in connection with (1) an approval of an amendment to the certificate of incorporation …

Sec. 36a-37e. Commissioner to prepare lists of credit unions. The commissioner shall annually prepare and submit to the State Treasurer a list of community credit unions that the commissioner rated in a community reinvestment performance evaluation prepared pursuant to section 36…

Secs. 36a-38 and 36a-39. Reserved for future use. PART III BANK RECORDS. DISCLOSURE OF RECORDS

Secs. 36a-4 to 36a-9. Reserved for future use.

Sec. 36a-40. (Formerly Sec. 36-2a). Retention of Connecticut bank and credit union records. The commissioner may, by regulation adopted in accordance with chapter 54, prescribe periods of time for the retention of records of any Connecticut bank or Connecticut credit union. Recor…

Sec. 36a-41. (Formerly Sec. 36-9j). Definitions. As used in sections 36a-41 to 36a-45, inclusive: (1) “Financial institution” means a bank, Connecticut credit union, federal credit union, an out-of-state bank that maintains a branch in this state and an out-of-state credit union …

Sec. 36a-42. (Formerly Sec. 36-9k). Disclosure of financial records prohibited; exceptions. (a) A financial institution may not disclose to any person, except to the customer or the customer's duly authorized agent, any financial records relating to such customer unless the custo…

Sec. 36a-43. (Formerly Sec. 36-9l). Disclosure of financial records pursuant to lawful authority. (a) Except as provided in section 36a-44, a financial institution shall disclose financial records pursuant to a lawful subpoena, summons, warrant or court order served upon it if th…

Sec. 36a-44. (Formerly Sec. 36-9m). Exceptions re confidential treatment of customer records. No provision of sections 36a-41 to 36a-45, inclusive, shall be construed to prohibit: (1) The preparation, examination, handling or maintenance of any financial records by any officer, e…

Sec. 36a-44a. Customer protections. Compliance with Gramm-Leach-Bliley Financial Modernization Act. Each financial institution that is a bank, Connecticut credit union, federal credit union, an out-of-state bank that maintains a branch in this state, an out-of-state trust company…

Sec. 36a-45. (Formerly Sec. 36-9n). Violations of financial records disclosure provisions. (a) Any officer or employee of a financial institution who knowingly and wilfully furnishes financial records in violation of section 36a-41, subsection (a) of section 36a-42, section 36a-4…

Secs. 36a-46 to 36a-49. Reserved for future use. PART IV VIOLATIONS OF THE BANKING LAWS

Sec. 36a-50. Enforcement action. Notice and hearing. Civil penalty. Injunction, restraining order and writ. Restitution and disgorgement. Costs. (a)(1) Whenever the commissioner finds as the result of an investigation that any person has violated any provision of the general stat…

Sec. 36a-51. Suspension, revocation or refusal to renew license. Hearings. Surrender or expiration of license. Withdrawal of license application. Exceptions. (a) The commissioner may suspend, revoke or refuse to renew any license issued by the commissioner under any provision of …

Sec. 36a-51a. Removal from office and from employment or retention as independent contractor. Notice and hearing. (a) The Banking Commissioner may order a licensee to remove any individual from office and from employment or retention as an independent contractor in a business sub…

Sec. 36a-52. Cease and desist orders. Notice and hearing. (a) Whenever it appears to the commissioner that any person has violated, is violating or is about to violate any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule, or o…

Sec. 36a-52a. Notice to licensees and registrants by personal delivery. Notwithstanding the provisions of subsection (c) of section 4-182, the commissioner may provide notice pursuant to section 4-182 or sections 36a-50 to 36a-52, inclusive, to any person licensed by or registere…

Sec. 36a-53. (Formerly Sec. 36-25). Proceedings by commissioner upon violation of banking laws. Civil penalties. (a) As used in this section, (1) “related person” means a director, officer, employee, independent contractor, manager or general partner, and (2) “Connecticut holding…

Sec. 36a-53a. False or misleading statements prohibited. No person shall make or cause to be made orally or in any document filed with the commissioner or in any proceeding, investigation or examination under this title, any statement which is, at the time and in the light of the…

Sec. 36a-53b. Prohibitions re activities subject to jurisdiction of commissioner. No person shall, in connection with any activity subject to the jurisdiction of the commissioner: (1) Employ any device, scheme or artifice to defraud; (2) make any untrue statement of a material fa…

Sec. 36a-54. (Formerly Sec. 36-6). False entries by officials of financial institutions. Any officer, agent, or employee of any financial institution who makes any false entry upon the collection or forwarding register or any other book of any such institution, or who fails corre…