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

Sec. 36a-544. (Formerly Sec. 36-260b). Regulations. (a) The commissioner may adopt regulations, in accordance with chapter 54, as necessary to carry out the provisions of sections 36a-535 to 36a-547, inclusive, including the defining of any terms, whether or not used in said sect…

Sec. 36a-545. (Formerly Sec. 36-262a). Books and records. Each applicant or licensee shall have established bookkeeping methods and shall keep books and records at the place of business specified in the license in a form and manner satisfactory to the commissioner, or shall make …

Sec. 36a-546. (Formerly Sec. 36-263). Penalty. Any individual, corporation, partnership, limited partnership, association or other unincorporated enterprise, and any responsible officer, partner or employee thereof, who wilfully fails to comply with or violates any of the provisi…

Sec. 36a-547. Retail installment contract records. On and after October 1, 2018, a sales finance company, as defined in section 36a-535, shall acquire and maintain adequate records in the form and manner as the commissioner shall direct in each retail installment contract acquire…

Secs. 36a-548 to 36a-554. Reserved for future use. PART III* SMALL LOAN LENDING AND RELATED ACTIVITIES *See Sec. 42a-9-203 re attachment of security interest. Annotation to former chapter 647: Cited. 23 CS 184.

Sec. 36a-555. (Formerly Sec. 36-225). Definitions. As used in this section and sections 36a-556 to 36a-573, inclusive: (1) “Advertise” or “advertising” means any announcement, statement, assertion or representation that is placed before the public in a newspaper, magazine or othe…

Sec. 36a-556. (Formerly Sec. 36-226). Small loan lending and related activities prohibited without license or exemption. License required for certain persons acting for exempt person. (a) Without having first obtained a small loan license from the commissioner pursuant to section…

Sec. 36a-557. (Formerly Sec. 36-227). Exemptions. (a) The following persons are exempt from the requirement for licensure set forth in section 36a-556: (1) A licensed pawnbroker; (2) A person licensed as a consumer collection agency in accordance with section 36a-801 when engaged…

Sec. 36a-558. (Formerly Sec. 36-228). Prohibitions re small loans and related activities. Permitted small loan provisions. Open-end small loans. Lead generation activities. (a) Except as provided in subsection (c) of section 36a-557, no person licensed or required to be licensed …

Sec. 36a-559. (Formerly Sec. 36-229). Credit life insurance. Credit accident and health insurance. (a) Subject to the conditions provided in this section, insurance may be sold to a Connecticut borrower by a licensee at the request of the borrower (1) for insuring the life of per…

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…