Title 36a — Title 36a: The Banking Law of Connecticut
12 chapters · 703 sections in this title.
Conn. Gen. Stat. §§ 36a-590 to 36a-594 36a-590 to 36a-594
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Secs. 36a-590 to 36a-594. Reserved for future use. PART V PAYMENT INSTRUMENTS. MONEY TRANSMISSION
Conn. Gen. Stat. § 36a-595 (Formerly Sec. 36-530). Short title: Money Transmission Act.
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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…
Conn. Gen. Stat. § 36a-596 (Formerly Sec. 36-531). Definitions.
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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…
Conn. Gen. Stat. § 36a-597 (Formerly Sec. 36-532). License required. Penalty.
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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-…
Conn. Gen. Stat. § 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.
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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…
Conn. Gen. Stat. § 36a-599 (Formerly Sec. 36-534). License fees. Surrender of license. Plan and accounting. Termination of business.
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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…
Conn. Gen. Stat. § 36a-600 (Formerly Sec. 36-536). Investigation of applicant. Issuance of license. Authority of commissioner to deny application for license.
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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…
Conn. Gen. Stat. § 36a-601 (Formerly Sec. 36-537). Renewal of license. Automatic suspension of renewal license. Notice. Opportunity for hearing.
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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…
Conn. Gen. Stat. § 36a-602 (Formerly Sec. 36-538). Surety bond. Investments in lieu of surety bond.
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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…
Conn. Gen. Stat. § 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.
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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…
Conn. Gen. Stat. § 36a-604 (Formerly Sec. 36-540). Net worth requirements.
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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…
Conn. Gen. Stat. § 36a-605 (Formerly Sec. 36-541). Examination of licensees.
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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…
Conn. Gen. Stat. § 36a-606 (Formerly Sec. 36-542). Reports. Annual financial reports required.
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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…
Conn. Gen. Stat. § 36a-606a Federal reporting requirements. Anti-money-laundering program.
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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…
Conn. Gen. Stat. § 36a-607 (Formerly Sec. 36-543). Conduct of business authorized by delegate. Prohibited practices. Deadline to remit value received for transmission.
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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…
Conn. Gen. Stat. § 36a-608 (Formerly Sec. 36-544). Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business.
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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 …
Conn. Gen. Stat. § 36a-609 (Formerly Sec. 36-545). Exemptions.
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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…
Conn. Gen. Stat. § 36a-610 (Formerly Sec. 36-546). Regulations.
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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.…
Conn. Gen. Stat. § 36a-611 Maintenance of records. Unique identifier of license. Advertising of license.
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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…
Conn. Gen. Stat. § 36a-612 Notification of change in list of authorized delegates or locations.
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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…
Conn. Gen. Stat. § 36a-613 Virtual currency kiosks. Disclosures. Receipts. Fee and commission. Maximum daily transaction limits. Cancellation and refund. Requirements applicable to owners or operators.
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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…
Conn. Gen. Stat. § 36a-614 Regulations.
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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 …
Conn. Gen. Stat. § 36a-615 (Formerly Sec. 36-577). Definitions.
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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…
Conn. Gen. Stat. § 36a-616 (Formerly Sec. 36-578). Advance fees imposed by loan brokers prohibited.
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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 …
Conn. Gen. Stat. § 36a-617 (Formerly Sec. 36-580). Penalties for violations.
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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…
Conn. Gen. Stat. § 36a-618 (Formerly Sec. 36-581). Remedies.
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Sec. 36a-618. (Formerly Sec. 36-581). Remedies. Any loan broker who violates any provision of sections 36a-615 to 36a-620, inclusive, with respect to any person shall be liable to such person for actual damages, a reasonable attorney's fee, court costs and such punitive damages a…
Conn. Gen. Stat. § 36a-619 (Formerly Sec. 36-582). Remedies provided by sections 36a-615 to 36a-620, inclusive, not exclusive.
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Sec. 36a-619. (Formerly Sec. 36-582). Remedies provided by sections 36a-615 to 36a-620, inclusive, not exclusive. The remedies provided by sections 36a-615 to 36a-620, inclusive, are in addition to any other remedies provided by state or federal law. (P.A. 92-67, S. 6, 9.) Histor…
Conn. Gen. Stat. § 36a-620 (Formerly Sec. 36-583). Regulations.
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Sec. 36a-620. (Formerly Sec. 36-583). Regulations. The commissioner may adopt regulations, in accordance with the provisions of chapter 54, as may be necessary to carry out the provisions of sections 36a-615 to 36a-620, inclusive. (P.A. 92-67, S. 7, 9.) History: Sec. 36-583 trans…
Conn. Gen. Stat. §§ 36a-621 to 36a-624 36a-621 to 36a-624
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Secs. 36a-621 to 36a-624. Reserved for future use. PART VII CONNECTICUT BUSINESS AND INDUSTRIALDEVELOPMENT CORPORATION ACT
Conn. Gen. Stat. § 36a-625 Short title: Connecticut Business and Industrial Development Corporation Act.
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Sec. 36a-625. Short title: Connecticut Business and Industrial Development Corporation Act. Sections 36a-625 to 36a-634, inclusive, shall be known and may be cited as the “Connecticut Business and Industrial Development Corporation Act”. (P.A. 93-382, S. 56, 69; P.A. 94-122, S. 2…
Conn. Gen. Stat. § 36a-626 Definitions.
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Sec. 36a-626. Definitions. As used in sections 36a-625 to 36a-634, inclusive, unless the context otherwise requires: (1) “Business and industrial development corporation” means a person approved or seeking approval by the federal Small Business Administration as a participating l…
Conn. Gen. Stat. § 36a-627 License required. Exemptions.
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Sec. 36a-627. License required. Exemptions. (a) No person shall engage in the business of a business and industrial development corporation as a participating lender under the loan guarantee programs of the federal Small Business Administration in this state without having receiv…
Conn. Gen. Stat. § 36a-628 Application. Fee. Examination. Criminal history records check.
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Sec. 36a-628. Application. Fee. Examination. Criminal history records check. (a) An application for a license shall be in writing upon forms to be furnished by the commissioner and shall contain the full name and address of the applicant and, if the applicant is a corporation, ea…
Conn. Gen. Stat. § 36a-629 Safe and sound business practice required.
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Sec. 36a-629. Safe and sound business practice required. (a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (b) No licensee or the directors or officers of such licensee, if such licensee is a corporat…
Conn. Gen. Stat. § 36a-630 Licensees to provide financing and management assistance to small businesses.
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Sec. 36a-630. Licensees to provide financing and management assistance to small businesses. Each licensee shall use its best efforts to provide financing assistance to small business firms in cooperation with the federal Small Business Administration pursuant to Section 7(a) of t…
Conn. Gen. Stat. § 36a-631 Books and records. Annual financial reports.
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Sec. 36a-631. Books and records. Annual financial reports. (a) Each licensee shall make and keep such books, accounts and other records in such form and in such manner as the commissioner may by regulation or order require. All records so required shall be kept at such place and …
Conn. Gen. Stat. § 36a-632 Jurisdiction of Banking Commissioner.
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Sec. 36a-632. Jurisdiction of Banking Commissioner. Each licensee shall be an institution subject to the jurisdiction of the commissioner for purposes of sections 36a-17 and 36a-53. (P.A. 93-382, S. 64, 69; P.A. 94-122, S. 292, 340.) History: P.A. 93-382 effective July 1, 1993; P…
Conn. Gen. Stat. § 36a-633 License fee. Costs of examination to be borne by applicants. Automatic suspension of license or renewal license. Notice. Opportunity for hearing.
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Sec. 36a-633. License fee. Costs of examination to be borne by applicants. Automatic suspension of license or renewal license. Notice. Opportunity for hearing. (a) Each applicant for a license, at the time of making such application, shall pay to the commissioner a nonrefundable …
Conn. Gen. Stat. § 36a-634 Regulations.
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Sec. 36a-634. Regulations. The commissioner shall adopt, pursuant to chapter 54, such regulations as may be necessary to carry out the provisions of sections 36a-625 to 36a-633, inclusive. (P.A. 93-382, S. 66, 69.) History: P.A. 93-382 effective July 1, 1993.
Conn. Gen. Stat. § 36a-635 36a-635
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Sec. 36a-635. Reserved for future use. PART VIII INTERNATIONAL TRADE AND INVESTMENTCORPORATIONS
Conn. Gen. Stat. § 36a-636 Defintions.
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Sec. 36a-636. Defintions. As used in this section and sections 36a-636a to 36a-636f, inclusive, unless the context otherwise requires: (1) “International trade and investment corporation” means a person, as defined in section 36a-2, approved or seeking approval by the Export-Impo…
Conn. Gen. Stat. § 36a-636a License.
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Sec. 36a-636a. License. (a) The Banking Commissioner may issue a license to any international trade and investment corporation that submits an application pursuant to subsection (b) of this section and meets the requirements of this section and sections 36a-636b to 36a-636e, incl…
Conn. Gen. Stat. § 36a-636b Duties of licensees.
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Sec. 36a-636b. Duties of licensees. (a) Each licensee shall use its best efforts to provide financing in conjunction with, and fulfill the expectations of, the federal financing guarantee programs in which the licensee participates. (b) Each licensee shall transact its business i…
Conn. Gen. Stat. § 36a-636c Books and records. Annual report.
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Sec. 36a-636c. Books and records. Annual report. (a) Each licensee shall make and keep such books, accounts and other records in such form and in such manner as the commissioner may by regulation or order require. (b) Each licensee shall, not more than ninety days after the close…
Conn. Gen. Stat. § 36a-636d Licensees subject to jurisdiction of commissioner.
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Sec. 36a-636d. Licensees subject to jurisdiction of commissioner. Each licensee shall be an institution subject to the jurisdiction of the commissioner for purposes of sections 36a-17 and 36a-53. (P.A. 16-65, S. 69.) History: P.A. 16-65 effective May 26, 2016.
Conn. Gen. Stat. § 36a-636e License fees and expenses. Expiration and renewal. Automatic suspension. Surrender or termination of license.
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Sec. 36a-636e. License fees and expenses. Expiration and renewal. Automatic suspension. Surrender or termination of license. (a) Each applicant for a license, at the time of making such application, shall pay to the commissioner a nonrefundable license fee of two thousand five hu…
Conn. Gen. Stat. § 36a-636f Regulations.
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Sec. 36a-636f. Regulations. The commissioner may adopt regulations, in accordance with the provisions of chapter 54, to administer the provisions of sections 36a-636 to 36a-636e, inclusive. (P.A. 16-65, S. 71.) History: P.A. 16-65 effective May 26, 2016.
Conn. Gen. Stat. §§ 36a-637 to 36a-644 36a-637 to 36a-644
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Secs. 36a-637 to 36a-644. Reserved for future use.
Conn. Gen. Stat. § 36a-645 (Formerly Sec. 36-243a). Definitions.
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Sec. 36a-645. (Formerly Sec. 36-243a). Definitions. As used in sections 36a-645 to 36a-647, inclusive, unless the context otherwise requires: (1) “Consumer debtor” means any natural person residing in this state who owes a debt to a creditor. (2) “Creditor” means (A) any person t…
Conn. Gen. Stat. § 36a-646 (Formerly Sec. 36-243b). Prohibited acts.
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Sec. 36a-646. (Formerly Sec. 36-243b). Prohibited acts. No creditor shall use any abusive, harassing, fraudulent, deceptive or misleading representation, device or practice to collect or attempt to collect any debt. (P.A. 77-418, S. 2.) History: Sec. 36-243b transferred to Sec. 3…