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

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…

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…

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…

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…

Secs. 36a-621 to 36a-624. Reserved for future use. PART VII CONNECTICUT BUSINESS AND INDUSTRIALDEVELOPMENT CORPORATION ACT

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…

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…

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…

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…

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…

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…

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 …

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…

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 …

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.

Sec. 36a-635. Reserved for future use. PART VIII INTERNATIONAL TRADE AND INVESTMENTCORPORATIONS

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…

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…

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…

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…

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.

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…

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.

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…

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…

Sec. 36a-647. (Formerly Sec. 36-243c). Enforcement powers of commissioner. Regulations. (a) The commissioner may adopt such regulations in accordance with the provisions of chapter 54 as may be necessary to carry out the purposes of sections 36a-645 to 36a-647, inclusive, includi…

Sec. 36a-648. Abusive, harassing, fraudulent, deceptive or misleading debt collection practices. Liability. Exemptions. Limitations on actions. (a) A creditor, as defined in section 36a-645, who uses any abusive, harassing, fraudulent, deceptive or misleading representation, devi…

Sec. 36a-648a. Credit card debt collection actions against parents or legal guardians of students. (a) No credit card issuer shall take any debt collection action, including, but not limited to, telephone calls or demand letters, against the parent or legal guardian of a student …

Sec. 36a-649. Definitions. As used in this section and sections 36a-650 and 36a-651: (1) “Claim” means a right to receive payment of a credit card debt; (2) “Claimant” means an entity that has, or purports to have, a claim against a debtor arising from coerced debt or allegedly c…

Sec. 36a-650. Civil liability re coerced debt. No individual shall knowingly cause another individual to incur coerced debt. Any individual who knowingly causes another individual to incur coerced debt (1) shall be civilly liable to the claimant for the amount of the coerced debt…

Sec. 36a-651. Suspension of collection activities and review by claimant. Determination by claimant. (a) A claimant shall suspend all collection activities that concern a debt identified by the debtor as coerced debt until the claimant has completed a review pursuant to subsectio…

Secs. 36a-652 to 36a-654. Reserved for future use. PART II DEBT ADJUSTERS AND DEBT NEGOTIATION

Sec. 36a-655. (Formerly Sec. 36-364). Definitions. As used in sections 36a-655 to 36a-665, inclusive: (1) “Advertise” or “advertising” has the same meaning as provided in section 36a-485. (2) “Bona fide nonprofit organization” means any organization that is exempt from taxation u…

Sec. 36a-656. (Formerly Sec. 36-365). License requirements and fees. Required system filings. Authority of commissioner to conduct criminal history records checks and deny application for license. Renewal of license. Automatic suspension of license. (a) No person shall engage in …

Sec. 36a-657. (Formerly Sec. 36-369). Suspension, revocation or refusal to renew license or taking of other action. Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business. (a) The commissioner may suspend, revok…

Sec. 36a-658. (Formerly Sec. 36-370). License required. Change in control persons, name or place of business. Use of name. Automatic suspension of license. Surrender of license. Required system filing or notice to commissioner. Unique identifier of license. Advertising of license…

Sec. 36a-659. (Formerly Sec. 36-372). Separate bank account for benefit of debtors. Books and records. Each licensee shall maintain a separate bank account for the benefit of debtors in which all payments received from debtors who are residents of Connecticut for the benefit of c…