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

Sec. 36a-663. (Formerly Sec. 36-378). Exceptions. The provisions of sections 36a-655 to 36a-665, inclusive, shall not apply to the following: (1) Any attorney admitted to the practice of law in this state who engages in debt adjustment as an ancillary matter to such attorney's re…

Sec. 36a-664. (Formerly Sec. 36-380). Surety bond required. Form of surety bond. Cancellation of bond. Notice. Automatic suspension of license. Notice. Opportunity for hearing. (a)(1) Except as provided in subdivision (2) of this subsection, no such license, and no renewal thereo…

Sec. 36a-665. (Formerly Sec. 36-381). Penalties. (a) Any person who engages in debt adjustment without a license as required by sections 36a-655 to 36a-665, inclusive, shall be fined not more than one thousand dollars or imprisoned more than one year, or both, for each violation.…

Sec. 36a-671. Definitions. Debt negotiation. License application, requirements and fees. Authority of commissioner to conduct criminal history records checks and deny application for license. Abandonment of application. License renewal. Automatic suspension of license or renewal …

Sec. 36a-671a. Suspension, revocation or refusal to renew license or taking other action. Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business. (a) The commissioner may suspend, revoke or refuse to renew any l…

Sec. 36a-671b. Debt negotiation service contract required. Fees, commissions and other valuable consideration. Noncompliant contracts voidable by consumer. (a) A debt negotiator shall provide to each debtor a contract that shall include a complete, detailed list of services to be…

Sec. 36a-671c. Exceptions. The provisions of sections 36a-671 to 36a-671d, inclusive, shall not apply to the following: (1) Any attorney admitted to the practice of law in this state who engages or offers to engage in debt negotiation as an ancillary matter to such attorney's rep…

Sec. 36a-671d. Surety bond required. Form of surety bond. Cancellation of bond. Automatic suspension of license. Notice. Opportunity for hearing. Determination of penal sum. Aggregate amount of residential loans. (a)(1) No debt negotiation license, and no renewal thereof, shall b…

Sec. 36a-671e. Requirements re mortgage loan originator license. (a) No person licensed to engage or offer to engage in debt negotiation or exempt from such licensure shall permit any individual to engage or offer to engage in debt negotiation of a residential mortgage loan on be…

Sec. 36a-671f. Prohibited practices. No person who is required to be licensed and who is subject to the provisions of this section and sections 36a-671 to 36a-671e, inclusive, and no control person, shall, directly or indirectly: (1) Employ any scheme, device or artifice to defra…

Secs. 36a-672 to 36a-674. Reserved for future use. PART III* CONNECTICUT TRUTH-IN-LENDING ACT *Annotations to former chapter 657: Cited. 205 C. 319; 223 C. 80. Cited. 12 CA 670; 18 CA 16; 27 CA 628. Cited. 34 CS 154; 35 CS 508. Since extension of credit was to other than a natura…

Sec. 36a-675. (Formerly Sec. 36-416). Short title: Connecticut Truth-in-Lending Act. Sections 36a-675 to 36a-686, inclusive, shall be known and may be cited as the “Connecticut Truth-in-Lending Act”. (1969, P.A. 454, S. 24; P.A. 15-235, S. 1.) History: Sec. 36-416 transferred to …

Sec. 36a-676. (Formerly Sec. 36-393). Definitions. (a) As used in part II of chapter 668, the Connecticut Truth-in-Lending Act, sections 36a-770 to 36a-788, inclusive, 42-100b and 42-100c, unless the context otherwise requires: (1) “Consumer Credit Protection Act” means 15 USC Ch…

Sec. 36a-677. (Formerly Sec. 36-393a). State policy. (a) It is the policy of this state to (1) enhance economic stabilization and strengthen competition among the various businesses engaged in the extension of consumer credit or in the leasing of consumer goods and to serve the i…

Sec. 36a-678. (Formerly Sec. 36-393b). Compliance with Consumer Credit Protection Act. Exempt transactions. (a) Except as otherwise provided in the Connecticut Truth-in-Lending Act or regulations adopted by the commissioner, each person shall comply with all provisions of the Con…

Sec. 36a-679. (Formerly Sec. 36-395). Regulations. (a) The commissioner may adopt regulations, in accordance with chapter 54, to carry out the provisions of the Connecticut Truth-in-Lending Act, subdivision (13) of subsection (c) of section 36a-770, and sections 36a-771, 36a-774 …

Sec. 36a-680. (Formerly Sec. 36-398). Effect of inconsistent law. (a) If the commissioner finds that the requirements of any other law of this state relating to the disclosure of information in connection with consumer credit transactions are inconsistent with the provisions of t…

Sec. 36a-681. (Formerly Sec. 36-399). Penalty. Any person who wilfully and knowingly (1) gives false or inaccurate information or fails to provide information which such person is required to disclose under the provisions of sections 36a-567, 36a-568 and the Connecticut Truth-in-…

Sec. 36a-682. (Formerly Sec. 36-400). Compliance of governmental instruments. Exemptions from penalties. (a) Any department or agency of the state or any political subdivision thereof which administers a credit program in which it extends, insures or guarantees consumer credit an…

Sec. 36a-683. (Formerly Sec. 36-407). Failure to comply; liability. Civil action. Right to rescind. (a) Except as otherwise provided in this section, any creditor who fails to comply with any requirement of the Connecticut Truth-in-Lending Act, or of section 36a-771 or 36a-774, w…

Sec. 36a-684. (Formerly Sec. 36-414). Enforcement. Disclosure errors and adjustments. (a) The commissioner shall enforce the requirements of sections 36a-567, 36a-568, the Connecticut Truth-in-Lending Act, subdivision (13) of subsection (c) of section 36a-770, and sections 36a-77…

Sec. 36a-685. (Formerly Sec. 36-415). Unenforceable agreements. (a) If it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other crimin…

Sec. 36a-686. Civil penalty. Liability. (a) In addition to the enforcement provisions in the Connecticut Truth-in-Lending Act, the Banking Commissioner may order any person who violates 15 USC 1639e, as amended from time to time, to pay a civil penalty as provided in subsection (…

Secs. 36a-687 to 36a-689. Reserved for future use. PART IV INTEREST AND FINANCE CHARGE REBATES

Sec. 36a-690. (Formerly Sec. 36-417z). Calculation of interest or finance charge rebates. Prohibited methods. Transactions affected. (a) As used in this section: (1) “Amount financed” means the amount of credit a borrower will actually be able to use as determined in accordance w…

Secs. 36a-691 to 36a-694. Reserved for future use. PART V CONSUMER CREDIT REPORTS

Sec. 36a-695. (Formerly Sec. 36-431). Definitions. As used in sections 36a-695 to 36a-699e, inclusive, unless the context otherwise requires: (1) “Consumer” means an individual seeking credit for personal, family or household purposes; (2) “Creditor” means any person who extends …

Sec. 36a-696. (Formerly Sec. 36-432). Disclosure to consumer of information re credit report. (a) No creditor shall take adverse action based wholly or in part on a credit report on any consumer applying to such creditor for credit for personal, family or household purposes witho…

Sec. 36a-697. (Formerly Sec. 36-433). Exceptions. The provisions of sections 36a-691 to 36a-699, inclusive, shall not apply to any disclosure made at the request of a law enforcement or investigative officer in his capacity as such, who is employed on a full-time basis in that ca…

Sec. 36a-698. (Formerly Sec. 36-434). Regulations. The commissioner shall adopt such regulations, in accordance with chapter 54, as may be necessary to carry out the provisions of sections 36a-695 to 36a-699, inclusive. (1971, P.A. 868, S. 4; P.A. 77-614, S. 161, 610; P.A. 87-9, …

Sec. 36a-699. (Formerly Sec. 36-435). Penalty. Any person who wilfully violates any provision of sections 36a-695 to 36a-699, inclusive, or section 36a-699f shall be fined not more than one hundred dollars for a first offense and not more than five hundred dollars for a second of…

Sec. 36a-699a. Written summary of consumer's rights. Each written summary of a consumer's rights under state and federal consumer credit reporting statutes shall be in a form substantially similar to the following: “You have a right to obtain a copy of your credit file from a cre…

Sec. 36a-699b. Dispute by consumer re completeness or accuracy of information. (a) If the completeness or accuracy of any item of information contained in any credit file of a credit rating agency is disputed by the consumer, the consumer may notify, in writing, the credit rating…

Sec. 36a-699c. Procedures by credit rating agency to assure accuracy. Each credit rating agency shall maintain reasonable procedures to assure maximum possible accuracy of the information concerning the consumer and to avoid the reinsertion of previously deleted information witho…

Sec. 36a-699d. Credit report for use in credit transaction not initiated by consumer. (a) A credit rating agency shall not provide a credit report for use in a credit transaction which is not initiated by the consumer if the consumer notifies, in writing, the credit rating agency…

Sec. 36a-699e. Existing consent judgment or settlement with Attorney General. Nothing in sections 36a-696 or 36a-699a to 36a-699d, inclusive, shall prohibit a credit rating agency from complying with any requirement contained in any existing consent judgment or settlement with th…

Sec. 36a-699f. Blocking of information appearing on credit report as result of identity theft. (a) A consumer, as defined in section 36a-695, who believes he or she is a victim of a violation of section 53a-129a of the general statutes, revision of 1958, revised to January 1, 200…

Sec. 36a-700. (Formerly Sec. 36-435l). Credit clinics. Definitions. Contracts. Prohibited acts. Penalties. (a) As used in this section, “credit clinic” means any person who sells, provides or performs, or who represents that such person can or will sell, provide or perform, a ser…

Sec. 36a-701. Security freeze on credit report: Definitions. As used in this section and section 36a-701a: (1) “Consumer” means any person who is utilizing or seeking credit for personal, family or household purposes; (2) “Credit rating agency” means credit rating agency, as defi…

Sec. 36a-701a. Security freeze on credit report. Timing. Disclosure of report to third party during freeze. Procedures for freeze. Refusal by credit rating agency to implement freeze. Exceptions. Prohibition on fees. (a) Any consumer may submit a written request, by certified mai…

Sec. 36a-701b. Breach of security re computerized data containing personal information. Notice of breach. Provision of identity theft prevention services and identity theft mitigation services. Delay for criminal investigation. Means of notice. Exemption from public disclosure. U…

Sec. 36a-701c. Regulations. The Banking Commissioner shall adopt regulations in accordance with chapter 54 to require credit rating agencies to provide to the Banking Commissioner dedicated points of contact through which the Department of Banking may assist consumers in the even…

Secs. 36a-702 to 36a-704. Reserved for future use. PART VI MORTGAGE PROCESSING

Sec. 36a-705. (Formerly Sec. 36-442). Definitions. As used in this section and sections 36a-706, 36a-707 and 36a-708, unless the context otherwise requires: (1) “First mortgage loan” means “first mortgage loan”, as defined in section 36a-485; (2) “Mortgage broker” means a “mortga…

Sec. 36a-706. (Formerly Sec. 36-442a). Mortgage rate lock-in. (a) Duration. (1) No mortgage lender shall commit to a first mortgage loan applicant or the applicant's representative that the lender will make the loan at a specified rate if the loan is closed by the expiration of a…

Sec. 36a-707. (Formerly Sec. 36-442b). Applicant's remedies. (a) Any mortgage lender who violates any provision of sections 36a-705 to 36a-707, inclusive, with respect to any applicant shall be liable to such applicant for all fees and charges paid by the applicant in connection …