In accordance with Governor Lamont's emergency declaration, employees and the public are asked to observe social distancing measures to ensure communal safety and to slow the spread of the novel coronavirus (COVID-19). People are asked to work from home and telecommute wherever possible. Adhering to these instructions, the Department of Banking has closed its offices to the public. However, agency staff will continue to provide services to consumers and industry through telework. When contacting the Department, please use electronic communication whenever possible. Agency staff will continue to check voicemails during this time. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to Department.Banking@ct.gov and it will be routed appropriately. Thank you for your patience during this time.

The Department of Banking News Bulletin 

Bulletin # 2911 - Week Ending December 6, 2019

 

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

 

DEPOSIT INDEX AND INTEREST RATES

 

Pursuant to Section 36a-26 of the Connecticut General Statutes, the Commissioner has determined the deposit index for the calendar year 2020 to be 0.15%.

 

The following rates are for the period commencing January 1, 2020 and ending December 31, 2020. The type of account and statutory reference are listed along with the rate.

 
 Calendar Year 2020
 Account Statutory Reference Interest Rate
Rental security deposit 47a-21(i) 0.15%

Claims for property, funds, or
money delivered to the State
Treasurer

3-70a(e) 0.15%
Mortgage escrow accounts

49-2a
(section requires that the interest rate
be not less than the deposit index,
rounded to the nearest one-tenth of
one percentage point)

0.20%
Public service company, certified
telecommunications provider
and electric supplier customer
security deposits
16-262j(c)
(section requires that the interest rate
be not less than the higher of the 
deposit index, rounded to the nearest
one-tenth of one percentage point,
or 1.5%)
1.5%

 

PLEASE NOTE: The interest rates provided herein are done as a convenience to the public; the Commissioner has no authority to establish interest rates beyond what is provided in statute. Accordingly, parties required to pay interest under these sections must ensure compliance with the applicable statute(s). 

 

      Dated: Tuesday, December 10, 2019

 

      Jorge L. Perez
      Banking Commissioner