State of Connecticut Department of Banking

Department of Banking Regulations

Regulation Compilation, revised to June 11, 2014

158 pages (includes banking, securities, consumer credit and related regulations)

Individual Regulations Available for Download

Bank & Credit Union Regulations

Community Reinvestment Act Compliance, Consumer Protection Law Compliance and Community Reinvestment Plan Requirements for Certain Transaction Applications (6 pages)

  • Sec. 36a-34-1. Definitions
  • Sec. 36a-34-2. Submissions concerning Community Reinvestment Act compliance, consumer protection law compliance and community reinvestment plan required in connection with applications for the establishment of branches, mergers or consolidations, the organization of holding companies and interstate banking approvals
  • Sec. 36a-34-3. Submissions concerning Community Reinvestment Act compliance, consumer protection law compliance and community reinvestment plan required in connection with the acquisition of beneficial ownership of voting securities of banks and holding companies

Retention of Records by Connecticut Banks and Connecticut Credit Unions (11 pages)

  • Sec. 36a-40-1. Definitions
  • Sec. 36a-40-2. General rules
  • Sec. 36a-40-3. Connecticut banks
  • Sec. 36a-40-4. Connecticut credit unions

Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks(25 pages)

  • Sec. 36a-136-1. Definitions
  • Sec. 36a-136-2. Pre-conversion meeting
  • Sec. 36a-136-3. Business plan
  • Sec. 36a-136-4. Confidentiality
  • Sec. 36a-136-5. Adoption of plan of conversion
  • Sec. 36a-136-6. Notice to depositors
  • Sec. 36a-136-7. Amendment of plan of conversion of a mutual savings and loan association
  • Sec. 36a-136-8. Filing requirements
  • Sec. 36a-136-9. Confidentiality of conversion application
  • Sec. 36a-136-10. Amendment of conversion application
  • Sec. 36a-136-11. Notice of filing of application and comment process
  • Sec. 36a-136-12. Actions by commissioner on conversion application
  • Sec. 36a-136-13. Vote by depositors of a converting mutual savings and loan association
  • Sec. 36a-136-14. Proxy solicitation for vote of depositors of a mutual savings and loan association
  • Sec. 36a-136-15. Filing of offering circular
  • Sec. 36a-136-16. Distribution of offering circular
  • Sec. 36a-136-17. Filing of post-effective amendment to the offering circular
  • Sec. 36a-136-18. Purchase priority and timing of offer to sell conversion shares
  • Sec. 36a-136-19. Pricing of conversion shares
  • Sec. 36a-136-20. Sale of conversion shares
  • Sec. 36a-136-21. Prohibited sales practices
  • Sec. 36a-136-22. Payment for conversion shares by subscribers
  • Sec. 36a-136-23. Payment of interest on payments for conversion shares
  • Sec. 36a-136-24. Subscription rights of eligible account holders and supplemental elegible account holders
  • Sec. 36a-136-25. Officers and directors and their associates as eligible account holders
  • Sec. 36a-136-26. Purchase of conversion shares by other depositors of a mutual savings and loan association
  • Sec. 36a-136-27. Limitations on the aggregate purchases of conversion shares by officers, directors and their associates
  • Sec. 36a-136-28. Allocation of conversion shares if shares are oversubscribed
  • Sec. 36a-136-29. Purchase of conversion shares by employee stock ownership plan
  • Sec. 36a-136-30. Imposition of purchase limitations by the converting institution
  • Sec. 36a-136-31. Purchase preference for persons in the local community
  • Sec. 36a-136-32. Other conditions applicable to the offering of conversion shares in a community offering, a public offering or both
  • Sec. 36a-136-33. Completion of sale of stock
  • Sec. 36a-136-34. Completion of conversion
  • Sec. 36a-136-35. Termination of the conversion
  • Sec. 36a-136-36. Rights of depositors of the converted institution
  • Sec. 36a-136-37. Liquidation account
  • Sec. 36a-136-38. Implementation of a stock option plan or management or employee stock benefit plan
  • Sec. 36a-136-39. Restrictions on trading of shares by directors, officers and their associates
  • Sec. 36a-136-40. Repurchase of shares after conversion
  • Sec. 36a-136-41. Declaration or payments of dividends after conversion
  • Sec. 36a-136-42. Acquisition of shares after conversion
  • Sec. 36a-136-43. Other requirements after conversion
  • Sec. 36a-136-44. Donation of conversion shares or conversion proceeds to a charitable organization
  • Sec. 36a-136-45. Formation of a holding company as part of the conversion
  • Sec. 36a-136-46. Acquisition of another insured capital stock bank as part of the conversion
  • Sec. 36a-136-47. Merger with an existing insured capital stock bank as part of the conversion
  • Sec. 36a-136-48. Acquisition by an existing holding company as part of the conversion

Community Reinvestment Act Compliance, Consumer Protection Law Compliance and Community Reinvestment Plan Requirements for Certain Transaction Applications (2 pages)

  • Sec. 36a-145-1. Submissions concerning Community Reinvestment Act compliance and consumer protection law compliance required in connection with applications for the establishment by Connecticut banks of branches, limited branches or mobile branches outside of this state

Foreign Banks (11 pages)

  • Sec. 36a-428-1. Separate books and records
  • Sec. 36a-428-2. Language
  • Sec. 36a-428-3. Reports
  • Sec. 36a-428c-1. Definitions
  • Sec. 36a-428c-2. Maintenance of assets
  • Sec. 36a-428c-3. Documentation for assets
  • Sec. 36a-428c-4. Assets to be deposited
  • Sec. 36a-428c-5. Record of assets and liabilities
  • Sec. 36a-428c-6. Deposit agreement
  • Sec. 36a-428c-7. Record of deposits
  • Sec. 36a-428g-1. Separate books and records
  • Sec. 36a-428g-2. Language
  • Sec. 36a-428g-3. Reports
  • Sec. 36a-428n-1. Disposition of personal property in custody or possession of foreign bank in involuntary liquidation

Payment of Interest Refunds by Connecticut Credit Unions (3 pages)

  • Sec. 36a-456-1. Definitions
  • Sec. 36a-456-2. Authorization of payment of interest refunds
  • Sec. 36a-456-3. Refund to be paid from income received during period
  • Sec. 36a-456-4. Payment of interest refunds
  • Sec. 36a-456-5. Accounting
  • Sec. 36a-456-6. Application for approval

Home Mortgage Disclosure Act (7 pages)

  • Sec. 36a-744-1. Authority, scope, purpose
  • Sec. 36a-744-2. Definitions
  • Sec. 36a-744-3. Prohibited practices
  • Sec. 36a-744-4. Compilation of mortgage loan data
  • Sec. 36a-744-5. Disclosure requirements
  • Sec. 36a-744-6. Exemptions
  • Sec. 36a-744-7. Compliance and investigation
  • Sec. 36a-744-8. Violations and sanctions

Execution Against Debts Due from Banking Institutions(2 pages)

  • Sec. 52-367a-1. Designation of employee and branch office
  • Sec. 52-367b-1. Designation of employee and branch office

Check Casher Regulations

Maximum Check Cashing Fees (2 pages)

  • Sec. 36a-585-1. Check cashing fees

Licensing of Check Cashing Services(3 pages)

  • Sec. 36a-588-1. Definitions
  • Sec. 36a-588-3. Books, records and accounts
  • Sec. 36a-588-4. Reports

Consumer Credit Regulations

Fees Charged by Real Estate Brokers and Salesmen (2 pages)

  • Sec. 20-325c-1. Definitions
  • Sec. 20-325c-2. Scope of regulations
  • Sec. 20-325c-3. Written agreement
  • Sec. 20-325c-4. Fee, commission, consideration
  • Sec. 20-325c-5. Itemized invoice required

Small Loan Licensees (10 pages)

  • Sec. 36a-570-1. Definitions
  • Sec. 36a-570-2. Advertising and solicitation
  • Sec. 36a-570-3. Deferral charges
  • Sec. 36a-570-4. Extended first payments, interest after maturity, rebates of unearned charges, and renewals
  • Sec. 36a-570-5. Collection practices
  • Sec. 36a-570-6. General conduct of business
  • Sec. 36a-570-7. Office and office hours
  • Sec. 36a-570-8. Books and records
  • Sec. 36a-570-9. Miscellaneous
  • Sec. 36a-570-10. Other businesses on licensed premises
  • Sec. 36a-570-11. Records and accounts of affiliated entities
  • Sec. 36a-570-12. Restrictions on loans by affiliated entities
  • Sec. 36a-570-13. Refinancing loans
  • Sec. 36a-570-14. Restrictions on affiliated entities
  • Sec. 36a-570-15. Revocation of authorization
  • Sec. 36a-570-16. Investigations and examinations
  • Sec. 36a-570-17. Mortgage loans in excess of five thousand dollars

Collection Practices of Creditors(7 pages)

  • Sec. 36a-647-1. Authority
  • Sec. 36a-647-2. Definitions
  • Sec. 36a-647-3. Location information
  • Sec. 36a-647-4. Communications
  • Sec. 36a-647-5. Conduct
  • Sec. 36a-647-6. Representations, devices, practices
  • Sec. 36a-647-7. Violation of provisions

Consumer Collection Agencies (9 pages)

  • Sec. 36a-809-1. Books, records and accounts
  • Sec. 36a-809-2. Changes in personnel or ownership
  • Sec. 36a-809-3. Collection practices
  • Sec. 36a-809-4. Consumer collection agencies desiring to terminate business
  • Sec. 36a-809-5. Claims in the process of collection
  • Sec. 36a-809-6. Definitions
  • Sec. 36a-809-7. Books and records
  • Sec. 36a-809-8. Record keeping of information regarding collectors
  • Sec. 36a-809-9. Record keeping methods and consumer collection agency communications
  • Sec. 36a-809-10. Harassment or abuse
  • Sec. 36a-809-11. False or misleading representations
  • Sec. 36a-809-12. Unfair practices
  • Sec. 36a-809-13. Validation of debts
  • Sec. 36a-809-14. Multiple debts
  • Sec. 36a-809-15. Furnishing certain deceptive forms
  • Sec. 36a-809-16. Consumer collection agencies desiring to terminate business
  • Sec. 36a-809-17. Process of collection

Interest on Funds Held in Escrow by Mortgagees(2 pages)

  • Sec. 49-2a-1. Definitions
  • Sec. 49-2a-2. Minimum interest calculation
  • Sec. 49-2a-3. Payment of interest upon final repayment of mortgage
  • Sec. 49-2a-4. Annual report of interest credited by mortgagee

Protection from Mortgage Foreclosure (4 pages)

  • Sec. 49-31j-1. Definitions
  • Sec. 49-31j-2. Notice
  • Sec. 49-31j-3. Method used to compute restructured mortgage debt
  • Sec. 49-31j-4. Limitation on amount
  • Sec. 49-31j-5. Composite interest rate
  • Sec. 49-31j-6. New mortgage payments
  • Sec. 49-31j-7. Variable interest rate
  • Sec. 49-31j-8. Composite interest rate adjustment
  • Sec. 49-31j-9. Supplemental order

Department of Banking Organization and Rules of Practice (29 pages)

Article 1, General

  • Sec. 36a-1-1. Definitions
  • Sec. 36a-1-2. Duties and authority of the department
  • Sec. 36a-1-3. Basic organization
  • Sec. 36a-1-4. Location of office, contact information and business hours
  • Sec. 36a-1-5. Public information
  • Sec. 36a-1-6. Submissions and filings
  • Sec. 36a-1-7. Fees, fines, civil penalties or other payments
  • Sec. 36a-1-8. Advisory opinions or other legal interpretations
  • Sec. 36a-1-9. Construction and waiver of rules
  • Sec. 36a-1-10. Computation of time
  • Sec. 36a-1-11. Extensions of time
  • Sec. 36a-1-12. Effect of filing
  • Sec. 36a-1-13. Service
  • Sec. 36a-1-14. Activities of former commissioners and employees
  • Sec. 36a-1-15. Witnesses and subpoenas
  • Sec. 36a-1-16. Rights of witnesses
  • Secs. 36a-1-17 to 36a-1-18. Reserved

Article 2, Rules of Practice in Contested Cases

  • Sec. 36a-1-19. Scope
  • Sec. 36a-1-20. Commencement of contested case
  • Sec. 36a-1-21. Notice of hearings
  • Sec. 36a-1-22. Amendment of notice of hearing
  • Sec. 36a-1-23. Hearing location
  • Sec. 36a-1-24. Bill of particulars
  • Sec. 36a-1-25. Hearings
  • Sec. 36a-1-26. Recording, broadcasting or photographing hearings
  • Sec. 36a-1-27. Powers of the presiding officer
  • Sec. 36a-1-28. Consolidation and severance
  • Sec. 36a-1-29. Motions
  • Sec. 36a-1-30. Continuances
  • Sec. 36a-1-31. Failure to request or appear at a hearing
  • Sec. 36a-1-32. Appearances and withdrawals
  • Sec. 36a-1-33. Ex parte communications
  • Sec. 36a-1-34. Record in a contested case
  • Sec. 36a-1-35. Requests for inspection and copying
  • Sec. 36a-1-36. Responses to requests for inspection and copying; objections
  • Sec. 36a-1-37. Motions for compliance
  • Sec. 36a-1-38. Rulings on motions for compliance
  • Sec. 36a-1-39. Failure to comply with an order on a motion for compliance
  • Sec. 36a-1-40. Continuing duty to disclose
  • Sec. 36a-1-41. Conferences
  • Sec. 36a-1-42. Hearing subpoenas
  • Sec. 36a-1-43. Conduct of hearings
  • Sec. 36a-1-44. Recording of hearings
  • Sec. 36a-1-45. Transcript corrections
  • Sec. 36a-1-46. Evidence
  • Sec. 36a-1-47. In camera inspection and nonpublic information
  • Sec. 36a-1-48. Filing of additional evidence
  • Sec. 36a-1-49. Briefs
  • Sec. 36a-1-50. Review by commissioner of rulings
  • Sec. 36a-1-51. Proposed final decision
  • Sec. 36a-1-52. Final decision
  • Sec. 36a-1-53. Reconsideration
  • Sec. 36a-1-54. Right to appeal
  • Sec. 36a-1-55. Voluntary termination of proceeding
  • Sec. 36a-1-56. Stays pending judicial review
  • Sec. 36a-1-57. Commissioner’s right to conduct an examination
  • Secs. 36a-1-58 to 36a-1-62. Reserved

Article 3, Petitions and Applications

  • Sec. 36a-1-63. General rule
  • Sec. 36a-1-64. Form
  • Sec. 36a-1-65. Deficiencies in filing application or petition
  • Sec. 36a-1-66. Forms and instructions
  • Secs. 36a-1-67 to 36a-1-69. Reserved

Personal Data

  • Sec. 36a-1-70. Personal data

Article 4, Regulation-Making

  • Sec. 36a-1-71. General rules
  • Sec. 36a-1-72. Form of petitions
  • Sec. 36a-1-73. Procedure after petition filed
  • Sec. 36a-1-74. Notice of intent to adopt regulations
  • Sec. 36a-1-75. Procedure after notice of intent to adopt regulations
  • Sec. 36a-1-76. Availability of regulation, fiscal note and regulation-making record
  • Sec. 36a-1-77. Advance notice of regulation-making proceedings
  • Sec. 36a-1-78. Emergency regulations
  • Secs. 36a-1-79 to 36a-1-82. Reserved

Article 5, Declaratory Rulings

  • Sec. 36a-1-83. General rule
  • Sec. 36a-1-84. Form and content of petition for declaratory ruling; filing procedure
  • Sec. 36a-1-85. Notice of declaratory ruling petition or declaratory ruling proceeding
  • Sec. 36a-1-86. Requests for notice of declaratory ruling petitions or proceedings
  • Sec. 36a-1-87. Proceedings on declaratory rulings
  • Sec. 36a-1-88. Petition for party or intervenor status in proceedings for declaratory rulings
  • Sec. 36a-1-89. Determination of party or intervenor status
  • Secs. 36a-1-90 to 36a-1-92. Reserved

Securities Regulations

Securities Brokers, Dealers, Salesmen and Investment Counsel (2 pages)

  • Sec. 36-344-4. Corporate tender offers
  • Sec. 36-344-5. Registration statement changes
  • Sec. 36-344-6. Beneficial owner

Connecticut Uniform Securities Act (41 pages)

  • Sec. 36b-31-1. Reserved
  • Sec. 36b-31-2. Authority
  • Sec. 36b-31-3. Definitions
  • Sec. 36b-31-4. Reserved
  • Sec. 36b-31-5a. Advertisements by investment advisers
  • Sec. 36b-31-5b. Custody or possession of client funds or securities
  • Sec. 36b-31-5c. Disclosures to advisory clients
  • Sec. 36b-31-5d. Statement of advisory fee
  • Sec. 36b-31-5e. Assignment
  • Sec. 36b-31-6a. Broker-dealer and agent registration
  • Sec. 36b-31-6b. Investment adviser and investment adviser agent registration
  • Sec. 36b-31-6c. Central Registration Depository
  • Sec. 36b-31-6d. Temporary transfer procedures
  • Sec. 36b-31-6e. Private securities transactions by broker-dealer agents
  • Sec. 36b-31-6f. Supervision requirements
  • Sec. 36b-31-6g. Multiple registration
  • Sec. 36b-31-7a. Broker-dealer applicant experience requirements
  • Sec. 36b-31-7b. Investment adviser experience requirements
  • Sec. 36b-31-7c. Registration of real property securities dealers
  • Sec. 36b-31-7d. Successor registration
  • Sec. 36b-31-7e. Requirements for use of trade names by registrants
  • Sec. 36b-31-8. Reserved
  • Sec. 36b-31-9a. Statement of financial condition
  • Sec. 36b-31-9b. Net capital requirements for broker-dealers
  • Sec. 36b-31-9c. Minimum capital requirements for investment advisers
  • Secs. 36b-31-10 to 36b-31-13. Reserved
  • Sec. 36b-31-14a. Record keeping requirements for registered broker-dealers
  • Sec. 36b-31-14b. Record keeping requirements for registered investment advisers
  • Sec. 36b-31-14c. Filing of financial reports by broker-dealers
  • Sec. 36b-31-14d. Filing of financial reports by investment advisers
  • Sec. 36b-31-14e. Duty to amend information previously filed
  • Sec. 36b-31-14f. Examinations by commissioner
  • Sec. 36b-31-15a. Dishonest or unethical business practices by broker-dealers
  • Sec. 36b-31-15b. Dishonest or unethical business practices by agents
  • Sec. 36b-31-15c. Dishonest or unethical business practices by investment advisers
  • Sec. 36b-31-15d. Dishonest or unethical business practices by investment adviser agents
  • Sec. 36b-31-15e. Examination requirements for securities personnel
  • Sec. 36b-31-15f. Summary orders
  • Sec. 36b-31-16. Reserved
  • Sec. 36b-31-17a. Registration of securities by coordination
  • Sec. 36b-31-17b. Shelf registration
  • Sec. 36b-31-17c. Registration by coordination of unit investment trust securities
  • Sec. 36b-31-18. Registration of securities by qualification
  • Sec. 36b-31-18a. Small corporate offering registration (SCOR)
  • Sec. 36b-31-19a. Provisions applicable to registration generally
  • Sec. 36b-31-19b. Registration of investment company shares
  • Sec. 36b-31-19c. Post-sale registration
  • Sec. 36b-31-19d. Registration of offerings eligible to utilize the securities and exchange commission multijurisdictional disclosure system
  • Sec. 36b-31-20. Reserved9
  • Secs. 36b-31-21a-1 to 36b-31-21a-8. Reserved
  • Sec. 36b-31-21a-9. Exemption for securities issued by nonprofit organizations
  • Secs. 36b-31-21a-10 to 36b-31-21a-21. Reserved
  • Sec. 36b-31-21b-1. Exemption for isolated non-issuer transactions
  • Sec. 36b-31-21b-2. Manual exemption
  • Sec. 36b-31-21b-3. Exemption for non-issuer transaction through a registered broker-dealer30
  • Secs. 36b-31-21b-4 to 36b-31-21b-8. Reserved
  • Sec. 36b-31-21b-9a. Exemption for transactions pursuant to Section 4(2) of the Securities Act of 1933
  • Sec. 36b-31-21b-9b. Exemption for transactions pursuant to rules 504, 505 and 506 of regulation D
  • Sec. 36b-31-21b-10. Reserved
  • Sec. 36b-31-21b-11. Exemption for transactions pursuant to an offer to existing security holders of the issuer
  • Sec. 36b-31-21b-12. Reserved
  • Sec. 36b-31-21b-13a. Exemption for transactions pursuant to Sections 4(1) or 4(4) of the securities act of 1933
  • Sec. 36b-31-21b-13b. Exemption for transactions pursuant to section 4(6) of the securities act of 1933
  • Sec. 36b-31-21b-14. Exemption for transactions not involving more than 10 purchasers
  • Sec. 36b-31-21b-15. Reserved
  • Sec. 36b-31-21c. Summary denial or revocation of exemption
  • Sec. 36b-31-22. Filing of sales literature with the commissioner
  • Secs. 36b-31-23 to 36b-31-30. Reserved
  • Sec. 36b-31-31a. Forms
  • Sec. 36b-31-31b. Filing of documents; filing fees
  • Sec. 36b-31-31c. Exemptions from sections 36b-31-2 to 36b-31-33, inclusive, of the regulations
  • Sec. 36b-31-31d. Incorporation of federal statutes, rules and opinions
  • Sec. 36b-31-31e. Advisory interpretations
  • Sec. 36b-31-31f. Hearings
  • Secs. 36b-31-32 and 36b-31-33. Reserved