To protect the health and safety of the public and our employees, the Department of Banking has limited the number of employees at our office at 260 Constitution Plaza in Hartford. When contacting the Department, please use electronic communication whenever possible. 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.

2015 Banking and Related Legislation

Each year, the Department of Banking, with the coordination of the Government Relations and Consumer Affairs Division, conducts an active legislative program.  During the 2015 session, the department sponsored two agency initiatives. that were enacted into law by the General Assembly. 

Please note that the hyperlinks for each bill lead to the Connecticut General Assembly website.  These links can provide you with copies of the Public Acts and more detailed legislative summaries of the bills.

Department of Banking Proposals

Public Act 15-53 - HB 6800, An Act Concerning Mortgage Correspondent Lenders, The Small Loan Act, Virtual Currencies And Security Freezes On Consumer Credit Reports

This Public Act 15-53 is an omnibus bill that does a number of things.  It clarifies the law regarding licensure of Mortgage Correspondent Lenders; changes certain fidelity bond and E&O coverage requirements for mortgage servicers; voids certain small loan contracts that exceed the statutory rate cap; opens the door on regulating businesses dealing in virtual currencies as money transmitters; and prohibits credit reporting agencies from charging certain people (including identity theft victims) fees related to credit freezes.  The bill prohibits credit reporting bureaus from charging fees related to security freezes to people covered by certain insurance policies held by the identity theft victim and requires an identity theft victim's spouse to submit a copy of a police report to a credit rating agency to qualify for the exemption from security freeze fees under the bill.

Effective Date:  Upon passage, except the provisions on virtual currency are effective October 1, 2015.

Public Act 15-235 - SB 924, An Act Concerning Revisions to Various Connecticut Banking Statutes

This bill makes made technical and conforming changes involving truth-in-lending, banks, credit unions, mortgage licensees and consumer collection agencies.  Among other things, it:

  1. makes several revisions to the Connecticut Truth-in-Lending Act (Connecticut TILA) to make it substantially similar to the federal Truth-in-Lending Act (federal TILA) and related regulations;
  2. expands the banking commissioner's enforcement authority by allowing him to impose a civil penalty on creditors who violate certain federal requirements as provided in federal law;
  3. eliminates the requirement for Connecticut credit unions to file semi-annual reports with the commissioner, instead requiring them to report to the National Credit Union Administration (NCUA);
  4. allows a Connecticut bank or savings and loan association that applies for a name change to meet certain notice requirements by using any method of transmission that provides a signature as proof of delivery;
  5. establishes a deadline by which a Connecticut bank must file its annual audit with the commissioner;
  6. replaces statutory provisions on “home banking services” with provisions on “virtual banking” and explicitly allows banks and credit unions to provide virtual banking services;
  7. applies bank or holding company acquisition approval requirements that pertain to anti-money laundering laws and regulations only to the extent that an acquiring entity is subject to such laws and regulations;
  8. changes the look-back period a mortgage lender, mortgage correspondent lender, mortgage broker, and exempt registrant must use to calculate and confirm bonding requirements;
  9. allows mortgage lenders to make certain required mortgage insurance disclosures as part of the estimate of closing costs that the federal TILA requires;
  10. makes technical changes in the consumer collection agency statutes to incorporate, by reference, the sections previously enacted by PA 13-253 that (a) added new fund management and recordkeeping requirements and (b) require compliance with the federal Fair Debt Collection Practices Act; and
  11. specifies that the state's policy under Connecticut TILA includes enhancing economic stabilization and protecting consumers against inaccurate and unfair credit billing practices.

Effective Date:  Various  

Legislative Program Index