2022 Banking and Related Legislation
Each year, the Department of Banking (DOB) conducts an active legislative program coordinated by the Government Relations and Consumer Affairs Division. Below are highlights of the agency and related bills that passed.
Please note that the hyperlinks for the bill lead to the Connecticut General Assembly website. These links provide you with a copy of the Public Act and more detailed legislative summary of each bill.
Department of Banking Proposal
Public Act 22-94 - SB-268, An Act Concerning Various Revisions to the Banking Statutes
Section 1 of this bill clarifies the definition of a sales finance company, ensuring that any sales finance company operating in the State is subject to licensure, regardless if they own, or have ever owned the loan.
Sections 2 – 8 of this bill makes changes to the money transmission statutes, conforming our law to a model law adopted by many states. This allows for uniformity of regulation across the fifty states. It would reduce regulatory burden on the industry and would allow for more collaboration around exams and enforcement for those entities.
Section 9 of the bill raises the surety bond for consumer collection agencies from $25,000 to $50,000 for branch locations and from $50,000 to $100,000 for main office locations. This is an important consumer protection because it would provide for more assistance to consumers should the Department need to reimburse consumers after an enforcement action, were the company unable to do so.
Summary of Public Act 22-94
Effective Date: Varies by section