CHAPTER 664a
ADMINISTRATION AND ENFORCEMENT

Table of Contents

Sec. 36a-10. General regulation-making authority.
Sec. 36a-11. (Formerly Sec. 36-10). Appointment and restrictions.
Sec. 36a-12. (Formerly Sec. 36-11). Employees. Restrictions.
Sec. 36a-13. (Formerly Sec. 36-12b). Commissioner to submit estimates of expenditures.
Sec. 36a-14. (Formerly Sec. 36-13). Reports to Governor and joint standing committee on banks.
Sec. 36a-15. (Formerly Sec. 36-14). Report of violations of law.
Sec. 36a-16. (Formerly Sec. 36-63). Reports to commissioner; penalties.
Sec. 36a-17. Investigations and examinations. Electronic data processing servicers. Subpoenas. Production of records. Costs of examinations.
Sec. 36a-18. (Formerly Sec. 36-9f). Information re stock ownership or subscription.
Sec. 36a-19. (Formerly Sec. 36-17). Accounting forms.
Sec. 36a-20. (Formerly Sec. 36-19). Appraisal of real estate.
Sec. 36a-21. (Formerly Sec. 36-16). Information to be confidential. Disclosure. Examination reports.
Sec. 36a-22. (Formerly Sec. 36-21a). Declaratory rulings.
Sec. 36a-23. (Formerly Sec. 36-28a). Bank and credit union holidays. Closing of office in college or university when not in session. Emergency closing.
Sec. 36a-24. Hearings.
Sec. 36a-24a. Failure of critical functions of computer-based information systems owned or used by depository institutions.
Secs. 36a-25 to 36a-29.
Sec. 36a-30. (Formerly Sec. 36-52a). Community reinvestment. General requirements.
Sec. 36a-31. (Formerly Sec. 36-52b). Community reinvestment notice.
Sec. 36a-32. (Formerly Sec. 36-52c). Assessment of banks. Factors to be considered. Community reinvestment performance evaluation.
Sec. 36a-33. (Formerly Sec. 36-52d). Commissioner to prepare lists of banks.
Sec. 36a-34. Findings of commissioner re Community Reinvestment Act compliance, consumer protection law compliance, adequacy of banking services to be provided and anticompetitive effects in connection with certain transaction approvals.
Secs. 36a-35 to 36a-39.
Sec. 36a-40. (Formerly Sec. 36-2a). Retention of Connecticut bank and credit union records.
Sec. 36a-41. (Formerly Sec. 36-9j). Definitions.
Sec. 36a-42. (Formerly Sec. 36-9k). Disclosure of financial records prohibited; exceptions.
Sec. 36a-43. (Formerly Sec. 36-9l). Disclosure of financial records pursuant to lawful authority.
Sec. 36a-44. (Formerly Sec. 36-9m). Exceptions re confidential treatment of customer records.
Sec. 36a-45. (Formerly Sec. 36-9n). Violations of financial records disclosure provisions.
Secs. 36a-46 to 36a-49.
Sec. 36a-50. Enforcement action. Notice and hearing. Civil penalty. Injunction, restraining order and writ. Restitution. Costs.
Sec. 36a-51. Suspension, revocation or refusal to renew license.
Sec. 36a-52. Cease and desist orders.
Sec. 36a-53. (Formerly Sec. 36-25). Proceedings by commissioner upon violation of banking laws. Civil penalties.
Sec. 36a-53a. False or misleading statements prohibited.
Sec. 36a-53b. Prohibited activities of licensees.
Sec. 36a-54. (Formerly Sec. 36-6). False entries by officials of financial institutions.
Sec. 36a-55. (Formerly Sec. 36-7). Derogatory statements affecting banks, out-of-state banks or credit unions.
Sec. 36a-56. (Formerly Sec. 36-7a). False statement or report to bank, out-of-state bank, credit union, small loan licensee or secondary mortgage lender or broker licensee.
Sec. 36a-57. (Formerly Sec. 36-8). Penalties for violation of banking law.
Sec. 36a-58. (Formerly Sec. 36-9). Civil liability of officers.
Secs. 36a-59 to 36a-64.
Sec. 36a-65. (Formerly Sec. 36-12a). Assessment of expenses of commissioner's office. State Banking Fund. Fees.
Secs. 36a-66 to 36a-69.


PART I
BANKING COMMISSIONER. DEPARTMENT OF BANKING.
ADMINISTRATION AND ENFORCEMENT

Sec. 36a-10. General regulation-making authority. The commissioner may adopt such regulations, in accordance with the provisions of chapter 54, as the commissioner deems necessary to administer any provision of the general statutes within the jurisdiction of the commissioner for which mandatory or discretionary authority to adopt regulations is not otherwise provided. For any regulation adopted under the authority of this section, the commissioner may assign a section number to the regulation that corresponds to the specific section of the general statutes upon which the regulation is based.
(P.A. 94-122, S. 4, 340.)
History: P.A. 94-122 effective January 1, 1995.

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Sec. 36a-11. (Formerly Sec. 36-10). Appointment and restrictions. In accordance with the provisions of sections 4-5 to 4-8, inclusive, the Governor shall appoint the commissioner who shall hold office for four years from the first day of March in the year of his appointment. The Governor may remove the commissioner for cause. Except as otherwise provided, the commissioner shall not while holding such office be an officer, or an employee, or a director, of any federal bank, federal credit union, out- of-state bank or out-of-state credit union, or any person subject to the commissioner's general supervision, nor shall the commissioner have any financial interest in any such person, or engage or be interested in the sale of securities or in the negotiation of loans for others as a business. The commissioner shall not, while holding such office, be directly or contingently indebted to any Connecticut bank, or Connecticut credit union, or any person licensed under parts I and III of chapter 668, provided this prohibition shall not extend to indebtedness to such persons resulting from the sale of the debt by the original lender. Any such person to whom a commissioner is or becomes so indebted in violation of this section shall give immediate notice thereof to the Governor. The commissioner may maintain an account with any person.
(1949 Rev., S. 5733; P.A. 77-614, S. 161, 610; P.A. 78-121, S. 15, 113; P.A. 87-9, S. 2, 3; P.A. 88-65, S. 10; P.A. 93- 16, S. 1; P.A. 94-122, S. 5, 340.)
History: P.A. 77-614 replaced bank commissioner with banking commissioner, effective January 1, 1979; P.A. 78-121 deleted reference to commissioner's accounts with private bankers and building associations; (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 88- 65 deleted a provision which allowed the commissioner to maintain certificates of an industrial bank; P.A. 93-16 made technical changes for clarity and accuracy re the institutions subject to the commissioners' general supervision and prohibited the commissioner from being indebted to any state bank and trust, savings bank, savings and loan association, credit union or any person or entity licensed under chapters 646a, 647 and 660a provided the indebtedness does not result from the sale of debt by the original lender; P.A. 94-122 changed "commissioner of banking" to "commissioner" and made other technical changes, effective January 1, 1995; Sec. 36-10 transferred to Sec. 36a-11 in 1995.
Annotations to former section 36-10:
Cited. 132 C. 533.

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Sec. 36a-12. (Formerly Sec. 36-11). Employees. Restrictions. The commissioner may appoint and define the duties and authority of such employees as may be necessary to perform properly the functions of the commissioner's office. The deputy commissioner and any other employee of the Department of Banking shall have the same privileges and be subject to the same restrictions as the commissioner concerning relationships and transactions with any federal bank, federal credit union, out-of-state bank or out-of-state credit union, or with any person subject to the general supervision of the commissioner, except that any employee of the Department of Banking other than the deputy commissioner may be indebted to any person subject to the general supervision of the commissioner, provided the prior approval of the commissioner is obtained for any singular indebtedness or series of indebtedness in the aggregate of twenty-five thousand dollars or more to any such person. Such prior approval shall not be required for (1) indebtedness resulting from the sale of the debt by the original lender, (2) indebtedness incurred at least six months prior to appointment as an employee of the Department of Banking, provided, the commissioner may grant retroactive approval upon such appointment in the case of any singular indebtedness or series of indebtedness in the aggregate of twenty-five thousand dollars or more to any such person that is incurred, in whole or in part, within six months prior to such appointment, or (3) indebtedness incurred by any employee of the Department of Banking who is covered under the terms of the administrative clerical (NP-3) collective bargaining agreement. For purposes of this section, "indebtedness" shall include a line of credit extended to any employee by a person subject to the general supervision of the commissioner whether or not such line of credit has been drawn upon. Any information submitted by an employee to the commissioner for the commissioner's approval pursuant to this section shall be exempt from disclosure under section 1-210.
(1949 Rev., S. 5734; P.A. 73-586, S. 1, 2; P.A. 77-614, S. 161, 610; P.A. 78-26, S. 1, 2; P.A. 80-482, S. 235, 345, 348; P.A. 82-182, S. 1, 2; P.A. 85-108, S. 1, 2; P.A. 87-9, S. 2, 3; P.A. 93-16, S. 2; P.A. 94-122, S. 6, 340; P.A. 97-262; P.A. 99-36, S. 1.)
History: P.A. 73-586 added provision re borrowing limits imposed on banking department employees with regard to borrowing from state employee credit union; P.A. 77-614 replaced bank and deputy bank commissioner with banking and deputy banking commissioner and made banking department a division within the department of business regulation, effective January 1, 1979; P.A. 78-26 replaced twenty-five hundred dollar limit on unsecured loans and thirty-five hundred dollar limit on secured loans with limit of "the maximum amount allowed under section 36-199" in provision re borrowing from state employee credit union; P.A. 80-482 restored banking division as independent department with banking commissioner as its head and abolished the department of business regulation; P.A. 82-182 restricted the prohibition on credit union division employees borrowing from a credit union to those employees authorized to examine credit unions; P.A. 85-108 exempted clerical employees from restrictions on loan transactions, permitted the deputy commissioner and other employees to continue loan agreements entered into at least six months prior to employment, limited mortgage agreements to the employee's principal residence and permitted examiners to borrow from the state employee's credit union; (Revisor's note: Pursuant to P.A. 87-9, "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 93-16 made technical changes for clarity and accuracy by specifying that banks, associations, credit unions or any entity subject to the general supervision of the commission are restricted in certain transactions; P.A. 94-122 changed "commissioner of banking" to "commissioner" and made other technical changes, effective January 1, 1995; Sec. 36-11 transferred to Sec. 36a-12 in 1995; P.A. 97-262 deleted former indebtedness exceptions and specific authority for employee borrowing from a state employee credit union, added provisions re employee indebtedness with the prior approval of the commissioner, exceptions to approval requirement and retroactive approval proviso, defined "indebtedness" and added exemption from disclosure under Sec. 1-19; P.A. 99-36 made technical changes.
See chapter 67 (Sec. 5-193 et seq.) for the State Personnel Act.
See Sec. 36a-223 re appointment of receiver, conservator or agent.

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Sec. 36a-13. (Formerly Sec. 36-12b). Commissioner to submit estimates of expenditures. The commissioner shall submit estimates of expenditure requirements in accordance with the provisions of section 4-77.
(P.A. 76-231, S. 3, 6.)
History: Sec. 36-12b transferred to Sec. 36a-13 in 1995.

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Sec. 36a-14. (Formerly Sec. 36-13). Reports to Governor and joint standing committee on banks. (a) The commissioner shall annually report to the Governor:
(1) The condition of all entities required to be periodically examined by the commissioner, with such comments and recommendations as the commissioner deems advisable;
(2) On the commissioner's administration of the Connecticut Truth-in-Lending Act, part III of chapter 669; and
(3) On the commissioner's findings concerning home financing pursuant to section 36a-743.
(b) The commissioner shall annually report to the Governor and the joint standing committee on banks on the commissioner's administration of interstate banking pursuant to part I of chapter 666.
(1949 Rev., S. 5736; P.A. 94-122, S. 7, 340.)
History: P. A. 94-122 added Subdivs. (2) and (3) of Subsec. (a) and Subsec. (b) re the commissioner's reporting requirements, effective January 1, 1995; Sec. 36-13 transferred to Sec. 36a-14 in 1995.
See Sec. 36a-223 re appointment of Commissioner of Banking as receiver.

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Sec. 36a-15. (Formerly Sec. 36-14). Report of violations of law. The commissioner shall report to the proper prosecuting official each violation of law for which the penalty may be confinement in a penal institution, knowledge of which violation was obtained by the commissioner in the course of the commissioner's official duties.
(1949 Rev., S. 5737; P.A. 94-122, S. 8, 340.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-14 transferred to Sec. 36a-15 in 1995.

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Sec. 36a-16. (Formerly Sec. 36-63). Reports to commissioner; penalties. (a) (1) Each Connecticut bank shall file with the commissioner such reports of condition and income as are required to be filed with the appropriate federal banking agency on the dates that such reports are required to be filed with such agency. Such reports for the periods ending June thirtieth and December thirty-first of each year shall be published in a newspaper published in the county where the main office of such Connecticut bank is located in such form as the commissioner may prescribe within ten days of the date of such report, and such proof of publication shall be furnished as the commissioner may require.
(2) Each out-of-state bank that maintains in this state a branch as defined in section 36a-410 shall quarterly file with the commissioner such loan and deposit information as the commissioner may require.
(3) Each such Connecticut bank or out-of-state bank shall also file with the commissioner or publish such other reports and information as the commissioner may require.
(4) Any Connecticut bank or out-of-state bank that fails to publish any report in accordance with this subsection or file any report or information required by this subsection, on the date required, shall pay to the commissioner one hundred dollars for each day that it fails to publish or file such report or information, unless excused for cause by the commissioner.
(b) Except as provided in subsection (a) of this section, any person who fails to file any report or provide information required by any provision of this title, or any regulation adopted pursuant to this title, on the date required, shall pay to the commissioner fifty dollars for each day that such person fails to file such report or provide such information, unless excused for cause by the commissioner.
(1949 Rev., S. 5787; 1951, S. 2652d; P.A. 79-65, S. 1, 4; P.A. 94-122, S. 9, 340; P.A. 95-155, S. 4, 29; 95-244, S. 1.)
History: P.A. 79-65 changed dates for submission of reports from twenty to thirty days after December thirty-first and from ten days after commissioner's request to a date specified in such request at least fifteen days after the date of the request; P.A. 94-122 amended Subsec. (a) by deleting liability and asset reporting requirements, adding the requirement that banks file federal condition and income reports with commissioner and increasing the nonfiling fine from $10 to $100 per day for banks, and added Subsec. (b) imposing a $50 per day fine for nonbanks, effective January 1, 1995; Sec. 36-63 transferred to Sec. 36a-16 in 1995; P.A. 95-155 added Subdiv. numbers in Subsec. (a), added new Subsec. (a)(2) re quarterly filings and added "out-of-state bank" to Subsec. (a)(3) and (4) and "or publish" to Subsec. (a)(3), effective June 27, 1995; P.A. 95-244 amended Subsec. (a) to require publication only for the periods ending June thirtieth and December thirty- first each year and to specify that the newspaper must be published in the county where the main office of the bank is located.

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Sec. 36a-17. Investigations and examinations. Electronic data processing servicers. Subpoenas. Production of records. Costs of examinations. (a) The commissioner, in the commissioner's discretion, may make such public or private investigations or examinations within or outside this state, concerning any person subject to the jurisdiction of the commissioner, as the commissioner deems necessary to carry out the duties of the commissioner.
(b) Any Connecticut bank which causes or has caused any electronic data processing services to be performed for such Connecticut bank either on or off its premises by an electronic data processing servicer shall enter into a written contract with such servicer. Such contract shall specify the duties and responsibilities of the Connecticut bank and such servicer and provide that such servicer shall allow the commissioner to examine such servicer's books, records and computer systems in accordance with this subsection, if required by the commissioner. The Connecticut bank shall promptly send a copy of such contract to the commissioner. The commissioner may examine the books, records and computer systems of any electronic data processing servicer that performs electronic data processing services for a Connecticut bank, if such services substantially impact the operations of the Connecticut bank as determined by the commissioner, in order to (1) determine whether such servicer has the capacity to protect the Connecticut bank's customer information, and (2) assess such servicer's potential for continued service. The commissioner may assess a fee of one hundred fifty dollars per day plus costs for each examiner who conducts such examination, the total cost of which the commissioner may allocate on a pro rata basis to all Connecticut banks under contract with such servicer.
(c) For the purpose of any investigation, examination or proceeding under this title the commissioner may administer oaths and affirmations, subpoena witnesses, compel attendance of witnesses, take evidence, require written statements and require the production of any records which the commissioner deems relevant or material. The commissioner may require that certified copies of any such records be provided to the commissioner at the commissioner's office.
(d) Any person who is the subject of any such investigation, examination or proceeding shall make its records available to the commissioner in readable form; provide personnel and equipment necessary, including, but not limited to, assistance in the analysis of computer-generated records; provide copies or computer printouts of records when so requested; furnish unrestricted access to all areas of its principal place of business or wherever records may be located; and otherwise cooperate with the commissioner.
(e) The superior court for the judicial district of Hartford, upon application of the commissioner, may issue to any person refusing to obey a subpoena issued pursuant to subsection (c) of this section an order requiring that person to appear before the commissioner or any officer designated by the commissioner to produce records so ordered or to give evidence concerning the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt of court.
(f) A licensee under section 36a-489, 36a-511, 36a-536, 36a-555, 36a-581, 36a- 600, 36a-633, 36a-656 or 36a-801, shall pay to the commissioner the actual cost of any examination of the licensee, as such cost is determined by the commissioner. Failure by the licensee to pay such cost within thirty days of receipt of demand from the commissioner shall automatically suspend the license until the costs are paid.
(g) As used in this section, "records" includes, but is not limited to, books, papers, correspondence, memoranda, agreements, diaries, logs, notes, ledgers, journals, visual, audio, magnetic or electronic recordings, computer printouts and software, and any other documents.
(P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; P.A. 94-122, S. 10, 340; P.A. 95-220, S. 4−6; P.A. 98-65.)
History: P.A. 94-122 effective January 1, 1995. (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A. 93-142 authorized substitution of "judicial district of Hartford" for "judicial district of Hartford-New Britain" in public and special acts of the 1994 regular and special sessions, effective September 1, 1996); P.A. 95-220 changed the effective date of P.A. 88- 230 from September 1, 1996, to September 1, 1998, effective July 1, 1995; P.A. 98-65 added new Subsec. (b) re electronic data processing servicers and redesignated former Subsecs. (b) to (f) as Subsecs. (c) to (g).

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Sec. 36a-18. (Formerly Sec. 36-9f). Information re stock ownership or subscription. Each capital stock Connecticut bank shall provide the commissioner with such information as the commissioner may require regarding the ownership or owners of, or subscription for or subscribers of stock in such bank.
(P.A. 78-121, S. 89, 113; P.A. 91-357, S. 2, 78; P.A. 94-122, S. 11, 340.)
History: P.A. 91-357 made a technical change; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-9f transferred to Sec. 36a-18 in 1995.

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Sec. 36a-19. (Formerly Sec. 36-17). Accounting forms. The commissioner may prescribe such reasonable forms of accounting as will clearly and accurately show the assets, liabilities and earnings of any person required to be periodically examined by the commissioner.
(1949 Rev., S. 5740; P.A. 94-122, S. 12, 340.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-17 transferred to Sec. 36a-19 in 1995.

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Sec. 36a-20. (Formerly Sec. 36-19). Appraisal of real estate. If any person subject to the general supervision of the commissioner owns real property, or if real property taxes on any property mortgaged to secure a loan with any such person are more than one year in arrears, or if any such mortgage loan is more than one year in arrears as to either interest or required principal payments, the commissioner may employ an expert real estate appraiser at the expense of such person to appraise such real estate owned by or mortgaged to such person.
(1949 Rev., S. 5742; P.A. 94-122, S. 13, 340.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-19 transferred to Sec. 36a-20 in 1995.

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Sec. 36a-21. (Formerly Sec. 36-16). Information to be confidential. Disclosure. Examination reports. (a) Notwithstanding any provision of state law and except as provided in subsection (b) of this section, the following records of the Department of Banking shall not be disclosed by the commissioner or any employee of the Department of Banking, or be subject to public inspection or discovery:
(1) Examination and investigation reports and information contained in or derived from such reports, including examination reports prepared by the commissioner or prepared on behalf of or for the use of the commissioner;
(2) Confidential supervisory or investigative information obtained from a state, federal or foreign regulatory or law enforcement agency; and
(3) Information obtained, collected or prepared in connection with examinations, inspections or investigations, and complaints from the public received by the Department of Banking, if such records are protected from disclosure under federal or state law or, in the opinion of the commissioner, such records would disclose, or would reasonably lead to the disclosure of: (A) Investigative information the disclosure of which would be prejudicial to such investigation, until such time as the investigation and all related administrative and legal actions are concluded; (B) personal or financial information, including account or loan information, without the written consent of the person or persons to whom the information pertains; or (C) information that would harm the reputation of any person or affect the safety and soundness of any person whose activities in this state are subject to the supervision of the commissioner, and the disclosure of such information under this subparagraph would not be in the public interest.
(b) The commissioner may, without waiving any privilege, disclose the records described in subsection (a) of this section for any appropriate supervisory, governmental, law enforcement or other public purpose. Any such disclosure shall be made under safeguards designed to prevent further dissemination of such records. In any proceeding before a court, the court may issue a protective order in appropriate circumstances to protect the confidentiality of any such record and order that any such record on file with the court or filed in connection with the court proceeding be sealed and that the public be excluded from any portion of the proceeding at which any such record is disclosed.
(c) No director, officer, employee or agent of any Connecticut bank or Connecticut credit union shall disclose without the prior written consent of the commissioner any information contained in an examination report about such bank or credit union, which information is not otherwise a matter of public record.
(1949 Rev., S. 5739; P.A. 77-614, S. 161, 610; P.A. 80-482, S. 239, 345, 348; P.A. 84-71, S. 1, 2; P.A. 87-9, S. 2, 3; P.A. 94-122, S. 14, 340; P.A. 00-123.)
History: P.A. 77-614 replaced bank commissioner with banking commissioner and made banking department a division within the department of business regulation, effective January 1, 1979; P.A. 80-482 restored banking division as an independent department with commissioner as its head and abolished the department of business regulation; P.A. 84-71 added Subsec. (b) requiring confidentiality for examination, operating or condition reports of financial institutions prepared by or for the use of the commissioner; (Revisor's note: Pursuant to P.A. 87-9 "banking department" was changed editorially by the Revisors to "department of banking"); P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-16 transferred to Sec. 36a-21 in 1995; P.A. 00-21 deleted former Subsecs. (a) and (b), added new Subsec. (a) prohibiting disclosure of certain records, added new Subsec. (b) re disclosure of records and protective orders, and added new Subsec. (c) re disclosure of examination report information.

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Sec. 36a-22. (Formerly Sec. 36-21a). Declaratory rulings. (a) No person shall be liable in any civil action for any act done or omitted in good faith in reliance on any declaratory ruling issued by the Department of Banking in accordance with section 4- 176, notwithstanding after such act or omission has occurred, such declaratory ruling is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
(b) The Department of Banking shall maintain a file of all declaratory rulings issued by it, organized by the section number of each statute and regulation to which such declaratory ruling applies, and shall make such file available for public inspection. The copy of any declaratory ruling maintained in such file shall delete or summarize generally factual information revealed in the request or otherwise that constitutes confidential information as provided in section 36a-21.
(P.A. 78-146, S. 1, 2; 78-303, S. 85, 136; P.A. 80-482, S. 241, 345, 348; P.A. 87-9, S. 2, 3.)
History: P.A. 78-303 allowed substitution of division of banking within the department of business regulation for banking department in accordance with demands of P.A. 77-614; P.A. 80-482 restored banking division as independent department and abolished the department of business regulation; (Revisor's note: Pursuant to P.A. 87-9 "banking department" was changed editorially by the Revisors to "department of banking"); Sec. 36-21a transferred to Sec. 36a-22 in 1995.

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Sec. 36a-23. (Formerly Sec. 36-28a). Bank and credit union holidays. Closing of office in college or university when not in session. Emergency closing. (a) The Governor is authorized, by proclamation, to designate and appoint one or more legal holidays to be known as bank and credit union holidays, to be observed throughout this state, or to be observed in a certain county or town, or counties or towns, as specified in such proclamation. During such holiday period all banking and credit union transactions within the area in which such holiday is declared shall be suspended, except that the commissioner, with the approval of the Governor, may prescribe such conditions and restrictions for the conduct of banking and credit union business during such holiday period and within the area in which such holiday is declared as may appear to the commissioner to be in the best interest of the public.
(b) The commissioner may authorize the closing of all banks or Connecticut credit unions in this state or all banks or Connecticut credit unions in any specified towns or counties or any office of any bank or Connecticut credit union whenever it appears to the commissioner that such action is required as a result of an emergency.
(c) A bank or Connecticut credit union may close any office located on a college or university campus or in a building of an educational institution during any period when the college, university or educational institution is not in regular session; provided the bank or Connecticut credit union shall give notice to the commissioner in advance of its intent to effect such closings of such an office.
(d) A bank or Connecticut credit union may close any office on its own initiative whenever an emergency does not afford an opportunity to obtain the commissioner's prior approval.
(e) An emergency, within the meaning of this section, shall include conditions arising from shortages of fuel, housing, food, transportation or labor, or arising from enemy action or threat of enemy action, from fire or other casualty, from robbery or other crime, from riot or threat of riot, or from extreme weather conditions.
(f) The period of any closing pursuant to this section or pursuant to any similar provision of federal law, as well as the holidays otherwise provided by law, shall be a legal holiday, for purposes of the Uniform Commercial Code and otherwise, for the affected banks, Connecticut credit unions or offices.
(1969, P.A. 504, S. 2; 1971, P.A. 197; P.A. 77-614, S. 161, 610; P.A. 78-121, S. 19, 113; P.A. 87-9, S. 2, 3; P.A. 88- 65, S. 14; P.A. 94-122, S. 15, 340; P.A. 00-6, S. 1.)
History: 1971 act inserted new Subsec. (c) re closing bank offices on university and college campuses when school is not in regular session and redesignated former Subsecs. (c) to (f) accordingly; P.A. 77-614 replaced bank commissioner with banking commissioner, effective January 1, 1979; P.A. 78-121 removed private bankers and building associations from definition of "banks" in Subsec. (f); (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 88-65 amended definitions of "banks" to delete the reference to "industrial banks"; P.A. 94-122 deleted former Subsec. (f), defining "banks" for purposes of section, renumbering former Subsec. (g) as Subsec. (f), and made technical changes, effective January 1, 1995; Sec. 36-28a transferred to Sec. 36a-23 in 1995; P.A. 00-6 applied provisions of section to credit unions.

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Sec. 36a-24. Hearings. (a) The commissioner, in the commissioner's discretion, may hold a hearing in connection with any application filed with the commissioner and otherwise, with respect to any matter within the commissioner's jurisdiction, as the commissioner may determine. In the case of an acquisition pursuant to section 36a-184, the commissioner shall call such a hearing if the bank or holding company named in the acquisition statement:
(1) Files with the commissioner a written request for a hearing not later than fifteen days after the acquisition statement is filed with the commissioner or the acquisition statement is received by the bank or holding company, whichever is later; and
(2) With such written request, files a statement of issues of fact which, if proved, would constitute grounds for the commissioner's disapproval under subsection (b) of section 36a-185. Such hearing shall be called to commence not later than sixty days after the filing of the acquisition statement.
(b) The commissioner shall give not less than fifteen days' notice of hearing held in connection with an acquisition pursuant to section 36a-184 to the person filing the acquisition statement and to the bank or holding company referred to in the acquisition statement. The commissioner may give, or may require that the person filing the acquisition statement give, not less than fifteen days' notice of the hearing to the shareholders of such bank or holding company and such other interested persons as may be designated by the commissioner to receive notice. Any such notice to shareholders and other interested persons shall be in a form approved by the commissioner. The commissioner may, in the commissioner's discretion, require that a copy of the acquisition statement accompany the notice to the shareholders of such bank or holding company. If the hearing was requested by the person filing the acquisition statement, the notice to the shareholders of such bank or holding company and a copy of the acquisition statement, if required by the commissioner, shall be mailed to the shareholders by such bank or holding company at the expense of the person filing the statement. The commissioner shall make a determination as promptly as practicable after the conclusion of such hearing. The determination shall state either that the commissioner disapproves the offer, invitation, request, agreement or acquisition or that the commissioner does not disapprove it.
(c) Any hearing held under this section shall be conducted in accordance with chapter 54.
(P.A. 98-260, S. 11; P.A. 99-36, S. 2.)
History: P.A. 99-36 made a technical change in Subsec. (a).

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Sec. 36a-24a. Failure of critical functions of computer-based information systems owned or used by depository institutions. (a) As used in this section, (1) "depository institution" means a Connecticut bank, an out-of-state bank that maintains in this state a branch, as defined in section 36a-410, a Connecticut credit union or an out-of- state credit union doing business in this state, and (2) "information system" means (A) a computer-based information system owned or used by a depository institution including, but not limited to, any such system used for the management of loan or investment portfolios, savings or time deposits, general ledgers or personnel records, or (B) any critical interface or bridge to any such computer-based information system.
(b) From May 12, 1999, to July 1, 2000, if the Commissioner of Banking finds that it is not reasonably possible for a depository institution to avoid, or to effectively protect itself against, a failure of one or more of the critical functions of an information system because (1) the depository institution has failed to develop adequate testing plans to resolve any date change problems related to the years 1999 and 2000, (2) the depository institution has failed to develop adequate contingency plans to ensure the ability of such depository institution to conduct business in the event of a failure of one or more of such critical functions, or (3) the implementation of adequate testing plans with respect to such information system has resulted in a failure of one or more of such critical functions and the depository institution has failed to develop adequate contingency plans to address such failure, the commissioner may seek any applicable remedy provided under sections 36a-50, 36a-52, 36a-53 and 36a-220, and subsection (e) of section 36a- 464, provided the limitations set forth in subdivisions (2) and (3) of subsection (c) of section 36a-53 do not apply to any action taken by the commissioner pursuant to this section. Any finding made by the commissioner pursuant to this section shall be considered a violation of this section for the purposes of sections 36a-50, 36a-52 and 36a-53.
(P.A. 99-18, S. 1, 2.)
History: P.A. 99-18 effective May 12, 1999.

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Secs. 36a-25 to 36a-29. Reserved for future use.

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PART II
COMMUNITY REINVESTMENT

Sec. 36a-30. (Formerly Sec. 36-52a). Community reinvestment. General requirements. (a) As used in sections 36a-30 to 36a-33, inclusive, unless the context otherwise requires:
(1) "Bank" means any bank or out-of-state bank that maintains in this state a branch as defined in section 36a-410. "Bank" does not include special purpose banks that do not perform commercial or retail banking services in which credit is granted to the public in the ordinary course of business, other than as an incident to their specialized operations, including, but not limited to, banker's banks and banks that engage only in one or more of the following activities: Providing cash management controlled disbursement services or serving as correspondent banks, trust companies or clearing agents.
(2) "Federal CRA" means (A) the federal Community Reinvestment Act of 1977, 12 USC Section 2901 et seq., as from time to time amended, and (B) the regulations implementing said act adopted by the federal financial supervisory agencies as set forth in 12 CFR Part 25, 12 CFR Part 228, 12 CFR Part 345 and 12 CFR Part 563e, as from time to time amended, and as applicable to the specific type of bank.
(3) "Federal financial supervisory agency" means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and any successor to any of the foregoing agencies, as applicable to the specific type of bank.
(b) The commissioner shall assess the record of each bank in satisfying its continuing and affirmative obligations to help meet the credit needs of its local communities, including low and moderate-income neighborhoods, consistent with the safe and sound operation of such banks, and shall provide for the consideration of such records in connection with any application listed in subsection (c) of section 36a-32.
(c) Each bank shall, in accordance with the provisions of federal CRA and without excluding low and moderate-income neighborhoods, delineate the local community or communities that comprise its entire community within this state or delineate one or more assessment areas, as applicable, within which the commissioner shall evaluate the bank's record of helping to meet the credit needs of its entire community in this state. The commissioner shall review the delineation for compliance with federal CRA and this subsection in connection with an examination of the bank under section 36a-17.
(d) Until, but not after June 30, 1997, unless otherwise provided by federal CRA:
(1) The governing board of each bank shall adopt a community reinvestment statement for each delineated community. Each such statement shall include at least the following: (A) The delineation of the local community; (B) a list of specific types of credit within certain categories such as residential loans for one to four dwelling units, residential loans for five dwelling units and over, housing rehabilitation loans, home improvement loans, small business loans, farm loans, community development loans, commercial loans and consumer loans that the bank is prepared to extend within the local community; and (C) a copy of the community reinvestment notice as provided in section 36a-31.
(2) Each bank may include the following in each community reinvestment statement: (A) A description of how its current efforts, including special credit-related programs, help to meet community credit needs; (B) a periodic report regarding its record of helping to meet community credit needs; and (C) a description of its efforts to ascertain the credit needs of its community, including efforts to communicate with members of its community regarding credit services. Any community reinvestment statements in effect during the preceding two years shall be placed in the bank's public file.
(3) Each bank's governing board shall review each community reinvestment statement at least annually and shall act upon any material change made in the interim at its first regular meeting after the change. Such actions shall be noted in its minutes. Each current community reinvestment statement shall be readily available for public inspection (A) at the main office of the bank, and (B) at each office of the bank in the local community delineated in such statement, except satellite devices. Copies of each current community reinvestment statement shall be provided to the public upon request. A bank may charge a reasonable fee not to exceed the cost of copying and mailing, if applicable.
(e) Each bank shall collect and report loan information in accordance with the applicable requirements of federal CRA. Each bank shall file with the commissioner a copy of each CRA disclosure statement prepared for such bank by a federal financial supervisory agency under federal CRA within thirty business days after receiving the statement.
(f) Copies of the public section of the most recent community reinvestment performance evaluation prepared by the commissioner pursuant to subsection (b) of section 36a- 32 shall be provided to the public upon request. A bank may charge a reasonable fee not to exceed the cost of copying and mailing, if applicable.
(g) Each bank shall maintain a public file in accordance with federal CRA. Each bank shall place a copy of the public section of the bank's most recent community reinvestment performance evaluation prepared by the commissioner pursuant to subsection (b) of section 36a-32 in the public file within thirty business days after its receipt from the commissioner. The bank may also include in the public file any response to such performance evaluation that the bank wishes to make. The bank shall make a copy of the public section of such performance evaluation available to the public for inspection upon request and at no cost at the bank's main office and at each of its branches in this state. Any bank that received a less than satisfactory rating during its most recent examination under section 36a-32 shall include in its public file a description of its current efforts to improve its performance in helping to meet the credit needs of its entire community. The bank shall update the description quarterly.
(h) The commissioner may assess a bank's record of helping to meet the credit needs of its assessment areas under a strategic plan pursuant to federal CRA, provided (1) the strategic plan is filed with the commissioner concurrently with its submission by the bank to a federal financial supervisory agency for approval under federal CRA, and (2) the strategic plan is approved by the commissioner.
(P.A. 89-295, S. 1, 5; P.A. 91-180, S. 1; P.A. 94-122, S. 16, 340; P.A. 95-155, S. 5, 29; P.A. 96-8, S. 1, 6.)
History: P.A. 89-295 effective July 1, 1990; P.A. 91-180 amended the definition of "bank" in Subsec. (a) by adding an exception for institutions that engage solely in correspondent banking business or trust company business, act solely as a clearing agent or do not perform commercial or retail banking services, changed standard metropolitan statistical area to read metropolitan statistical area in Subsec. (c)(1), amended Subsec. (f) by adding provisions re community reinvestment performance evaluations and mailing fees, and amended Subsec. (g) by adding provisions re community reinvestment performance evaluations to Subdiv. (1) and making a technical change to Subdiv. (2); P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-52a transferred to Sec. 36a-30 in 1995; P.A. 95-155 amended the definition of "bank" in Subsec. (a) to mean banks or certain out-of-state banks, and amended Subsec. (c) to add "within this state", effective June 27, 1995; P.A. 96-8 substantially rearranged provisions and amended Subsec. (a) to redefine "bank" and to define "federal CRA" and "federal financial supervisory agency", replaced Subsec. (c) to require banks to delineate their community in accordance with federal CRA and to require the commissioner to review delineations, made Subsec. (d) effective "until, but not after June 30, 1997", amended Subdiv. (d)(2) to require banks to place statements from the prior two years in their public files, added Subdiv. (d)(3) re statement availability and required that copies be available subject to reasonable fees including copying and mailing costs, replaced Subsec. (e) to include loan information, amended Subsec. (f) to require banks to make statements available upon request, inserted "reasonable" to modify fee, allowed fees for "copying" and deleted requirement that statement be "readily available" for public inspection at main office and at office in the local community, replaced Subsec. (g) to require banks to place a copy of their performance evaluation in their public file and added Subsec. (h) to allow the commissioner, subject to provisos, to assess a bank's record of helping to meet credit needs of its assessment areas under a strategic plan, effective April 29, 1996.

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Sec. 36a-31. (Formerly Sec. 36-52b). Community reinvestment notice. (a) Except as provided in subsection (d) of this section, until June 30, 1997, each bank shall provide, in the public lobby of each of its offices other than satellite devices, a public notice substantially similar to the one set forth in this subsection and subsection (b) of this section. Bracketed material shall be used only by a bank having more than one local community.

COMMUNITY REINVESTMENT NOTICE

Community Reinvestment requires the evaluation of our performance in helping to meet the credit needs of this community, and to take this evaluation into account when the Commissioner of Banking decides on certain applications submitted by us.
Your involvement is encouraged.
You should know that:
You may obtain our current Community Reinvestment Statement for this community in this office. (Current Community Reinvestment Statements for other communities served by us are available at our main office, located at:

.....................................)

You may send signed, written comments about our Community Reinvestment Statement or our performance in helping to meet community credit needs to (title and address of bank official) and to the Commissioner of Banking (address). Your letter, together with any responses by us, may be made public.
You may look at a file of all signed, written comments received by us within the past two years, any response we have made to the comments and all Community Reinvestment Statements in effect during the past two years at our office located at (address). (You also may look at the file about this community at (name and address of designated office).)
You may ask to look at any comments received by the Commissioner of Banking.
(b) If the bank is a subsidiary of a holding company, the following provision shall be included in the Community Reinvestment Notice required by subsection (a) of this section:
We are a subsidiary of (name of holding company), a (bank/savings and loan) holding company. You may request from the (Federal Reserve Bank/Office of Thrift Supervision) of (city, address) an announcement of applications covered by the community reinvestment statement filed by holding companies.
(c) Except as provided in subsection (d) of this section, until June 30, 1997, within thirty business days of receiving its most recent community reinvestment performance evaluation prepared by the commissioner or a federal financial supervisory agency, each bank shall add the following provision to the community reinvestment notice required by subsection (a) of this section:
You may obtain the public section of our most recent Community Reinvestment Performance Evaluation at (name and address of main office and designated community office).
(d) (1) On and after July 1, 1997, in addition to the public notice required under federal CRA, each bank shall provide in the public lobby of its main office and each of its branches in this state a public notice substantially similar to the following:

STATE OF CONNECTICUT
COMMUNITY REINVESTMENT NOTICE

The Commissioner of Banking evaluates our record of helping to meet the credit needs of this community consistent with safe and sound operations. The Commissioner of Banking also takes this record into account when deciding on certain applications submitted by us.
Your involvement is encouraged.
In addition to the information that you are entitled to receive under the federal Community Reinvestment Act, as listed in the "Community Reinvestment Act Notice" posted in this lobby, you may review today the public section of our most recent community reinvestment performance evaluation prepared by the Commissioner of Banking.
You may send written comments about our performance in helping to meet community credit needs to the Commissioner of Banking (address). Your letter, together with any response by us, will be considered by the Commissioner of Banking in evaluating our community reinvestment performance and may be made public.
You may ask to look at any comments received by the Commissioner of Banking.
(2) Notwithstanding the provisions of subsections (a) to (c), inclusive, of this section, prior to July 1, 1997, a bank may use the form of public notice provided in subdivision (1) of this subsection in lieu of the form of public notice set forth in subsections (a) to (c), inclusive, of this section if such use is consistent with the form of public notice required to be used by the bank under federal CRA.
(e) The information, statements, evaluations and notices required under this section and subsections (d) and (g) of section 36a-30 may be combined with or attached to the information, statements, evaluations and notices required under federal CRA.
(P.A. 89-295, S. 2, 5; P.A. 91-180, S. 2; P.A. 94-122, S. 17, 340; P.A. 96-8, S. 2, 6.)
History: P.A. 89-295 effective July 1, 1990; P.A. 91-180 deleted previous provisions re combining or attaching information and disclosures from Subsec. (a), added Subsec. (c) re community reinvestment performance evaluations and added Subsec. (d) re combining or attaching required information, statements, evaluations and notices; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-52b transferred to Sec. 36a-31 in 1995; P.A. 96-8 amended Subsecs. (a) and (c) to add the proviso "except as provided in subsection (d) of this section, until June 30, 1997", substituted "financial supervisory" for "financial regulatory", and inserted new Subsec. (d) to require the prescribed Community Reinvestment Notice on and after July 1, 1997, effective April 29, 1996.

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Sec. 36a-32. (Formerly Sec. 36-52c). Assessment of banks. Factors to be considered. Community reinvestment performance evaluation. (a) In connection with the examination of a bank under section 36a-17, the commissioner shall assess the record of the performance of the bank in helping to meet the credit needs of its entire community, including low and moderate-income neighborhoods, consistent with the safe and sound operation of the bank. The commissioner shall assess the community reinvestment performance of a bank utilizing the applicable methodology set forth in federal CRA. In addition, the commissioner shall consider the following in assessing a bank's record of performance:
(1) The bank's record of offering escrow accounts for purposes of compliance with subsection (h) of section 47a-21;
(2) Efforts of the bank to work with delinquent residential mortgage customers who are unemployed or underemployed to facilitate a resolution of the delinquency; and
(3) Written comments received by the commissioner.
(b) (1) Upon the conclusion of the assessment required under subsection (a) of this section, the commissioner shall prepare a written evaluation of the bank's record of meeting the credit needs of its entire community, including low and moderate-income neighborhoods. Each community reinvestment performance evaluation prepared under this subsection shall have a public section and a confidential section.
(2) The public section of the performance evaluation shall (A) state the commissioner's assessment of the community reinvestment performance of the bank utilizing the applicable methodology set forth in federal CRA, (B) discuss the facts supporting such assessment and (C) contain the bank's rating and a statement describing the basis for the rating. The rating shall be one of the following: (i) Outstanding record of meeting community credit needs; (ii) satisfactory record of meeting community credit needs; (iii) needs to improve record of meeting community credit needs; or (iv) substantial noncompliance in meeting community credit needs. The commissioner shall furnish a copy of the public portion of the performance evaluation to the bank upon its completion.
(3) The confidential section of the performance evaluation shall contain all references that identify any customer of the bank, any employee or officer of the bank, or any person that has provided information in confidence to the commissioner or to any federal financial supervisory agency. The confidential section shall also contain any statements obtained or made by the commissioner in the course of an examination under section 36a-17 which, in the judgment of the commissioner, are too sensitive or speculative in nature to disclose to the bank or the public. The confidential section may be disclosed, in whole or in part, to the bank if the commissioner determines that such disclosure will promote the objectives of sections 36a-30 to 36a-33, inclusive, provided any such disclosure shall not identify a person that has provided information in confidence to the commissioner or to any federal financial supervisory agency.
(c) In considering an application for the establishment of a branch or other facility with the ability to accept deposits, the relocation of the main office or a branch office, or a merger or consolidation with or the acquisition of assets or stock or assumption of liabilities of another bank, the commissioner shall consider, but not be limited to, the bank's record of performance. A bank's record of performance in helping to meet the credit needs of its community may be the basis for denying or conditioning such an application.
(d) The commissioner may adopt regulations, in accordance with chapter 54, to carry out the provisions of sections 36a-30 to 36a-33, inclusive. Such regulations may establish conditions, requirements or other provisions that are in addition to or vary from the provisions of federal CRA that are incorporated by reference in sections 36a- 30 to 36a-33, inclusive.
(P.A. 89-295, S. 3, 5; P.A. 91-180, S. 3; P.A. 92-69, S. 1, 5; P.A. 93-41, S. 1, 3; P.A. 94-122, S. 18, 340; P.A. 96-8, S. 3, 6.)
History: P.A. 89-295 effective July 1, 1990; P.A. 91-180 added new Subsec. (b) re community reinvestment performance evaluations and relettered existing Subsec. (b) as Subsec. (c); P.A. 92-69 amended Subdiv. (12) of Subsec. (a) by adding provisions re efforts of the bank to work with unemployed or underemployed residential mortgage customers to resolve delinquent mortgage loans; P.A. 93-41 amended Subdiv. (7) of Subsec. (a) to include the offering of escrow accounts as a factor to be considered in community reinvestment performance evaluations, effective May 5, 1993; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-52c transferred to Sec. 36a-32 in 1995; P.A. 96-8 amended Subsec. (a) to substitute the commissioner's assessment of CRA performance for commissioner review of the bank's community reinvestment statement, deleted many Subdivs., amended Subdiv. (1) to delete reference to "opening and closing offices and providing services at offices", amended Subdiv. (2) to delete "Other factors, including but not limited to" before "efforts", and added a new Subdiv. (3) to include "written comments received by the commissioner", amended Subsecs. (a) and (b) to require the commissioner to assess performance using federal CRA methodology and added Subsec. (d) to allow the commissioner to adopt regulations, effective April 29, 1996.

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Sec. 36a-33. (Formerly Sec. 36-52d). Commissioner to prepare lists of banks. The commissioner shall annually prepare and submit to the State Treasurer a list of banks which have received a rating of needs to improve or of substantial noncompliance in connection with the community reinvestment performance evaluation prepared by the commissioner pursuant to subsection (b) of section 36a-32 or by a federal financial supervisory agency pursuant to federal CRA, whichever evaluation is made available most recently. No bank included in such list may receive deposits under the provisions of section 4-33 or 7-402. In preparing such list, the commissioner may rely on information received from a federal financial supervisory agency.
(P.A. 89-295, S. 4, 5; P.A. 91-180, S. 4; 91-357, S. 14, 78; P.A. 92-56; P.A. 94-122, S. 19, 340; P.A. 95-282, S. 8, 11; P.A. 96-8, S. 4, 6; 96-244, S. 38, 63.)
History: P.A. 89-295 effective July 1, 1990; P.A. 91-180 amended Subsec. (b) by including federal savings banks, and, in conjunction with P.A. 91-357, deleting reference to the Federal Home Loan Bank Board and adding reference to the Office of Thrift Supervision; P.A. 92-56 amended Subsecs. (a) and (b) to require the commissioner to prepare a list of banks that have received a community reinvestment performance evaluation rating of needs to improve or substantial noncompliance and to provide that no bank on the list may receive public deposits; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-52d transferred to Sec. 36a-33 in 1995; P.A. 95-282 made technical changes, effective July 6, 1995; P.A. 96-8 substituted "financial supervisory agency" for "depository institutions regulatory agency", allowed the commissioner to rely on information from a federal financial supervisory agency in preparing lists, deleted Subsec. (b), and made technical changes, effective April 29, 1996; P.A. 96-244 revised effective date section of P.A. 95-282 but without affecting this section.

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Sec. 36a-34. Findings of commissioner re Community Reinvestment Act compliance, consumer protection law compliance, adequacy of banking services to be provided and anticompetitive effects in connection with certain transaction approvals. (a) As used in subsection (b) of this section:
(1) "Entity" means the applicant or applicants except, in the case of an approval pursuant to section 36a-411, "entity" means the subsidiaries of the applicant holding company.
(2) "Resulting entity" means: (A) In the case of an approval pursuant to section 36a-145 and subdivision (2) of subsection (a) of section 36a-412, the applicant; (B) in the case of an approval pursuant to section 36a-125, the resulting Connecticut bank; (C) in the case of an approval pursuant to section 36a-181, the Connecticut bank; (D) in the case of an approval pursuant to section 36a-411, the bank to be acquired or established; and (E) in the case of an approval pursuant to subdivision (1) of subsection (a) of section 36a-412, the bank to be acquired or the resulting bank.
(3) "Federal CRA" shall have the same meaning as set forth in subsection (a) of section 36a-30.
(b) The commissioner shall not grant any approval under section 36a-125, subsections (b), (c) and (d) of section 36a-145, section 36a-181, section 36a-411 or subdivisions (1) and (2) of subsection (a) of section 36a-412 unless the commissioner finds, in accordance with regulations adopted pursuant to chapter 54, that (1) based on the most recent applicable performance evaluation and any related information required by the commissioner, the entity has a record of compliance with the requirements of federal CRA, sections 36a-30 to 36a-33, inclusive, to the extent applicable, and applicable consumer protection laws; and (2) except as otherwise provided in this subsection, if the entity, and in the case of an approval pursuant to section 36a-411, the bank or any subsidiary bank of the Connecticut holding company, received any overall rating other than an assigned rating of "outstanding" on its most recent applicable community reinvestment performance evaluation, the resulting entity will provide adequate services to meet the banking needs of all community residents, including low-income residents and moderate-income residents to the extent permitted by its charter, in accordance with a plan submitted by the applicant to the commissioner, in such form and containing such information as the commissioner may require, or, if acceptable to the commissioner, in accordance with an approved strategic plan prepared under federal CRA, or the relevant portion thereof, that is submitted by the applicant to the commissioner. Upon receiving any such plan, the commissioner shall make the plan available for public inspection and comment at the Department of Banking and cause notice of its submission and availability for inspection and comment to be published in the department's weekly bulletin. With the concurrence of the commissioner, the applicant or applicants shall publish, in the form of a legal advertisement in a newspaper having a substantial circulation in the area, notice of such plan's submission and availability for public inspection and comment. The notice shall state that the inspection and comment period will last for a period of thirty days from the date of publication. The commissioner shall not make such finding until the expiration of such thirty-day period. In making such finding, the commissioner shall, unless clearly inapplicable, consider, among other factors, whether the plan identifies specific unmet credit and consumer banking needs in the local community and specifies how such needs will be satisfied, provides for sufficient distribution of banking services among branches or satellite devices, or both, located in low-income neighborhoods, contains adequate assurances that banking services will be offered on a nondiscriminatory basis and demonstrates a commitment to extend credit for housing, small business and consumer purposes in low-income neighborhoods. The submission of such plan shall not be required in the case of an approval under subsection (d) of section 36a-145, provided, the commissioner may require the filing of such information in lieu of a plan as the commissioner deems appropriate. Except with respect to an approval pursuant to sections 36a-145 and 36a-181, the commissioner shall not approve the transaction if the transaction would result in a monopoly, or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the business of banking in this state or if the commissioner determines that the effect of the proposed transaction may be to substantially lessen competition, or would tend to create a monopoly, or would be in restraint of trade, unless the commissioner finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served.
(c) The commissioner shall not make a determination stating that the commissioner does not disapprove an offer, invitation, request, agreement or acquisition pursuant to section 36a-185 unless the commissioner finds, in accordance with regulations adopted pursuant to chapter 54, that (1) based on the most recent applicable performance evaluation and any related information required by the commissioner, the acquiring person, if such person is a bank or out-of-state bank, and the acquiring person's subsidiaries, if such person is a holding company, has a record of compliance with the requirements of federal CRA, sections 36a-30 to 36a-33, inclusive, to the extent applicable, and applicable consumer protection laws; and (2) if the bank or any banking subsidiary of the holding company referred to in the acquisition statement received any overall rating other than an assigned rating of "outstanding" on its most recent applicable community reinvestment performance evaluation, such bank or banking subsidiary will provide adequate services to meet the banking needs of all community residents, including low- income residents and moderate-income residents to the extent permitted by its charter or their charters. If the acquiring person is not a natural person, or if the acquiring person is a natural person who would be the beneficial owner of twenty-five per cent or more of any class of voting securities of the bank or holding company referred to in the acquisition statement, the finding as to the adequacy of services to be provided shall be based on a plan submitted by the acquiring person to the commissioner, in such form and containing such information as the commissioner may require, or, if acceptable to the commissioner, in accordance with an approved strategic plan prepared under federal CRA, or the relevant portion thereof, that is submitted by the acquiring person to the commissioner. Upon receiving any such plan, the commissioner shall make the plan available for public inspection and comment at the Department of Banking and cause notice of its submission and availability for inspection and comment to be published in the department's weekly bulletin. With the concurrence of the commissioner, the acquiring person shall publish, in the form of a legal advertisement in a newspaper having a substantial circulation in the area, notice of such plan's submission and availability for public inspection and comment. The notice shall state that the inspection and comment period will last for a period of thirty days from the date of publication. The commissioner shall not make such finding until the expiration of such thirty-day period. In making such finding, the commissioner shall consider, among other factors, whether the plan identifies specific unmet credit and consumer banking needs in the local community and specifies how such needs will be satisfied, provides for sufficient distribution of banking services among branches or satellite devices, or both, located in low-income neighborhoods, contains adequate assurances that banking services will be offered on a nondiscriminatory basis and demonstrates a commitment to extend credit for housing, small business and consumer purposes in low-income neighborhoods. If the acquiring person is a natural person who would be the beneficial owner of less than twenty-five per cent of all classes of voting securities of the bank or holding company referred to in the acquisition statement, the commissioner shall make the finding as to adequacy of services to be provided based on the commitment of the acquiring person to use the acquiring person's best efforts to cause such bank or banking subsidiaries of such holding company to provide such services. The commissioner shall not make a determination stating that the commissioner does not disapprove such offer, invitation, request, agreement or acquisition if such offer, invitation, request, agreement or acquisition would result in a monopoly, or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the business of banking in this state or if the commissioner should determine that the effect of the proposed offer, invitation, request, agreement or acquisition may be to substantially lessen competition, or would tend to create a monopoly, or would be in restraint of trade, unless the commissioner finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served.
(P.A. 94-122, S. 20, 340; P.A. 95-155, S. 6, 29; P.A. 96-8, S. 5, 6; P.A. 97-33.)
History: P.A. 94-122 effective January 1, 1995; P.A. 95-155 amended Subsec. (b) to add the references to Sec. 36a- 145, and amended Subsec. (b) and (c) to add "and comment", to impose the requirement of publication on the applicant or acquirer instead of the commissioner, and to reword the provisions re the thirty-day inspection and comment period and timing of the commissioner's finding, effective June 27, 1995; P.A. 96-8 added a new Subdiv. (a)(3) to define "Federal CRA", and amended Subsecs. (b) and (c) to make technical changes, delete "business" from "thirty business days" and to allow the commissioner to consider strategic plans prepared under federal CRA, effective April 29, 1996; P.A. 97-33 redefined "entity" and "resulting entity" in Subsec. (a), amended Subsec. (b) by adding references to Subsec. (d) of Sec. 36a-145 and Subdivs. (1) and (2) of Subsec. (a) of Sec. 36a-412, by providing that the entity's compliance record is based on the most recent applicable performance evaluation and related information required by the commissioner and that a plan is required if the entity or its subsidiary banks received any rating other than "outstanding" on their most recent community reinvestment performance evaluation, and by adding exception to plan requirements for approval under Subsec. (d) of Sec. 36a-145 and exception to findings re anticompetitive effects for approval pursuant to Sec. 36a-181, and amended Subsec. (c) to provide that the compliance record of the acquiring person or subsidiaries is based on the most recent applicable performance evaluation and related information required by the commissioner and that a plan is required if the bank or subsidiary banks received any rating other than "outstanding" on their most recent community reinvestment performance evaluation.

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Secs. 36a-35 to 36a-39. Reserved for future use.

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PART III
BANK RECORDS. DISCLOSURE OF RECORDS

Sec. 36a-40. (Formerly Sec. 36-2a). Retention of Connecticut bank and credit union records. The commissioner may, by regulation adopted in accordance with chapter 54, prescribe periods of time for the retention of records of any Connecticut bank or Connecticut credit union. Records which have been retained for the period so prescribed may thereafter be destroyed, and no liability shall thereby accrue against the Connecticut bank or Connecticut credit union destroying them. In any cause or proceeding in which any such records may be called in question or be demanded of any such bank or credit union or any officer or employee thereof, a showing that the period so prescribed has elapsed shall be sufficient excuse for failure to produce them.
(1963, P.A. 315; P.A. 77-614, S. 161, 610; P.A. 87-9, S. 2, 3; P.A. 94-122, S. 21, 340.)
History: P.A. 77-614 replaced bank commissioner with banking commissioner, effective January 1, 1979; (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-2a transferred to Sec. 36a-40 in 1995.

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Sec. 36a-41. (Formerly Sec. 36-9j). Definitions. As used in sections 36a-41 to 36a-45, inclusive:
(1) "Financial institution" means a bank, Connecticut credit union, federal credit union and any other institution wherever chartered or organized that is authorized to accept deposits in this state.
(2) "Financial records" means any original or any copy, whether physically or electronically retained, of: (A) A document granting signature authority over a deposit account or a share account with a financial institution; (B) a statement, ledger card or other record on any deposit account or share account with a financial institution which shows each transaction in or with respect to that account; (C) any check, draft or money order drawn on a financial institution or issued and payable by such an institution or (D) any item, other than an institutional or periodic charge, made pursuant to any agreement by a financial institution and a customer which constitutes a debit or credit to that person's deposit account or share account with such financial institution if the item is not included in subdivision (C) of this subsection.
(P.A. 77-294, S. 1, 6; 77-614, S. 161, 587, 610; P.A. 78-303, S. 85, 136; P.A. 87-9, S. 2, 3; P.A. 88-65, S. 9, 48; P.A. 91-357, S. 3, 78; P.A. 92-12, S. 5; P.A. 94-122, S. 22, 340.)
History: P.A. 77-614 and P.A. 78-303 replaced bank commissioner with banking commissioner, effective January 1, 1979; (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 88-65 redefined "financial institution" to delete a reference to industrial bank and amended the definition of "supervisory agency" in Subsec. (e) by excluding the Connecticut Credit Union Share Insurance Corporation; P.A. 91-357 redefined "supervisory agency" to delete references to the Federal Savings and Loan Insurance Corporation and the Federal Home Loan Bank Board and to add references to the Resolution Trust Corporation and the Office of Thrift Supervision; P.A. 92-12 redesignated Subsecs. and Subdivs. and made technical changes; P.A. 94-122 deleted the definition of "customer" in Subdiv. (1), renumbered the remaining Subdivs., added electronically retained records to the definition of "financial records", deleted Subdivs. (4) and (5) defining "person" and "supervisory agency" and made technical changes, effective January 1, 1995; Sec. 36-9j transferred to Sec. 36a-41 in 1995.

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Sec. 36a-42. (Formerly Sec. 36-9k). Disclosure of financial records prohibited; exceptions. A financial institution may not disclose to any person, except to the customer or the customer's duly authorized agent, any financial records relating to such customer unless the customer has authorized disclosure to such person or the financial records are disclosed in response to (1) a certificate signed by the Commissioner of Administrative Services or the Commissioner of Social Services pursuant to the provisions of section 17b-137, (2) a lawful subpoena, summons, warrant or court order as provided in section 36a-43, (3) interrogatories by a judgment creditor or a demand by a levying officer as provided in sections 52-351b and 52-356a, (4) a certificate issued by a medical provider or its attorney under subsection (b) of section 17b-124, provided nothing in this subsection shall require the provider or its attorney to furnish to the financial institution any application for medical assistance filed under section 17b-259 or pursuant to an agreement with the IV-D agency under subsection (e) of section 17b-137, or (5) a certificate signed by the Commissioner of Veterans' Affairs pursuant to section 27-117.
(P.A. 77-294, S. 2, 6; P.A. 79-361, S. 1; P.A. 81-61, S. 1; P.A. 83-581, S. 37, 40; P.A. 93-262, S. 61, 87; P.A. 94-122, S. 23, 340; P.A. 95-244, S. 3; P.A. 97-206, S. 1; June 18 Sp. Sess. P.A. 97-7, S. 13, 38.)
History: P.A. 79-361 allowed disclosure of financial records in response to certificate signed by administrative services commissioner pursuant to Sec. 17-303; P.A. 81-61 permitted the commissioner of income maintenance and the commissioner of human resources to obtain the disclosure of financial records by use of a certificate pursuant to Sec. 17-303; P.A. 83-581 authorized disclosure in response to interrogatories by a judgment creditor or a demand by a levying officer as provided in Secs. 52-351b and 52-356a; P.A. 93-262 replaced reference to commissioners of income maintenance and human resources with commissioner of social services, effective July 1, 1993; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-9k transferred to Sec. 36a-42 in 1995; P.A. 95-244 added Subdiv. (4) re the exemption and proviso for certificates issued by a medical provider or its attorney; P.A. 97-206 added new Subdiv. (5) re exception for certificates signed by the Commissioner of Veterans' Affairs pursuant to Sec. 27-117; June 18 Sp. Sess. P.A. 97-7 amended Subdiv. (4) to add "or pursuant to an agreement with the IV-D agency under subsection (e) of section 17b-137", effective July 1, 1997.

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Sec. 36a-43. (Formerly Sec. 36-9l). Disclosure of financial records pursuant to lawful authority. (a) Except as provided in section 36a-44, a financial institution shall disclose financial records pursuant to a lawful subpoena, summons, warrant or court order served upon it if the party seeking the records causes such subpoena, summons, warrant or court order or a certified copy thereof to be served upon the customer whose records are being sought, at least ten days prior to the date on which the records are to be disclosed, provided a court of competent jurisdiction, for good cause, may waive service of such subpoena, summons, warrant or court order, or certified copy thereof, upon such customer. If such subpoena was issued by the Commissioner of Administrative Services or the Commissioner of Social Services pursuant to section 17b-137, service of such subpoena upon the customer shall not be required.
(b) A customer of a financial institution shall have standing to challenge a subpoena of the customer's financial records, by filing an application or motion to quash in a court of competent jurisdiction within the ten-day notice period required by subsection (a) of this section. Upon the filing of such application or motion by the customer, and service of such application or motion upon the financial institution and the person issuing the subpoena, production of the records shall be stayed, without liability to the financial institution, until the court holds a hearing on the motion or application and an order is entered sustaining, modifying or quashing the subpoena.
(c) A financial institution shall disclose financial records pursuant to a certificate, signed by the Commissioner of Administrative Services or the Commissioner of Social Services in accordance with the provisions of section 36a-42, or pursuant to an agreement with the IV-D agency under subsection (c) of section 17b-137.
(d) No such financial institution shall be held civilly or criminally responsible for disclosure of financial records pursuant to a certificate, subpoena, summons, warrant or court order which on its face appears to have been issued upon lawful authority.
(P.A. 77-294, S. 3, 6; P.A. 79-361, S. 2; P.A. 81-61, S. 2; P.A. 86-161; P.A. 88-251; P.A. 89-264, S. 1; P.A. 93-262, S. 62, 87; P.A. 94-122, S. 24, 340; June 18 Sp. Sess. P.A. 97-7, S. 14, 38.)
History: P.A. 79-361 made previous provisions Subsecs. (a) and (c), inserting new Subsec. (b) re disclosure of records under certificate signed by administrative services commissioner and adding reference to such certificates in Subsec. (c); P.A. 81-61 amended Subsec. (a) to provide that if a subpoena is issued by the commissioner of administrative services, income maintenance or human resources service upon the customer is not required, and amended Subsec. (b) to require disclosure pursuant to a certificate signed by the commissioner of income maintenance or human resources and to delete the requirement that a copy of the certificate be mailed to the customer five days prior to disclosure; P.A. 86-161 amended Subsec. (a) to make the party seeking the disclosure of a customer's financial records responsible for serving the subpoena or similar legal document on the customer; P.A. 88-251 inserted new Subsec. (b) re a customer's standing to challenge a subpoena of his financial records and relettered previously existing Subsecs; P.A. 89-264 amended Subsec. (a) by adding exception re Sec. 36-9m; P.A. 93-262 changed reference to commissioners of income maintenance and human resources to commissioner of social services, effective July 1, 1993; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-9l transferred to Sec. 36a-43 in 1995; June 18 Sp. Sess. P.A. 97-7 amended Subsec. (c) by adding "or pursuant to an agreement with the IV-D agency under subsection (c) of section 17b-137", effective July 1, 1997.
Annotations to former section 36-9l:
Cannot infer the right to a hearing from the provision for notice in statute. 179 C. 102, 106−110. Cited. 188 C. 325, 333. Cited. 219 C. 204, 211, 212, 214.
Cited. 36 CA 171, 174, 176, 177.
Subsec. (a):
Cited. 219 C. 204, 205, 207, 209−214.
Subsec. (b):
Bank customer has no standing to challenge procedural irregularities in manner of administrative subpoena service on financial institution in which he has account. 219 C. 204, 205, 208−212.
Cited. 28 CA 653, 654, 658.

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Sec. 36a-44. (Formerly Sec. 36-9m). Exceptions re confidential treatment of customer records. No provision of sections 36a-41 to 36a-45, inclusive, shall be construed to prohibit: (1) The preparation, examination, handling or maintenance of any financial records by any officer, employee or agent of a financial institution having custody of such records or the examination of such records by a certified public accountant engaged by the financial institution to perform an independent audit; (2) the examination of any financial records by, or the furnishing of financial records by a financial institution to any official, employee or agent of a supervisory agency solely for use in the exercise of the duties of such official, employee or agent; (3) the publication of data furnished from financial records relating to customers where such data does not contain information identifying any particular customer or account; (4) the making of reports or returns required under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, or under section 12-382; (5) disclosure of information permitted under the Uniform Commercial Code concerning the dishonor of any negotiable instrument; (6) the exchange, in the regular course of business, of credit information between a financial institution and other financial institutions or commercial enterprises, directly or through a consumer reporting agency; (7) disclosures to appropriate officials of federal, state or local governments upon suspected violations of the criminal law; (8) disclosures pursuant to a search warrant issued by a judge of the Superior Court under the provisions of section 54-33a; (9) disclosures concerning lawyers' clients' funds accounts made to the state-wide grievance committee pursuant to any rule adopted by the judges of the Superior Court; (10) disclosures to the purported payee or to any purported holder of a check, draft, money order or other item, whether or not such check, draft, money order or other item has been accepted by such payee or holder as payment, or to any financial institution purportedly involved in the collection process of a check, draft, money order or other item whether such check, draft, money order or other item would be paid if presented at the time of such disclosure; (11) any disclosure made in connection with a financial institution's attempts to preserve its rights or determine its liabilities with regard to any funds transfer or any check, draft, money order or other item drawn by or upon it or handled by it for collection or otherwise; (12) the transfer of information from a Connecticut credit union to a shared service center and the personnel of such shared service center which takes place when a member of such Connecticut credit union uses a shared service center to effect a transaction with such Connecticut credit union; (13) any other disclosure required under applicable state or federal law or authorized to be made to any regulatory or law enforcement agency under applicable state or federal law.
(P.A. 77-294, S. 4, 6; P.A. 79-107; 79-631, S. 97, 111; P.A. 80-381; P.A. 81-61, S. 3; P.A. 89-211, S. 38; 89-264, S. 2; P.A. 90-56, S. 1, 2; P.A. 92-12, S. 6; P.A. 94-122, S. 25, 340; P.A. 95-253, S. 8.)
History: P.A. 79-107 and P.A. 79-631 added Subdiv. (h) re disclosure of whether or not drafts have been accepted as payments; P.A. 80-381 included reports or returns required under Sec. 12-382 in Subdiv. (d); P.A. 81-61 amended Subsec. (g) by replacing "notification" with "disclosures" and "of" with "upon"; P.A. 89-211 clarified reference to the Internal Revenue Code of 1986; P.A. 89-264 added new Subdiv. (h) re disclosures pursuant to search warrant and relettered remaining Subdiv; P.A. 90-56 added provisions re disclosures concerning lawyers' clients' funds accounts and relettered Subsec. (i) as Subsec. (j); P.A. 92-12 redesignated Subdivs.; P.A. 94-122 added Subdivs. (11) and (12) re disclosures concerning institution's rights or liabilities over funds transfer, checks or funds drawn on or collected by it and disclosure required or authorized by law, effective January 1, 1995; Sec. 36-9m transferred to Sec. 36a-44 in 1995; P.A. 95-253 added Subdiv. (12) re certain transfers of information to a shared service center and its personnel and renumbered former Subdiv. (12) as (13).
See Sec. 36a-475 for definition of "shared service center".
Annotations to former section 36-9m:
Cited. 219 C. 204, 212.

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Sec. 36a-45. (Formerly Sec. 36-9n). Violations of financial records disclosure provisions. (a) Any officer or employee of a financial institution who knowingly and wilfully furnishes financial records in violation of sections 36a-41 to 36a-44, inclusive, shall be guilty of a class C misdemeanor.
(b) Any person who knowingly and wilfully induces or attempts to induce any officer or employee of a financial institution to disclose financial records in violation of sections 36a-41 to 36a-44, inclusive, shall be guilty of a class C misdemeanor.
(P.A. 77-294, S. 5, 6; P.A. 88-65, S. 50.)
History: P.A. 88-65 substituted references to Sec. 36-9m for references to Sec. 36-9n; Sec. 36-9n transferred to Sec. 36a-45 in 1995.
Annotations to former section 36-9n:
Subsec. (b):
Cited. 219 C. 204, 213, 214.

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Secs. 36a-46 to 36a-49. Reserved for future use.

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PART IV
VIOLATIONS OF THE BANKING LAWS

Sec. 36a-50. Enforcement action. Notice and hearing. Civil penalty. Injunction, restraining order and writ. Restitution. Costs. (a) (1) Whenever the commissioner finds as the result of an investigation that any person has violated any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule or order adopted or issued thereunder, the commissioner may send a notice to such person by registered or certified mail, return receipt requested. The notice shall be deemed received by the person on the earlier of the date of actual receipt or seven days after mailing. Any such notice shall include: (A) A statement of the time, place, and nature of the hearing; (B) a statement of the legal authority and jurisdiction under which the hearing is to be held; (C) a reference to the particular sections of the general statutes, regulations, rules or orders alleged to have been violated; (D) a short and plain statement of the matters asserted; (E) the maximum penalty that may be imposed for such violation; and (F) a statement indicating that such person may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice.
(2) If a hearing is requested within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice unless such person fails to appear at the hearing. After the hearing, if the commissioner finds that the person has violated any such provision, regulation, rule or order, the commissioner may, in the commissioner's discretion and in addition to any other remedy authorized by law, order that a civil penalty not exceeding seven thousand five hundred dollars per violation be imposed upon such person. If such person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner may, as the facts require, order that a civil penalty not exceeding seven thousand five hundred dollars per violation be imposed upon such person.
(3) Each action undertaken by the commissioner under this subsection shall be in accordance with the provisions of chapter 54.
(b) Whenever it appears to the commissioner that any such person has violated, is violating or is about to violate any such provision, regulation, rule or order, the commissioner may, in the commissioner's discretion and in addition to any other remedy authorized by law: (1) Bring an action in the superior court for the judicial district of Hartford to enjoin the acts or practices and to enforce compliance with any such provision, regulation, rule or order. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted and a receiver or conservator may be appointed for such person or such person's assets. The court shall not require the commissioner to post a bond; (2) seek a court order imposing a penalty not to exceed seven thousand five hundred dollars per violation against any such person found to have violated any order issued by the commissioner; or (3) apply to the superior court for the judicial district of Hartford for an order of restitution whereby such person shall be ordered to make restitution of any sums shown by the commissioner to have been obtained by such person in violation of any such provision, regulation, rule or order, plus interest at the rate set forth in section 37-3a. Such restitution shall, at the option of the court, be payable to the receiver or conservator appointed pursuant to this subsection, or directly to the person whose assets were obtained in violation of any such provision, regulation, rule or order. Whenever the commissioner prevails in any action brought under this subsection, the court may allow to the state its costs.
(c) The provisions of this section shall not apply to chapters 672a, 672b and 672c.
(P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; 93-194, S. 6, 7; P.A. 94-122, S. 26, 340; P.A. 95- 220, S. 4−6.)
History: P.A. 93-194 effective June 23, 1993 (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A. 93-142 authorized substitution of "judicial district of Hartford" for "judicial district of Hartford-New Britain" in public acts of the 1993 session of the general assembly, to take effect September 1, 1996); P.A. 94-122 gave the commissioner general authority to enforce statutes within his jurisdiction and clarified what the notice and hearing must contain and when the notice is deemed received in Subdiv. (1) of Subsec. (a), deleted the requirement that the order be sent by registered or certified mail, return receipt requested, to any person named in the order and allowed state court costs in Subsec. (b), and moved Subsec. (c) re administrative procedures to new Subdiv. (3) of Subsec. (a), effective January 1, 1995; P.A. 95-220 changed effective date of P.A. 88-230 from September 1, 1996, to September 1, 1998, effective July 1, 1995.

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Sec. 36a-51. Suspension, revocation or refusal to renew license. (a) The commissioner may suspend, revoke or refuse to renew any license issued by the commissioner under any provision of the general statutes by sending a notice to the licensee by registered or certified mail, return receipt requested. The notice shall be deemed received by the licensee on the earlier of the date of actual receipt or seven days after mailing. Any such notice shall include: (1) A statement of the time, place, and nature of the hearing; (2) a statement of the legal authority and jurisdiction under which the hearing is to be held; (3) a reference to the particular sections of the general statutes, regulations, rules or orders involved; (4) a short and plain statement of the matters asserted; and (5) a statement indicating that the licensee may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice.
(b) If a hearing is requested within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice unless the licensee fails to appear at the hearing. After the hearing, the commissioner shall suspend, revoke or refuse to renew the license for any reason set forth in the applicable licensing provisions of the general statutes if the commissioner finds sufficient grounds exist for such suspension, revocation or refusal to renew. If the licensee does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall suspend, revoke or refuse to renew the license. No such license shall be suspended or revoked except in accordance with the provisions of chapter 54.
(c) Any licensee may surrender any license issued by the commissioner under any provision of the general statutes by filing with the commissioner written notice that such license is surrendered, but such surrender shall not affect the licensee's civil or criminal liability, or affect the commissioner's ability to impose an administrative penalty on the licensee pursuant to section 36a-50 for acts committed prior to the surrender. If, prior to receiving written notice of a licensee's intent to surrender its license, the commissioner has instituted a proceeding to suspend, revoke or refuse to renew such license, such surrender will not become effective except at such time and under such conditions as the commissioner by order determines.
(d) The provisions of this section shall not apply to chapters 672a, 672b and 672c.
(P.A. 94-122, S. 27, 340.)
History: P.A. 94-122 effective January 1, 1995.

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Sec. 36a-52. Cease and desist orders. (a) Whenever it appears to the commissioner that any person has violated, is violating or is about to violate any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule, or order adopted or issued thereunder, the commissioner may send a notice to such person by registered or certified mail, return receipt requested. The notice shall be deemed received by the person on the earlier of the date of actual receipt, or seven days after mailing. Any such notice shall include: (1) A statement of the time, place, and nature of the hearing; (2) a statement of the legal authority and jurisdiction under which the hearing is to be held; (3) a reference to the particular sections of the general statutes, regulations, rules or orders alleged to have been violated; (4) a short and plain statement of the matters asserted; and (5) a statement indicating that such person may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice. If a hearing is requested within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice, unless the person fails to appear at the hearing. After the hearing, the commissioner shall determine whether an order to cease and desist should be issued against the person named in the notice. If the person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall issue an order to cease and desist against the person. No such order shall be issued except in accordance with the provisions of chapter 54.
(b) If the commissioner finds that the public welfare requires immediate action, the commissioner may incorporate a finding to that effect in the notice sent in accordance with subsection (a) of this section and issue a temporary order requiring the person to cease and desist from the activity which constitutes such alleged violation. Such temporary order shall become effective on receipt and, unless set aside or modified by a court, shall remain in effect until the effective date of a permanent order or dismissal of the matters asserted in the notice.
(c) In the event that a party requests a continuance of the hearing and such request is granted by the presiding officer, the commissioner, in the commissioner's discretion, shall thereupon issue a temporary cease and desist order effective upon issuance. The issuance of such a temporary cease and desist order does not require a finding that the public welfare requires immediate action.
(d) Within five days of receipt of a temporary order issued pursuant to this section, any person named therein may apply to the superior court for the judicial district of Hartford for an injunction setting aside, limiting or suspending the enforcement, operation or effectiveness of such order pending final determination by the commissioner, and the court shall have jurisdiction to issue such injunction.
(P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; P.A. 94-122, S. 28, 340; P.A. 95-220, S. 4−6.)
History: P.A. 94-122 effective January 1, 1995 (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A. 93-142 authorized substitution of "judicial district of Hartford" for "judicial district of Hartford-New Britain" in public and special acts of the 1995 regular and special sessions, effective September 1, 1996); P.A. 95-220 changed effective date of P.A. 88-230 from September 1, 1996, to September 1, 1998, effective July 1, 1995.
Subsec. (d):
Standards not met for issuance of temporary injunction against commissioner's temporary cease and desist order that prohibited banks imposing surcharge on nondepositor customers for use of automated teller machines. 45 CS 566.

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Sec. 36a-53. (Formerly Sec. 36-25). Proceedings by commissioner upon violation of banking laws. Civil penalties. (a) Whenever the commissioner finds as the result of an investigation that any officer or director of any Connecticut bank or Connecticut credit union (1) has violated or is violating any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule or order adopted or issued thereunder, or any condition imposed in writing by the commissioner, (2) has breached or is breaching any written agreement with the commissioner, (3) has engaged or participated in or is engaging or participating in any unsafe or unsound practice in connection with any bank, Connecticut credit union or federal credit union, (4) has been or is charged in any information, indictment or complaint with the commission of or participation in a crime which is punishable by imprisonment for a term exceeding one year under state or federal law, and continued service or participation by such officer or director may pose a threat to the interests of depositors or members, or threatens to impair public confidence in any bank, Connecticut credit union or federal credit union, (5) has used or is using such officer's or director's official position in a manner contrary to the interest of any bank, Connecticut credit union or federal credit union or its depositors or members, or (6) has been or is negligent in the performance of such officer's or director's duties, after having been warned in writing by the commissioner to discontinue any such continuing delinquency, the commissioner may send notice to such officer or director by registered or certified mail, return receipt requested. The notice shall be deemed received by the officer or director on the earlier of the date of actual receipt or seven days after mailing. Any such notice shall include: (A) A statement of the time, place and nature of the hearing; (B) a statement of the legal authority and jurisdiction under which the hearing is to be held; (C) a reference to the particular sections of the general statutes, regulations, rules or orders alleged to have been violated; (D) a short and plain statement of the matters asserted; and (E) a statement indicating that such officer or director may file a written request for a hearing on the matters asserted within fourteen days of receipt of the notice. If a hearing is requested within the time specified in the notice, the commissioner shall hold a hearing upon the matters asserted in the notice unless such officer or director fails to appear at the hearing. After the hearing, if the commissioner finds that any of the grounds set forth in subdivisions (1) to (6), inclusive, of this subsection exist with respect to such officer or director, the commissioner shall order the removal of such officer or director from office and from any participation in the management of the Connecticut bank or Connecticut credit union. If such officer or director fails to appear at the hearing, the commissioner shall order the removal of such officer or director from office and from any participation in the management of the Connecticut bank or Connecticut credit union. If the commissioner finds that the protection of the Connecticut bank or Connecticut credit union or the interest of its depositors or members requires immediate action, the commissioner may suspend any such officer or director from office and from further participation in the management of the Connecticut bank or Connecticut credit union, by incorporating a finding to that effect in such notice. The suspension or prohibition shall become effective upon receipt of such notice and, unless stayed by a court, shall remain in effect until the entry of a permanent order or the dismissal of the matters asserted.
(b) Whenever it appears to the commissioner that any such Connecticut bank or Connecticut credit union (1) is violating, has violated or is about to violate any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule or order adopted or issued thereunder, or any condition imposed in writing by the commissioner, (2) is breaching, has breached or is about to breach any written agreement with the commissioner, or (3) is engaging, has engaged or is about to engage, in an unsafe or unsound practice, the commissioner may send notice and take action against the Connecticut bank or Connecticut credit union in accordance with section 36a-52. If the commissioner finds that the actual or threatened violation, breach or unsafe or unsound practice or practices specified in such notice is likely to cause insolvency or substantial dissipation of assets or earnings of the Connecticut bank or Connecticut credit union, or is likely to otherwise seriously prejudice the interests of its depositors or members, the commissioner may incorporate a finding to that effect in such notice and issue a temporary order requiring the Connecticut bank or Connecticut credit union to cease and desist from any such violation, breach or practice. The temporary order shall become effective upon receipt and, unless set aside or modified by a court, shall remain in effect until the effective date of a permanent order or the dismissal of the matters asserted.
(c) (1) Whenever the commissioner finds as the result of an investigation that any such officer, director, Connecticut bank or Connecticut credit union has (A) violated any provision of the general statutes within the jurisdiction of the commissioner, or any regulation, rule or order adopted or issued thereunder, or any condition imposed in writing by the commissioner, (B) breached any written agreement with the commissioner, (C) engaged or participated in any unsafe or unsound practice, or (D) used such officer's or director's official position in a manner contrary to the interest of any bank, Connecticut credit union or federal credit union or its depositors or members, the commissioner may send notice to and take action against such officer, director, Connecticut bank or Connecticut credit union regarding the violation, breach, unsafe or unsound practice, or misuse of official position in accordance with section 36a-50. Any finding made by the commissioner pursuant to this subdivision shall be considered a violation of this subsection for purposes of section 36a-50.
(2) Notwithstanding the provisions of section 36a-50, unless the violation, breach, unsafe or unsound practice, or misuse of official position found to have occurred pursuant to this subsection and section 36a-50 is such that it (A) is part of a pattern of misconduct, (B) has caused or is likely to cause a loss other than a de minimis loss to any bank, Connecticut credit union or federal credit union, (C) will result or has resulted in a pecuniary gain to an officer or director of any Connecticut bank or Connecticut credit union, or (D) is a violation of section 36a-53a, the civil penalty the commissioner may impose under this subsection and section 36a-50 shall not exceed one thousand dollars.
(3) In determining the amount of any penalty imposed under this subsection and section 36a-50, the commissioner shall take into account (A) the size of the financial resources and good faith of the Connecticut bank, Connecticut credit union, officer or director of such Connecticut bank or Connecticut credit union, (B) the gravity of the violation, breach, unsafe or unsound practice or misuse of official position, (C) the history of previous violations, breaches, unsafe or unsound practices, or misuse of official position, and (D) such other matters as justice may require, except that this subdivision does not apply to any violation of section 36a-53a.
(d) In connection with any investigation or proceeding under this section and section 36a-50, the commissioner shall make reasonable efforts to obtain from a federal banking or credit union agency any relevant information that the commissioner knows to be in the possession of such agency.
(1949 Rev., S. 5748; 1967, P.A. 593, S. 1; 1971, P.A. 870, S. 92; P.A. 74-254, S. 1, 2, 11; P.A. 77-141; 77-614, S. 153, 161, 587, 610; P.A. 78-303, S. 85, 136; P.A. 80-482, S. 243, 348; P.A. 87-9, S. 2, 3; P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 92-12, S. 13; P.A. 93-142, S. 4, 7, 8; 93-194, S. 1, 7; P.A. 94-122, S. 29, 340; P.A. 99-158, S. 2.)
History: 1967 act clarified provisions of Subsec. (a) and added provisions detailing contents of notice, requiring that hearing be held and allowing commissioner to suspend officers of governing board, etc., inserted new Subsec. (2) re notice of charges and cease and desist orders, renumbered former Subsec. (2) as Subsec. (3) and included references to cease and desist orders and added Subsec. (4) re applications to court for stay of suspension or prohibition, injunction, etc.; 1971 act substituted court of common pleas for superior court in Subsec. (4), effective September 1, 1971, except that courts with cases pending retain jurisdiction unless pending matters deemed transferable; P.A. 74-254 required that notice be in form required under Sec. 4-177(b) rather than that it "contain a statement of the facts constituting the grounds for such removal" and deleted reference to court proceedings under Subsec. (4) in Subsec. (1) and similarly changed wording of corresponding provisions in Subsec. (2) and repealed Subsec. (4); P.A. 77-141 replaced advisory council on banking with banking commission throughout section but changes not enacted; P.A. 77-614 and P.A. 78-303 replaced bank commissioner with banking commissioner, made banking department a division within the department of business regulation and replaced references to advisory council on banking with references to commissioner and added Subsec. (4), effective January 1, 1979; P.A. 80-482 restored banking division as independent department with commissioner as its head and abolished the department of business regulation; (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 92-12 redesignated Subsecs. and made technical changes; P.A. 93-194 substantially rewrote Subsecs. (a) to (c), inclusive, added new Subsecs. (d) to (f), inclusive, and (h) and relettered the remaining Subsecs. accordingly to specify under what conditions the commissioner may exercise his authority and institute proceedings against any officer or member of a governing board of any institution which violates a banking order, rule or regulation and added penalties, specific notice and hearing requirements, effective June 23, 1993, (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A. 93-142 authorized substitution of "judicial district of Hartford" for "judicial district of Hartford- New Britain" in public acts of the 1993 session of the general assembly, to take effect September 1, 1996); P.A. 94-122 established hearing procedures for violations by bank officers and directors, deleted Subsecs. (c), (e), (g) and (h) and relettered former Subsecs. (d) and (f) as Subsecs. (c) and (d), deleted Subdivs. (2) and (3) of former Subsec. (d), renumbered former Subdivs. (4) and (5) as Subdivs. (2) and (3), and made technical changes, effective January 1, 1995; Sec. 36-25 transferred to Sec. 36a-53 in 1995; P.A. 99-158 amended Subsec. (c) by adding references to a violation of Sec. 36a-53a and making technical changes in Subdivs. (2) and (3).
See Secs. 36a-625 et seq. re licensing of business and industrial development corporations.

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Sec. 36a-53a. False or misleading statements prohibited. No person shall make or cause to be made orally or in any document filed with the commissioner or in any proceeding, investigation or examination under this title, any statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
(P.A. 99-158, S. 3; P.A. 00-61, S. 8, 9.)
History: P.A. 00-61 prohibited false or misleading oral statements, effective July 1, 2000.

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Sec. 36a-53b. Prohibited activities of licensees. No licensee shall, in connection with the activity for which such person is licensed: (1) Employ any device, scheme or artifice to defraud; (2) make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or (3) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
(P.A. 00-61, S. 7, 9.)
History: P.A. 00-61 effective July 1, 2000.

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Sec. 36a-54. (Formerly Sec. 36-6). False entries by officials of financial institutions. Any officer, agent, or employee of any financial institution who makes any false entry upon the collection or forwarding register or any other book of any such institution, or who fails correctly to record on the books of such institution any change in its assets or liabilities, with intent to deceive the commissioner or the officers or auditors of any such institution, and any person who, with like intent, aids or abets any such officer, agent, or employee in the violation of any provision of this section, shall be imprisoned not more than ten years.
(1949 Rev., S. 8707; P.A. 77-614, S. 161, 610; P.A. 78-121, S. 107, 113; P.A. 80-482, S. 234, 345, 348; P.A. 87-9, S. 2, 3; P.A. 91-357, S. 1, 78; P.A. 94-122, S. 30, 340.)
History: P.A. 77-614 replaced bank commissioner with banking commissioner within the department of business regulation and made banking department a division of that department, effective January 1, 1979; P.A. 78-121 removed private bankers from purview of section; P.A. 80-482 restored banking division as independent department with banking commissioner as its head and abolished the department of business regulation; (Revisor's note: Pursuant to P.A. 87-9 "banking" commissioner and department were changed editorially by the Revisors to commissioner and department "of banking"); P.A. 91-357 made technical changes; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-6 transferred to Sec. 36a-54 in 1995.
Annotations to former section 36-6:
Cited. 159 C. 556, 557.

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Sec. 36a-55. (Formerly Sec. 36-7). Derogatory statements affecting banks, out- of-state banks or credit unions. Any person who, wilfully and maliciously, makes, circulates or transmits to another any false statement, rumor or suggestion, written, printed or oral, which is, directly or by inference, derogatory to the financial condition or affects the solvency or financial standing of any bank, out-of-state bank that maintains in this state a branch as defined in section 36a-410, Connecticut credit union or federal credit union, or who counsels, aids or induces another to transmit or circulate any such statement or rumor, shall be fined not more than one thousand dollars or imprisoned not more than one year or both.
(1949 Rev., S. 8476; 1951, S. 3279d; 1969, P.A. 252, S. 1; P.A. 78-121, S. 11, 113; P.A. 94-122, S. 31, 340; P.A. 95- 155, S. 7, 29.)
History: 1969 act added reference to credit unions and raised maximum fine from five hundred to one thousand dollars; P.A. 78-121 deleted reference to building associations; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-7 transferred to Sec. 36a-55 in 1995; P.A. 95-155 added reference to certain out-of-state banks, effective June 27, 1995.

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Sec. 36a-56. (Formerly Sec. 36-7a). False statement or report to bank, out-of- state bank, credit union, small loan licensee or secondary mortgage lender or broker licensee. Any person who knowingly makes any false statement or report, or wilfully overvalues any land, property or security, with intent to defraud and for the purpose of influencing in any way the action of a bank, out-of-state bank that maintains in this state a branch as defined in section 36a-410, Connecticut credit union, small loan licensee or any first or secondary mortgage lender or broker licensee, upon any application, advance, commitment, loan or extension of credit, or any change, extension, renewal or refinancing thereof, or the acceptance, release or substitution of security therefor, and upon which such bank, credit union or licensee relies in taking such action, shall be fined not more than five hundred dollars or imprisoned not more than one year, or both.
(P.A. 90-184, S. 7; P.A. 94-122, S. 32, 340; P.A. 95-155, S. 8, 29.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-7a transferred to Sec. 36a-56 in 1995; P.A. 95-155 changed "Connecticut bank" and "institution" to "bank" and added references to certain out-of-state banks and to broker licensees, effective June 27, 1995.

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Sec. 36a-57. (Formerly Sec. 36-8). Penalties for violation of banking law. (a) Any person who violates any provision of the banking law for which no other penalty is provided by law shall be fined not less than twenty-five dollars nor more than one thousand dollars for each offense.
(b) Any person who wilfully and deliberately violates any provision of the banking law for which no other penalty is provided by law shall be imprisoned not more than one year or fined not more than one thousand dollars, or both, for each offense.
(1949 Rev., S. 5752, 5753.)
History: Sec. 36-8 transferred to Sec. 36a-57 in 1995.
Annotations to former section 36-8:
Not exclusive penalty under former statute relating to small loans; loans in violation of small loan act are unenforceable. 109 C. 116; 115 C. 106; 120 C. 152.

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Sec. 36a-58. (Formerly Sec. 36-9). Civil liability of officers. Any director or officer of a financial institution who violates or assents to a violation of any provision of this title shall be liable to the institution concerned for any loss resulting therefrom.
(1949 Rev., S. 5754; P.A. 94-122, S. 33, 340.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-9 transferred to Sec. 36a-58 in 1995.
Annotations to former section 36-9:
Care required of directors in oversight of bank; liability of directors for paying unearned dividends; statute of limitations. 89 C. 451.

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Secs. 36a-59 to 36a-64. Reserved for future use.

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PART V
FEES AND CHARGES

Sec. 36a-65. (Formerly Sec. 36-12a). Assessment of expenses of commissioner's office. State Banking Fund. Fees. (a) The commissioner shall annually, on or after July first for the fiscal year commencing on said July first, collect pro rata based on asset size from each Connecticut bank and each Connecticut credit union an amount sufficient in the commissioner's judgment to meet the expenses of the Department of Banking, including a reasonable reserve for contingencies. Such assessments and expenses shall not exceed the budget estimates submitted in accordance with section 36a- 13. Such assessments may be made more frequently than annually at the discretion of the commissioner. Such assessments for any fiscal year shall be reduced pro rata by the amount of any surplus from the assessments of prior fiscal years, which surplus shall be maintained in accordance with subdivision (4) of subsection (c) of this section. Such assessments for any fiscal year shall be a liability of such banks and credit unions as of the assessment date. Except as provided in this subsection, such assessments shall not be prorated for any reason.
(b) The fee for trust department examinations is one hundred fifty dollars a day for the examiner in charge, including time for report writing, and one hundred dollars a day for each assisting examiner. Any daily charge based on less than a three and one-half hour day will be computed on the basis of one-half per day charge and any time in excess of three and one-half hours will be on the basis of a full day. The minimum rate for the examination of a trust department is one hundred fifty dollars.
(c) (1) Each such bank and credit union shall pay the commissioner the amount allocated to it within twenty business days from the time the commissioner mails a notice to it of the amount due, with an additional two hundred dollars if the amount allocated is not paid in the time specified. The provisions of this subdivision shall not apply to any person required to pay the commissioner any fee for license or registration or the whole cost of all examinations made by the commissioner.
(2) The State Treasurer shall place all funds received from the commissioner and all moneys received from any person for documents or reports sold by the commissioner in a special fund to be known as the State Banking Fund. On and after September 19, 1991, amounts in the fund may be expended only pursuant to appropriation by the General Assembly.
(3) The Comptroller shall determine for each fiscal year the expenses of the Department of Banking.
(4) The Secretary of the Office of Policy and Management shall examine the State Banking Fund annually after the Comptroller has made his determination and shall direct the Treasurer to set aside within the Banking Fund amounts in excess of a reasonable reserve for contingencies, which excess amounts shall be considered a surplus for the purposes of subsection (a) of this section.
(d) (1) The fee for investigating and processing each application is as follows:
(A) Establishment of a branch, sale of a branch or relocation of a main office of a Connecticut bank, two thousand dollars, except in the case of a conversion from a branch to a limited branch and a limited branch to a branch, a reasonable fee not to exceed two thousand dollars.
(B) Establishment of a mobile branch, establishment of a limited branch under subdivision (1) of subsection (c) of section 36a-145, or relocation of a branch or limited branch, one thousand five hundred dollars.
(C) Establishment of a special need limited branch under subdivision (2) of subsection (c) of section 36a-145, five hundred dollars.
(D) Merger, consolidation or organization of a holding company under section 36a- 125 or 36a-181, or purchase of assets or assumption of liabilities, other than by a Connecticut credit union or federal credit union, under section 36a-210, two thousand five hundred dollars if two institutions are involved and five thousand dollars if three or more institutions are involved.
(E) Organization of any Connecticut bank, fifteen thousand dollars, except no fee shall be required for the organization of an interim Connecticut bank.
(F) Reorganization of a mutual savings bank or mutual savings and loan association into a mutual holding company, five thousand dollars.
(G) Conversions under sections 36a-135 to 36a-138, inclusive, five thousand dollars, and conversions under section 36a-469a, two thousand five hundred dollars.
(2) The fee for investigating and processing each acquisition statement filed under section 36a-184 is two thousand five hundred dollars.
(3) Any fee for processing a notice of closing of a branch, limited branch or special need limited branch, if charged, shall not exceed two thousand dollars.
(4) The fee for processing an application for the sale of a limited branch, special need limited branch or mobile branch shall not exceed one thousand five hundred dollars.
(5) The fee for miscellaneous investigations is one hundred fifty dollars per day.
(1967, P.A. 591, S. 1; 1969, P.A. 598, S. 4; 1972, P.A. 84, S. 1; P.A. 74-95, S. 1, 2; 74-130, S. 1, 2; P.A. 75-67; 75- 447, S. 1, 2; P.A. 76-231, S. 1, 6; P.A. 77-614, S. 19, 161, 587, 610; P.A. 78-72, S. 1−4; 78-121, S. 16, 113; 78-303, S. 38−40, 85, 136; P.A. 80-482, S. 236, 345, 348; P.A. 85-94, S. 1, 2, 6; P.A. 87-9, S. 2, 3; P.A. 88-65, S. 11; 88-150, S. 1; June Sp. Sess. P.A. 91-14, S. 19, 30; P.A. 92-12, S. 10; 92-89, S. 1, 20; P.A. 93-58, S. 1; 93-59, S. 1, 8; P.A. 94-122, S. 34, 340; P.A. 95-129, S. 2; P.A. 97-157, S. 1, 3; 97-208, S. 1, 2; 97-209, S. 2, 6.)
History: 1969 act applied filing fee in Subsec. (4)(b) to acquisitions and substituted "bank(s)" for "institution(s)"; 1972 act required filing fee of five hundred dollars in Subsec. (4)(a) and specified that assessment rate applies to special investigations re processing of new bank applications; P.A. 74-95 added Subdiv. (d) in Subsec. (4) re filing fee for conversion of banking associations from one type to another; P.A. 74-130 replaced assessment rate of one hundred dollars per day and filing fee of five hundred dollars for new branch bank applications with combined assessment rate and filing fee of one thousand dollars and made one hundred dollar per day assessment rate applicable for miscellaneous investigations in Subsec. (4)(a); P.A. 75-67 replaced references to assessment rates and filing fees with general references to fees and reworded provisions re fee amounts to replace passive verbs; P.A. 75-447 transferred comptroller's duty to determine expenses of bank commissioner's office to commissioner and rephrased provisions in Subsec. (1), raised examiner's fee from one hundred to one hundred twenty dollars, assisting examiners fee from fifty to sixty dollars and minimum rate from twenty-five to thirty dollars in Subsec. (2), added Subdivs. (b) to (d) in Subsec. (3) re state banking fund and added Subsec. (6) re commissioner's powers to apportion expenses of his office and deposit of moneys in general fund; P.A. 76-231 required that assessments and expenses not exceed budget estimates under Subsec. (1), specified that fees received for chartering, licensing, etc. be deposited in banking fund under Subsec. (3)(b) and required that expenses of banking department be paid out of banking fund on and after July 1, 1976, in Subsec. (5); P.A. 77-614 replaced commissioner of finance and control with secretary of the office of policy and management and, effective January 1, 1979, replaced bank commissioner with banking commissioner within the department of business regulation and made banking department a division within that department; P.A. 78-72 added provision in Subsec. (1) re pro rata reductions of assessments, deleted reference to expenses of advisory council on banking in Subsec. (3)(c) and rephrased Subsec. (3)(d) so that amounts exceeding contingency reserve are no longer transferred to general fund; P.A. 78-121 deleted reference to private bankers in Subsec. (1), to building associations in Subsecs. (1) and (4) and to advisory council on banking in Subsecs. (1) and (3); P.A. 78- 303 deleted references to expenses of banking commission in Subsecs. (1), (3) and (5) and to expenses of advisory council on banking in same Subsecs., in part repeating amendments enacted in P.A. 78-72 and P.A. 78-121; P.A. 80-482 restored banking division as independent department with banking commissioner as its head and abolished the department of business regulation; P.A. 85-94 amended Subsec. (1) to include credit unions and Subdiv. (b) of Subsec. (4) to except credit unions; (Revisor's note: Pursuant to P.A. 87-9 "banking" commissioner and department were changed editorially by the Revisors to commissioner and department "of banking"); P.A. 88-65 deleted Subdiv. (1)(c) which authorized the commissioner to assess industrial banks for the expenses of the department, relettering as necessary, and deleted a reference to industrial bank in Subsec. (4)(c); P.A. 88-150 amended Subsec. (2) by increasing the fees for trust department examinations to one hundred fifty dollars per day for the examiner in charge, one hundred dollars a day for an assistant examiner, and increasing the minimum rate for such examinations to one hundred fifty dollars, amended Subsec. (4)(a) to increase the fee for investigation of applications for new branches to two thousand dollars, fee for investigation of applications to establish satellite devices to one hundred fifty dollars and the fee for other miscellaneous investigations to one hundred fifty dollars per day, amended Subsec. (4)(b) by deleting the reference to Sec. 36-92(2) and extending the application of the subsection to Secs. 36-140a, 36-193p, 36-193u and 36-193v, increasing the fee for investigation of applications for certain mergers, consolidations or acquisitions to two thousand five hundred dollars, and increasing the fee for such mergers, consolidations or acquisitions involving three or more banks to five thousand dollars, amended Subsec. (c) by deleting the reference to industrial bank, increasing the fee for investigating an application to organize new banks to ten thousand dollars and establishing a fee of five thousand dollars for reorganizing a mutual savings institution and amended Subsec. (d) increasing fees for conversions of certain institutions to five thousand dollars; June Sp. Sess. P.A. 91-14 amended Subdiv. (b) of Subsec. (3) to provide that on and after September 19, 1991, amounts in state banking fund may be expended only pursuant to appropriation by general assembly and deleted Subsec. (5) which provided that on and after July 1, 1976, expenses connected with activities of banking department shall be paid out of state banking fund upon request of commissioner; P.A. 92-12 redesignated Subsecs. and Subdivs.; P.A. 92-89 added provisions re the collection of assessments pro rata based on asset size, added requirements that assessments shall be a liability of the institution as of the assessment date and shall not be prorated, added fees for investigating and processing acquisition statements under Sec. 36-423 and applications for armored car services (Revisor's note: The reference to Sec. 36-9gg in Subdiv. (6) of Subsec. (d) was added editorially by the Revisors to assist users); P.A. 93-58 deleted Subdiv. (6) re fees for investigating and processing applications for armored car services; P.A. 93-59 amended Subdiv. (1) of Subsec. (d) to add "the sale of branches" of savings and loan associations to the fee schedule for investigations and amended Subdiv. (2) of Subsec. (d) by adding a reference to Sec. 36-30 re purchase of assets and assumption of liabilities, effective May 10, 1993; P.A. 94-122 rewrote Subsec. (d) to require that fees be paid to the commissioner instead of the state treasurer, added new fees for closing, converting and relocating branches and organizing interim banks and reduced miscellaneous investigations fee, effective January 1, 1995; Sec. 36-12a transferred to Sec. 36a-65 in 1995; P.A. 95-129 amended Subsec. (d)(1)(E) to increase the fee for organization of a Connecticut bank from ten to fifteen thousand dollars; P.A. 97-157 amended Subdiv. (1) of Subsec. (d) to eliminate the fee for establishment and use of a satellite device, effective June 24, 1997; P.A. 97-208 amended Subsec. (d) to provide for a one-thousand-five-hundred-dollar fee for an application to establish a mobile branch or limited branch or to relocate a limited branch, a five-hundred-dollar fee for an application to establish a special need limited branch, a fee not to exceed two thousand dollars for processing a notice of closing of a special need limited branch, and a fee not to exceed one thousand five hundred dollars for processing an application for the sale of a limited branch, special need limited branch or mobile branch, to provide that no fee is required for the organization of an interim bank, to increase the fee for miscellaneous investigations from one hundred dollars to one hundred fifty dollars per day, and to make technical changes, effective July 1, 1997; P.A. 97-209 amended Subsec. (d) to provide for a two-thousand-five-hundred-dollar application fee for conversions under Sec. 36a-469a, effective June 24, 1997.

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Secs. 36a-66 to 36a-69. Reserved for future use.


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