OLR Bill Analysis

SB 989

AN ACT CONCERNING THE DEPARTMENT OF BANKING

SUMMARY:

This bill subjects business and industrial development corporation licensees to Connecticut's banking law. The banking law applies to specific listed entities, as well as to other people who subject themselves to its provisions or who, by violating its provisions, become subject to its penalties. The law already authorizes and licenses business and industrial development corporations.

The bill also makes technical changes.

EFFECTIVE DATE: October 1, 2003

BACKGROUND

Parties Subject to Connecticut Banking Law

Connecticut banking law currently applies to all Connecticut banks, Connecticut credit unions, first and secondary mortgage lenders and brokers, money order and travelers check licensees, check cashing service licensees, trustees under mortgages or deeds of trust of real property securing certain investments, corporations exercising fiduciary powers, small loan licensees, sales finance companies, mortgage servicing companies, debt adjusters, and other entities that subject themselves to the provisions of the law or who, by violating any of its provisions, become subject to its penalties.

COMMITTEE ACTION

Banks Committee

Joint Favorable Report