Connecticut Seal

General Assembly

File No. 114

    February Session, 2008

Substitute House Bill No. 5577

House of Representatives, March 20, 2008

The Committee on Banks reported through REP. BARRY of the 12th Dist., Chairperson of the Committee on the part of the House, that the substitute bill ought to pass.

T1

    "Account". Sections 36a-155 and 36a-365.

T2

    "Additional proceeds". Section 36a-746e.

T3

    "Administrative expense". Section 36a-237.

T4

    "Advance fee". Sections 36a-485 of the 2008 supplement to

T5

    the general statutes, 36a-510 of the 2008 supplement to

T6

    the general statutes and 36a-615.

T7

    "Advertise" or "advertisement". Sections 36a-485 of the

T8

    2008 supplement to the general statutes and 36a-510 of

T9

    the 2008 supplement to the general statutes.

T10

    "Agency bank". Section 36a-285.

T11

    "Alternative mortgage loan". Section 36a-265.

T12

    "Amount financed". Section 36a-690.

T13

    "Annual percentage rate". Section 36a-690.

T14

    "Annual percentage yield". Section 36a-316.

T15

    "Annuities". Section 36a-455a.

T16

    "Applicant". Section 36a-736.

T17

    "APR". Section 36a-746a.

T18

    "Assessment area". Section 36a-37.

T19

    "Assets". Section 36a-70.

T20

    "Associate". Section 36a-184.

T21

    "Associated member". Section 36a-458a.

T22

    "Authority". Section 1 of this act.

T23

    "Bank". Section 36a-30.

T24

    "Bankers' bank". Section 36a-70.

T25

    "Banking business". Section 36a-425.

T26

    "Basic services". Section 36a-437a.

T27

    "Billing cycle". Section 36a-565.

T28

    "Bona fide nonprofit organization". Section 36a-655.

T29

    "Branch". Sections 36a-145 of the 2008 supplement to the

T30

    general statutes, 36a-410 of the 2008 supplement to the

T31

    general statutes and 36a-435b.

T32

    "Branch or agency net payment entitlement". Section 36a-428n.

T33

    "Branch or agency net payment obligation". Section 36a-428n.

T34

    "Broker". Section 36a-746a.

T35

    "Business and industrial development corporation". Section 36a-626.

T36

    "Business and property in this state". Section 36a-428n.

T37

    "Capital". Section 36a-435b.

T38

    "Cash advance". Section 36a-564.

T39

    "Cash price". Section 36a-770.

T40

    "Certificate of incorporation". Section 36a-435b.

T41

    "Closely related activities". Sections 36a-250 and 36a-455a.

T42

    "Collective managing agency account". Section 36a-365.

T43

    "Commercial vehicle". Section 36a-770.

T44

    "Community bank". Section 36a-70.

T45

    "Community credit union". Section 36a-37.

T46

    "Community development bank". Section 36a-70.

T47

    "Community reinvestment performance". Section 36a-37.

T48

    "Connecticut holding company". Sections 36a-53 of the

T49

    2008 supplement to the general statutes and 36a-410 of

T50

    the 2008 supplement to the general statutes.

T51

    "Consolidate". Section 36a-145 of the 2008 supplement to

T52

    the general statutes.

T53

    "Construction loan". Section 36a-458a.

T54

    "Consumer". Sections 36a-155, 36a-676 and 36a-695.

T55

    "Consumer Credit Protection Act". Section 36a-676.

T56

    "Consumer debtor" and "debtor". Sections 36a-645 and

T57

    36a-800 of the 2008 supplement to the general statutes.

T58

    "Consumer collection agency". Section 36a-800 of the 2008

T59

    supplement to the general statutes.

T60

    "Consummation". Section 36a-746a.

T61

    "Controlling interest". Section 36a-276.

T62

    "Corporate". Section 36a-435b.

T63

    "Credit". Sections 36a-645 and 36a-676.

T64

    "Credit manager". Section 36a-435b.

T65

    "Creditor". Sections 36a-676, 36a-695 and 36a-800 of the

T66

    2008 supplement to the general statutes.

T67

    "Credit card", "cardholder" and "card issuer". Section 36a-676.

T68

    "Credit clinic". Section 36a-700.

T69

    "Credit rating agency". Section 36a-695.

T70

    "Credit report". Section 36a-695.

T71

    "Credit sale". Section 36a-676.

T72

    "Credit union service organization". Section 36a-435b.

T73

    "Credit union service organization services". Section 36a-435b.

T74

    "De novo branch". Section 36a-410 of the 2008 supplement

T75

    to the general statutes.

T76

    "Debt". Section 36a-645.

T77

    "Debt adjustment". Section 36a-655.

T78

    "Debt mutual fund". Sections 36a-275 and 36a-459a.

T79

    "Debt securities". Sections 36a-275 and 36a-459a.

T80

    "Debtor". Section 36a-655.

T81

    "Deliver". Section 36a-316.

T82

    "Deposit". Section 36a-316.

T83

    "Deposit account". Section 36a-316.

T84

    "Deposit account charge". Section 36a-316.

T85

    "Deposit account disclosures". Section 36a-316.

T86

    "Deposit contract". Section 36a-316.

T87

    "Deposit services". Section 36a-425.

T88

    "Depositor". Section 36a-316.

T89

    "Director". Section 36a-435b.

T90

    "Earning period". Section 36a-316.

T91

    "Electronic payment instrument". Section 36a-596 of the

T92

    2008 supplement to the general statutes.

T93

    "Eligible collateral". Section 36a-330.

T94

    "EMAP" or "Emergency Mortgage Assistance Program". Section 1 of

T95

    this act.

T96

    "Equity mutual fund". Sections 36a-276 and 36a-459a.

T97

    "Equity security". Sections 36a-276 and 36a-459a.

T98

    "Executive officer". Sections 36a-263 and 36a-469c.

T99

    "Federal Credit Union Act". Section 36a-435b.

T100

    "Federal Home Mortgage Disclosure Act". Section 36a-736.

T101

    "Fiduciary". Section 36a-365.

T102

    "Filing fee". Section 36a-770.

T103

    "Finance charge". Sections 36a-690 and 36a-770.

T104

    "Financial institution". Sections 36a-41, 36a-44a, 36a-155, 36a-316,

T105

    36a-330, 36a-435b and 36a-736.

T106

    "Financial records". Section 36a-41.

T107

    "First mortgage broker". Section 36a-485 of the 2008

T108

    supplement to the general statutes.

T109

    "First mortgage correspondent lender". Section 36a-485 of

T110

    the 2008 supplement to the general statutes.

T111

    "First mortgage lender". Section 36a-485 of the 2008

T112

    supplement to the general statutes.

T113

    "First mortgage loan". Sections 36a-485 of the 2008

T114

    supplement to the general statutes, 36a-705, [and] 36a-715, and

T115

    section 9 of this act.

T116

    "Foreign banking corporation". Section 36a-425.

T117

    "General facility". Section 36a-580.

T118

    "Global net payment entitlement". Section 36a-428n.

T119

    "Global net payment obligation". Section 36a-428n.

T120

    "Goods". Sections 36a-535 and 36a-770.

T121

    "Graduated payment mortgage loan". Section 36a-265.

T122

    "Guardian". Section 36a-365.

T123

    "HERO program" or "Homeowner's Equity Recovery Opportunity

T124

    Loan program". Section 1 of this act.

T125

    "High cost home loan". Section 36a-746a.

T126

    "Holder". Section 36a-596 of the 2008 supplement to the

T127

    general statutes.

T128

    "Home banking services". Section 36a-170.

T129

    "Home banking terminal". Section 36a-170.

T130

    "Home improvement loan". Section 36a-736.

T131

    "Home purchase loan". Section 36a-736.

T132

    "Home state". Section 36a-410 of the 2008 supplement to

T133

    the general statutes.

T134

    "Immediate family member". Section 36a-435b.

T135

    "Insider". Section 36a-454b.

T136

    "Installment loan contract". Sections 36a-535 and 36a-770.

T137

    "Insurance". Section 36a-455a.

T138

    "Insurance bank". Section 36a-285.

T139

    "Insurance department". Section 36a-285.

T140

    "Interest". Section 36a-316.

T141

    "Interest rate". Section 36a-316.

T142

    "Lender". Sections 36a-746a and 36a-770, and sections 9 and 10 of

T143

    this act.

T144

    "Lessor". Section 36a-676.

T145

    "License". Section 36a-626.

T146

    "Licensee". Sections 36a-510 of the 2008 supplement to the

T147

    general statutes, 36a-596 of the 2008 supplement to the

T148

    general statutes and 36a-626.

T149

    "Limited branch". Section 36a-145 of the 2008 supplement

T150

    to the general statutes.

T151

    "Limited facility". Section 36a-580.

T152

    "Loan broker". Section 36a-615.

T153

    "Loss". Section 36a-330.

T154

    "Made in this state". Section 36a-770.

T155

    "Managing agent". Section 36a-365.

T156

    "Manufactured home". Section 36a-457b.

T157

    "Material litigation". Section 36a-596 of the 2008

T158

    supplement to the general statutes.

T159

    "Member". Section 36a-435b.

T160

    "Member business loan". Section 36a-458a.

T161

    "Member in good standing". Section 36a-435b.

T162

    "Membership share". Section 36a-435b.

T163

    "Mobile branch". Section 36a-435b.

T164

    "Money order". Section 36a-596 of the 2008 supplement to

T165

    the general statutes.

T166

    "Money transmission". Section 36a-365.

T167

    "Mortgage broker". Sections 9 and 10 of this act.

T168

    "Mortgage insurance". Section 36a-725.

T169

    "Mortgage lender". Sections 36a-485 of the 2008

T170

    supplement to the general statutes, 36a-510 of the 2008

T171

    supplement to the general statutes and 36a-705.

T172

    "Mortgage". Sections 1 and 10 of this act.

T173

    "Mortgagee". Section 1 of this act.

T174

    "Mortgage loan". Sections 36a-261, 36a-265 and 36a-457b.

T175

    "Mortgage assistance program committee". Section 1 of this act.

T176

    "Mortgage rate lock-in". Section 36a-705.

T177

    "Mortgage servicing company". Section 36a-715.

T178

    "Mortgagor". Section 36a-715 and section 1 of this act.

T179

    "Motor vehicle". Section 36a-770.

T180

    "Multiple common bond membership". Section 36a-435b.

T181

    "Municipality". Section 36a-800 of the 2008 supplement to

T182

    the general statutes.

T183

    "Net outstanding member business loan balance". Section 36a-458a.

T184

    "Net worth". Sections 36a-441a, 36a-458a and 36a-596 of

T185

    the 2008 supplement to the general statutes.

T186

    "Network". Section 36a-155.

T187

    "Nonprime home loan". Section 9 of this act.

T188

    "Nonrefundable". Sections 36a-498 of the 2008

T189

    supplement to the general statutes and 36a-521 of

T190

    the 2008 supplement to the general statutes.

T191

    "Note account". Sections 36a-301 and 36a-456b.

T192

    "Office". Section 36a-316.

T193

    "Officer". Section 36a-435b.

T194

    "Open-end credit plan". Section 36a-676.

T195

    "Open-end loan". Section 36a-565.

T196

    "Organization". Section 36a-800 of the 2008 supplement to

T197

    the general statutes.

T198

    "Originator". Sections 36a-485 of the 2008 supplement to

T199

    the general statutes and 36a-510 of the 2008 supplement

T200

    to the general statutes.

T201

    "Out-of-state holding company". Section 36a-410 of the

T202

    2008 supplement to the general statutes.

T203

    "Outstanding". Section 36a-596 of the 2008 supplement to

T204

    the general statutes.

T205

    "Passbook savings account". Section 36a-316.

T206

    "Payment instrument". Section 36a-596 of the 2008

T207

    supplement to the general statutes.

T208

    "Periodic statement". Section 36a-316.

T209

    "Permissible investment". Section 36a-596 of the 2008

T210

    supplement to the general statutes.

T211

    "Person". Section 36a-184.

T212

    "Post". Section 36a-316.

T213

    "Prepaid finance charge". Section 36a-746a.

T214

    "Prepayment penalty". Section 36a-746a.

T215

    "Prime quality". Section 36a-596 of the 2008 supplement

T216

    to the general statutes.

T217

    "Principal amount of the loan". Section 36a-510 of the

T218

    2008 supplement to the general statutes.

T219

    "Processor". Section 36a-155.

T220

    "Public deposit". Section 36a-330.

T221

    "Purchaser". Section 36a-596 of the 2008 supplement to

T222

    the general statutes.

T223

    "Qualified financial contract". Section 36a-428n.

T224

    "Qualified public depository" and "depository". Section 36a-330.

T225

    "Real estate". Section 36a-457b.

T226

    "REAL program" or "REfinance to an Affordable Loan program".

T227

    Section 1 of this act.

T228

    "Records". Section 36a-17.

T229

    "Related person". Section 36a-53 of the 2008 supplement

T230

    to the general statutes.

T231

    "Relocate". Sections 36a-145 of the 2008 supplement to the

T232

    general statutes and 36a-462a.

T233

    "Residential property". Section 36a-485 of the 2008

T234

    supplement to the general statutes and section 9 of this act.

T235

    "Retail buyer". Sections 36a-535 and 36a-770.

T236

    "Retail credit transaction". Section 42-100b.

T237

    "Retail installment contract". Sections 36a-535 and 36a-770.

T238

    "Retail installment sale". Sections 36a-535 and 36a-770.

T239

    "Retail seller". Sections 36a-535 and 36a-770.

T240

    "Reverse annuity mortgage loan". Section 36a-265.

T241

    "Sales finance company". Sections 36a-535 and 36a-770.

T242

    "Savings department". Section 36a-285.

T243

    "Savings deposit". Section 36a-316.

T244

    "Secondary mortgage broker". Section 36a-510 of the 2008

T245

    supplement to the general statutes.

T246

    "Secondary mortgage correspondent lender". Section 36a-

T247

    510 of the 2008 supplement to the general statutes.

T248

    "Secondary mortgage lender". Section 36a-510 of the 2008

T249

    supplement to the general statutes.

T250

    "Secondary mortgage loan". Section 36a-510 of the 2008

T251

    supplement to the general statutes and section 9 of this act.

T252

    "Security convertible into a voting security". Section 36a-184.

T253

    "Senior management". Section 36a-435b.

T254

    "Share". Section 36a-435b.

T255

    "Simulated check". Sections 36a-485 of the 2008

T256

    supplement to the general statutes and 36a-510 of the

T257

    2008 supplement to the general statutes.

T258

    "Single common bond membership". Section 36a-435b.

T259

    "Social purpose investment". Section 36a-277.

T260

    "Standard mortgage loan". Section 36a-265.

T261

    "Table funding agreement". Section 36a-485 of the 2008

T262

    supplement to the general statutes.

T263

    "Tangible benefit to the borrower". Section 11 of this act.

T264

    "Tax and loan account". Sections 36a-301 and 36a-456b.

T265

    "The Savings Bank Life Insurance Company". Section 36a-285.

T266

    "Time account". Section 36a-316.

T267

    "Travelers check". Section 36a-596 of the 2008 supplement

T268

    to the general statutes.

T269

    "Troubled Connecticut credit union". Section 36a-448a.

T270

    "Unsecured loan". Section 36a-615.

T271

    "Warehouse agreement". Section 36a-485 of the 2008

T272

    supplement to the general statutes.

T273

    "Yield spread premium". Section 13 of this act.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2008

New section

Sec. 2

July 1, 2008

New section

Sec. 3

July 1, 2008

New section

Sec. 4

July 1, 2008

New section

Sec. 5

July 1, 2008

New section

Sec. 6

July 1, 2008

New section

Sec. 7

July 1, 2008

New section

Sec. 8

July 1, 2008

New section

Sec. 9

July 1, 2008

New section

Sec. 10

July 1, 2008

New section

Sec. 11

July 1, 2008

New section

Sec. 12

July 1, 2008

New section

Sec. 13

July 1, 2008

New section

Sec. 14

July 1, 2008

New section

Sec. 15

July 1, 2008

New section

Sec. 16

July 1, 2008

New section

Sec. 17

July 1, 2008

New section

Sec. 18

July 1, 2008

New section

Sec. 19

July 1, 2008

New section

Sec. 20

September 30, 2008

36a-492(a)

Sec. 21

July 1, 2008

36a-3

BA

Joint Favorable Subst.

 

Agency Affected

Fund-Effect

FY 09 $

FY 10 $

Banking Dept.

BF - Cost

4,700,000

900,000

Department of Economic & Community Development

GF - Cost

Potential Significant

Potential Significant

Comptroller Misc. Accounts (Fringe Benefits)1

GF - Cost

Potential Significant

Potential Significant

Connecticut Housing Finance Authority – quasi public agency

See Below

See Below

See Below

Yea

10

Nay

7

(03/04/2008)

TOP

1 The fringe benefit costs for state employees are budgeted centrally in the Miscellaneous Accounts administered by the Comptroller. The first year fringe benefit costs for new positions do not include pension costs. The estimated first year fringe benefit rate as a percentage of payroll is 25.36%. The state's pension contribution is based upon the prior year's certification by the actuary for the State Employees Retirement System (SERS). The SERS fringe benefit rate is 33.27%, which when combined with the rate for non-pension fringe benefits totals 58.63%.