OLR Bill Analysis
AN ACT CONCERNING THE DEPARTMENT OF BANKING.
This bill specifies that Connecticut's banking laws apply to business and industrial development corporation licensees. Current law specifies that the banking laws apply to several categories of businesses and persons, as well as to other people who subject themselves to its provisions or, by violating any of its provisions, become subject to its penalties. The law already authorizes and provides for the licensure of business and industrial development corporations.
The bill also repeals a list of cross-references to statutory definitions. By doing so, some terms appear in the banking statutes without corresponding definitions. For example, the term “periodic statement” is used in CGS § 36a-304, but it is not defined.
EFFECTIVE DATE: October 1, 2012
Business and Industrial Development Corporation
By law, a business and industrial development corporation is a person approved or seeking approval from the federal Small Business Administration as a participating lender under its loan guarantee programs, who applies to the banking commissioner for a license under the law.