Banking Committee

JOINT FAVORABLE REPORT

Bill No.:

HB-7141

Title:

AN ACT CONCERNING SECURED AND UNSECURED LENDING.

Vote Date:

3/7/2017

Vote Action:

Joint Favorable Substitute

PH Date:

3/2/2017

File No.:

SPONSORS OF BILL:

Banking Committee.

Substitute language:

The substitute language makes various technical changes to the original bill as requested by the Department of Banking.

REASONS FOR BILL:

The bill amends and updates the chapters governing consumer credit license types under Section 36a of the Connecticut General Statutes.

RESPONSE FROM ADMINISTRATION/AGENCY:

Matt Smith, Connecticut Department of Banking

The proposal was developed by the DOB's consumer credit division, and is intended to increase efficiencies within the agency and reduce the regulatory burden on licensees. The Department expressed concern with certain sections of the bill that may veer from the intent of the bill. The Department had issues with the pre-licensure and continuing education sections of the original bill and was willing to work with the Committee to address these issues.

NATURE AND SOURCES OF SUPPORT:

None submitted (in response to HB 7141).

NATURE AND SOURCES OF OPPOSITION:

None submitted (in response to HB 7141).

Reported by: Sara LeMaster

Date: 03/26/2017