Substitute for Raised S.B. No. 950 Session Year 2009
AN ACT CONCERNING CONSUMER CREDIT LICENSEES.
To require licensees who surrender a license to surrender such license to the Banking Commissioner; to authorize the Banking Commissioner to institute a license suspension, revocation or refusal to renew license proceeding within one year after a license is surrendered; to prevent the issuance of certain licenses if the applicants for such a license have been convicted within the past ten years of any misdemeanor involving the type of business for which the license is sought, or of any felony; to authorize the Banking Commissioner to deny an application for any such license within one year after such application is withdrawn; to expand the definition of a "debt adjuster" to add provisions governing the making or renewing of payday loans; to amend the statutes regarding money transmission licenses; to amend the statutes concerning bond requirements for certain licensees.