Bill Text: CT SB00921 | 2015 | General Assembly | Introduced
Bill Title: An Act Concerning Revisions To The Connecticut Truth-in-lending Act.
Sponsorship: Committee Bill
Status: (Introduced - Dead) 2015-02-20 - Public Hearing 02/24 [SB00921 Detail]
Download: Connecticut-2015-SB00921-Introduced.html
General Assembly |
Raised Bill No. 921 | ||
January Session, 2015 |
LCO No. 3522 | ||
*03522_______BA_* | |||
Referred to Committee on BANKING |
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Introduced by: |
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(BA) |
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AN ACT CONCERNING REVISIONS TO THE CONNECTICUT TRUTH-IN-LENDING ACT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 36a-675 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
Sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act shall be known and may be cited as the ["Truth-in-Lending Act"] "Connecticut Truth-in-Lending Act".
Sec. 2. Section 36a-676 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) As used in part II of chapter 668, [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act, sections 36a-770 to 36a-788, inclusive, as amended by this act, 42-100b and 42-100c, unless the context otherwise requires:
[(1) "Consumer" means "consumer" as defined in Section 103 of the Consumer Credit Protection Act (15 USC 1602);]
[(2)] (1) "Consumer Credit Protection Act" means [Title I of the Consumer Credit Protection Act, 15 USC 1601 et seq.] 15 USC Chapter 41, Subchapter I, as from time to time amended, and includes regulations adopted by the Federal Reserve Board or the Bureau of Consumer Financial Protection pursuant to said act;
[(3) "Credit" means "credit" as defined in Section 103 of the Consumer Credit Protection Act (15 USC 1602);
(4) "Credit card", "cardholder" and "card issuer" mean "credit card", "cardholder" and "card issuer" as defined in Section 103 of the Consumer Credit Protection Act (15 USC 1602);]
[(5)] (2) "Creditor" means "creditor" as defined in [Section 103 of the Consumer Credit Protection Act (15 USC 1602)] 15 USC 1602, as amended from time to time, but does not include any department or agency of the United States; and
[(6) "Credit sale" means "credit sale" as defined in Section 103 of the Consumer Credit Protection Act (15 USC 1602);]
[(7)] (3) "Lessor" means "lessor" as defined in [Section 181 of the Consumer Credit Protection Act (15 USC 1667)] 15 USC 1667, as amended from time to time, but does not include any department or agency of the United States. [; and]
[(8) "Open-end credit plan" means "open-end credit plan" as defined in Section 103 of the Consumer Credit Protection Act (15 USC 1602).]
(b) Any word or phrase in [sections 36a-675 to 36a-685, inclusive, which] the Connecticut Truth-in-Lending Act that is not defined in said [sections] act but [which] is defined in the Consumer Credit Protection Act [(15 USC 1601 et seq.)] has the meaning set forth in the Consumer Credit Protection Act.
Sec. 3. Section 36a-677 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) It is the policy of this state to [promote increased] (1) enhance economic stabilization and strengthen competition among the various businesses engaged in the extension of consumer credit or in the leasing of consumer goods and to serve the interests of consumers of credit and leased goods by requiring meaningful disclosure of credit and lease terms so that prospective debtors and lessees have the opportunity to compare more readily the various credit and lease terms available to them and the opportunity to avoid the uninformed use of credit and leases, and (2) protect consumers against inaccurate and unfair credit billing practices.
(b) It is also the policy of this state to provide that [this state] the commissioner administer and enforce the requirements for such disclosures of credit and lease terms for transactions in this state.
(c) It is also the policy of this state to avoid duplication between the federal government and the government of this state in the administration and enforcement of statutes which are designed to accomplish an identical purpose, and therefore to obtain an exemption from the Consumer Credit Protection Act by subjecting various classes of credit and lease transactions in this state to requirements which are substantially similar to those imposed under said federal act.
Sec. 4. Section 36a-678 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) Except as otherwise provided in [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act or regulations adopted by the commissioner, each person shall comply with all provisions of the Consumer Credit Protection Act [(15 USC 1601 et seq.) which] that apply to such person.
(b) Any transaction [which] that is exempt from the provisions of the Consumer Credit Protection Act, [as provided in Section 104 of said act, (15 USC 1603)] pursuant to 15 USC 1603, as amended from time to time, is exempt from the provisions of [sections 36a-675 to 36a-685, inclusive] the Connecticut Truth-in-Lending Act.
(c) Notwithstanding subsection (b) of this section, each person shall comply with all provisions of the Real Estate Settlement Procedures Act of 1974 (12 USC Chapter 27), as amended from time to time, and the regulations promulgated thereunder that apply to such person.
Sec. 5. Section 36a-679 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) The commissioner [may adopt substantive regulations when authorized by sections 36a-675 to 36a-685, inclusive, and] may adopt [procedural] regulations, in accordance with chapter 54, to carry out the provisions of [said sections] the Connecticut Truth-in-Lending Act, sections 36a-567, 36a-568, subdivision (13) of subsection (c) of section 36a-770, as amended by this act, and sections 36a-771, as amended by this act, 36a-774, as amended by this act, and 36a-777. Such regulations shall be consistent with the policy of this state as provided in section 36a-677, as amended by this act, and the Consumer Credit Protection Act. [The commissioner may adopt regulations to carry out the provisions of sections 36a-567 and 36a-568, subdivision (13) of subsection (c) of section 36a-770, and sections 36a-771, 36a-774 and 36a-777. Such regulations shall be adopted in accordance with chapter 54 and shall not be inconsistent with the Consumer Credit Protection Act (15 USC 1601 et seq.).]
(b) No liability shall be imposed under [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act for an act done or omitted in conformity with any provision of said [sections] act, the Consumer Credit Protection Act [(15 USC 1601 et seq.)] or a regulation of the commissioner notwithstanding that after the act or omission the provision may be amended, repealed or determined to be invalid for any reason.
Sec. 6. Section 36a-680 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) If the commissioner finds that the requirements of any other law of this state relating to the disclosure of information in connection with consumer credit transactions are inconsistent with the provisions of [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act or regulations adopted thereunder, [the commissioner may exempt creditors who comply with said sections from compliance with such inconsistent law] creditors may not make disclosures using the inconsistent term or form, and shall incur no liability under the other law of this state for failure to use such term or form, notwithstanding that such finding is subsequently amended, rescinded or determined by judicial or other authority to be invalid for any reason. For purposes of this subsection, disclosure statutes are inconsistent if both require disclosure of the same information even though the prescribed definition, method of calculation or manner of expression is different and, in case of such conflict or inconsistency, the provisions of [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act shall control, provided sections 36a-746b to 36a-746g, inclusive, shall not be deemed inconsistent with the provisions of [sections 36a-675 to 36a-685, inclusive, and shall control where applicable] the Connecticut Truth-in-Lending Act.
(b) Except as provided in this section, the provisions of 15 USC 1639, as amended from time to time, do not annul, alter or affect the applicability of the laws of this state imposing requirements on high-cost mortgages as defined in 15 USC 1602(bb), as amended from time to time, or exempt any person subject to the provisions of 15 USC 1639, as amended from time to time, from complying with such laws. If any such law is inconsistent with any provision of 15 USC 1639, as amended from time to time, such provision shall prevail to the extent of such inconsistency.
[(b)] (c) In any action or proceeding in any court involving a consumer credit sale, the disclosure of an annual percentage rate required by [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act may not be received as evidence that the sale was a loan or any type of transaction other than a credit sale, and in any consumer credit transaction, the disclosure of an annual percentage rate required by said sections shall not in itself indicate that a transaction is usurious or that the rate of charge exceeds a statutory ceiling.
(d) Except as provided in 15 USC 1635, 15 USC 1640 and 15 USC 1666e, as amended from time to time, the Connecticut Truth-in-Lending Act and any regulations adopted thereunder do not affect the validity or enforceability of any contract or obligation under state or federal law.
(e) The provisions of 15 USC 1632(c) and 15 USC 1637(c), (d), (e) and (f), as amended from time to time, shall supersede any law of this state relating to the disclosure of information in any credit or charge card application or solicitation that is subject to the requirements of 15 USC 1637(c), as amended from time to time, or any renewal notice that is subject to the requirements of 15 USC 1637(d), as amended from time to time, except the laws of this state employed or established for the purpose of enforcing the requirements of said sections.
Sec. 7. Section 36a-681 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
Any person who wilfully and knowingly (1) gives false or inaccurate information or fails to provide information which such person is required to disclose under the provisions of sections 36a-567, 36a-568 and [36a-675 to 36a-685, inclusive] the Connecticut Truth-in-Lending Act, subdivision (13) of subsection (c) of section 36a-770, as amended by this act, and sections 36a-771, as amended by this act, 36a-774, as amended by this act, 36a-777 and 36a-786, or any regulation adopted thereunder, (2) uses any chart or table authorized by the Federal Reserve Board or the Bureau of Consumer Financial Protection under [Section 107 of the Consumer Credit Protection Act (15 USC 1606)] 15 USC 1606, as amended from time to time, in such manner as to consistently understate the annual percentage rate determined under said sections, or (3) otherwise fails to comply with any requirement imposed under said sections shall be fined not more than five thousand dollars or imprisoned not more than one year or both.
Sec. 8. Section 36a-682 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) Any department or agency of the state or any political subdivision thereof which administers a credit program in which it extends, insures or guarantees consumer credit and in which it provides instruments to a creditor which contain any disclosures required by [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act shall, prior to the issuance or continued use of such instruments, consult with the commissioner to assure that such instruments comply with said sections.
(b) No civil or criminal penalty provided under [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act for any violation thereof may be imposed upon the United States or any department or agency thereof, or upon this state or any other state, or any political subdivision thereof, or any department or agency of any such state or political subdivision.
(c) A creditor shall not be held liable for a civil or criminal penalty under [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act in any case in which the violation results from the use of an instrument required by any department or agency of: (1) The United States, with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency; or (2) this state or of any political subdivision of this state, with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency, provided [that] such department or agency has consulted with the commissioner to assure that such instrument complies with said [sections] act as provided in subsection (a) of this section.
(d) A creditor shall not be held liable for a civil or criminal penalty under the laws of this state for any technical or procedural failure, such as a failure to use a specific form, to make information available at a specific place on an instrument, or to use a specific typeface, as required by the laws of this state, which is caused by the use of an instrument required to be used by any department or agency of: (1) The United States with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency; or (2) this state or any political subdivision of this state, with regard to any transaction which is part of a credit program administered, insured or guaranteed by such department or agency, provided that such department or agency has consulted with the commissioner to assure that such instrument complies with [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act as provided in subsection (a) of this section.
Sec. 9. Section 36a-683 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) Except as otherwise provided in this section, any creditor who fails to comply with any requirement of [sections 36a-675 to 36a-685, inclusive, including Section 125 of the Consumer Credit Protection Act (15 USC 1635)] the Connecticut Truth-in-Lending Act, or of section 36a-771, as amended by this act, or 36a-774, as amended by this act, with respect to any person is liable to that person [in an amount equal to the sum of (1) any actual damage sustained by such person as a result of the failure; (2) (A) (i) in the case of an individual action other than as provided in this subparagraph (A) (ii) and (iii) twice the amount of any finance charge in connection with the transaction, (ii) in the case of an individual action relating to a consumer lease under Chapter 5 of the Consumer Credit Protection Act (15 USC Sections 1667 to 1667E, inclusive) twenty-five per cent of the total amount of monthly payments under the lease, except that the liability under this subparagraph (A) (i) or (ii) shall not be less than one hundred dollars nor greater than one thousand dollars, or (iii) in the case of an individual action related to a credit transaction not under an open end credit plan that is secured by real property or a dwelling, not less than two hundred dollars nor more than two thousand dollars; (B) in the case of a class action, such amount as the court may allow, except that as to each member of the class no minimum recovery shall be applicable, and the total recovery under this subparagraph in any class action or series of class actions arising out of the same failure to comply by the same creditor shall not be more than the lesser of five hundred thousand dollars or one per cent of the net worth of the creditor; and (3) in the case of any successful action to enforce the foregoing liability, or in any action in which a person is determined to have a right of rescission under Section 125 of the Consumer Credit Protection Act (15 USC 1635), the costs of the action, together with a reasonable attorney's fee as determined by the court. In determining the amount of award in any class action, the court shall consider, among other relevant factors, the amount of any actual damages awarded, the frequency and persistence of failures of compliance by the creditor, the resources of the creditor, the number of persons adversely affected, and the extent to which the creditor's failure of compliance was intentional. In connection with the disclosures referred to in Section 127 of the Consumer Credit Protection Act (15 USC 1637) a creditor shall have a liability determined under subdivision (2) of this subsection only for failing to comply with the requirements of Section 125 or 127(a) of said act (15 USC 1635) or (15 USC 1637(a)) or of paragraph (4), (5), (6), (7), (8), (9) or (10) of Section 127(b) of said act (15 USC 1637(b)). In connection with the disclosures referred to in Section 128 of said act (15 USC 1638) a creditor shall have a liability determined under subdivision (2) of this subsection only for failing to comply with the requirements of Section 125 of said act (15 USC 1635) or of paragraph (2), insofar as it requires a disclosure of the "amount financed", or paragraph (3), (4), (5), (6) or (9) of Section 128 (a) of said act (15 USC 1638(a)). With respect to any failure to make disclosures required under Chapter 2, 4 or 5 of said act, liability shall be imposed only upon the creditor required to make disclosure, except as provided in Section 131 of said act (15 USC 1641)] as provided for in 15 USC 1640, as amended from time to time.
[(b) A creditor or assignee has no liability under this section or section 36a-681 or 36a-684 for any failure to comply with any requirement imposed under sections 36a-675 to 36a-685, inclusive, if within sixty days after discovering an error, whether pursuant to a final written examination report or notice issued under subsection (d) of section 36a-684, or through the creditor's or assignee's own procedures, and prior to the institution of an action under this section or the receipt of written notice of the error from the obligor, the creditor or assignee notifies the person concerned of the error and makes whatever adjustments in the appropriate account are necessary to insure that the person will not be required to pay an amount in excess of the charge actually disclosed, or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower.
(c) A creditor or assignee may not be held liable in any action brought under this section for a violation of sections 36a-675 to 36a-685, inclusive, if the creditor or assignee shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error. Examples of a bona fide error include, but are not limited to, clerical, calculation, computer malfunction and programming, and printing errors, except that an error of legal judgment with respect to a person's obligations under said sections is not a bona fide error.
(d) When there are multiple obligors in a consumer credit transaction or consumer lease, there shall be no more than one recovery of damages under subdivision (2) of subsection (a) of this section for a violation of sections 36a-675 to 36a-685, inclusive.]
[(e)] (b) Any action under this section shall be brought in any court of competent jurisdiction [within one year from the date of the occurrence of the violation. This subsection does not bar a person from asserting] pursuant to the time frames established in 15 USC 1640(e), as amended from time to time, provided a person may assert a violation of [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act in an action to collect the debt [which was brought more than one year from the date of the occurrence of the violation as a matter of defense by recoupment or set-off in such action] in accordance with the provisions of 15 USC 1640(e), as amended from time to time.
[(f)] (c) No provision of this section, subsection (d) of section 36a-684, as amended by this act, or section 36a-681, as amended by this act, imposing any liability shall apply to any act done or omitted in good faith in conformity with any [provision of sections 36a-675 to 36a-685, inclusive, or with any rule, regulation, approval or formal interpretation thereof] advisory opinion, final decision or order adopted by the commissioner, [or in conformity with the Consumer Credit Protection Act (15 USC 1601 et seq.), including] any rule, [or] regulation or interpretation adopted by [the Federal Reserve Board or] the Bureau of Consumer Financial Protection pursuant to [said act, or in conformity with any interpretation of said act by the Federal Reserve Board or the Bureau of Consumer Financial Protection or in conformity with any interpretation or approval by an official or employee of the Federal Reserve System or the Bureau of Consumer Financial Protection duly authorized by the Federal Reserve Board or the Bureau of Consumer Financial Protection to issue such interpretations or approvals under such procedures as said board or bureau may prescribe therefor] the Consumer Credit Protection Act, or any interpretation or approval by an official or employee of the Federal Reserve System as provided in 15 USC 1640(f), as amended from time to time, notwithstanding that after such act or omission has occurred, such [statute,] rule, regulation, approval, opinion, decision, order or interpretation is amended, rescinded or determined by judicial or other authority to be invalid for any reason.
[(g) The multiple failure to disclose to any person any information required under sections 36a-675 to 36a-685, inclusive, to be disclosed in connection with a single account under an open-end consumer credit plan, other single consumer credit sale, consumer loan, other extension of consumer credit or consumer lease, shall entitle the person to a single recovery under this section but continued failure to disclose after a recovery has been granted shall give rise to rights to additional recoveries. This subsection does not bar any remedy permitted by subsection (j) of this section.
(h) A person may not take any action to offset any amount for which a creditor or assignee is potentially liable to such person under subdivision (2) of subsection (a) of this section against any amount owed by such person, unless the amount of the creditor's or assignee's liability under sections 36a-675 to 36a-685, inclusive, has been determined by judgment of a court of competent jurisdiction in an action to which such person was a party. This subsection does not bar a consumer then in default on the obligation from asserting a violation of said sections as an original action, or as a defense or counterclaim to an action to collect amounts owed by the consumer brought by a person liable under said sections.]
[(i)] (d) Notwithstanding any other provision of [sections 36a-675 to 36a-685, inclusive] the Connecticut Truth-in-Lending Act, (1) no person shall be entitled in any action to a recovery under this section for the failure to disclose any information required under said sections if a recovery is awarded in the same action under [Section 130 of the Consumer Credit Protection Act (15 USC 1640)] 15 USC 1640, as amended from time to time, for the failure to disclose any information required under said sections; and (2) no person shall be entitled in any action brought under this section to a recovery if, prior to an award in any such action, a recovery has been awarded to such person in any action brought under [Section 130 of the Consumer Credit Protection Act (15 USC 1640)] 15 USC 1640, as amended from time to time, in which the same act or omission was the basis of that action.
[(j)] (e) (1) [When an obligor exercises his right to rescind under Section 125 of the Consumer Credit Protection Act (15 USC 1635), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within twenty days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, down payment or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the obligor, the obligor may retain possession of it. Upon the performance of the creditor's obligations under this subsection and Section 125 of the Consumer Credit Protection Act (15 USC 1635), the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. Tender shall be made at the location of the property or at the residence of the obligor, at the option of the obligor. If the creditor does not take possession of the property within twenty days after tender by the obligor, ownership of the property vests in the obligor without obligation on his part to pay for it. The procedures described by this subdivision shall apply except when otherwise ordered by a court.] Except as otherwise provided in this subsection, an obligor shall have the right to rescind as provided in 15 USC 1635, as amended from time to time.
[(2) Notwithstanding any rule of evidence, written acknowledgment of receipt of any disclosures required under sections 36a-675 to 36a-685, inclusive, by a person to whom information, forms and a statement is required to be given pursuant to this subsection and Section 125 of the Consumer Credit Protection Act (15 USC 1635), does no more than create a rebuttable presumption of delivery thereof.]
[(3)] (2) An obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs earlier, notwithstanding the fact that the information and forms required under this section and [Section 125 of the Consumer Credit Protection Act (15 USC 1635)] 15 USC 1635, as amended from time to time, or any other disclosures required under [sections 36a-675 to 36a-685, inclusive] the Connecticut Truth-in-Lending Act, have not been delivered to the obligor, except that if (A) the commissioner institutes a proceeding to enforce the provisions of this section, or [Section 125 of the Consumer Credit Protection Act (15 USC 1635)] 15 USC 1635, as amended from time to time, made a part of said sections as provided in section 36a-678, as amended by this act, within three years after the date of consummation of the transaction, (B) the commissioner finds a violation of this subsection or [Section 125 of the Consumer Credit Protection Act (15 USC 1635)] 15 USC 1635, as amended from time to time, and (C) the obligor's right to rescind is based in whole or in part on any matter involved in such proceeding, then the obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the earlier sale of the property, or upon the expiration of one year following the conclusion of the proceeding or any judicial review or period for judicial review thereof, whichever is later.
[(4)] (3) (A) In any credit transaction in which an obligor has the right to rescind under [Section 125 of the Consumer Credit Protection Act (15 USC 1635)] 15 USC 1635, as amended from time to time, and the obligor does not exercise that right, a finance charge may not begin to accrue in connection with such transaction until after midnight of the third business day following the consummation of the transaction. (B) Any obligor required to pay a finance charge, in violation of the provisions of this subdivision, may recover from the creditor twice the amount of such finance charge, costs and reasonable attorney's fees.
[(5) In any action in which it is determined that a creditor has violated subdivision (1), (2) or (3) of this subsection, in addition to rescission the court may award relief under other subsections of this section for violations of sections 36a-675 to 36a-685, inclusive, not relating to the right to rescind.
(6) An obligor shall have no rescission rights arising solely from the form of written notice used by the creditor to inform the obligor of the rights of the obligor under this subsection and Section 125 of the Consumer Credit Protection Act (15 USC 1635), if the creditor provided the obligor the appropriate form of written notice published and adopted by the Federal Reserve Board or the Bureau of Consumer Financial Protection, or a comparable written notice of the rights of the obligor, that was properly completed by the creditor, and otherwise complied with all other requirements of this subsection and Section 125 of the Consumer Credit Protection Act (15 USC 1635) regarding notice.
(7) Notwithstanding the provisions of subsection (n) of this section, and subject to the time period provided in subdivision (3) of this subsection, an obligor shall have the rescission rights in foreclosure set forth in Subsection (i) of Section 125 of the Consumer Credit Protection Act (15 USC 1635(i)). This subdivision shall apply to all consumer credit transactions in existence or consummated on or after September 30, 1995.]
[(k)] (f) (1) Except as otherwise specifically provided in [sections 36a-675 to 36a-685, inclusive] the Connecticut Truth-in-Lending Act, any civil action for a violation of said [sections] act or proceeding by the commissioner which may be brought against a creditor [, other than with respect to a consumer credit transaction secured by real property,] may be maintained against any assignee of that creditor [only if the violation for which such action or proceeding is brought is apparent on the face of the disclosure statement, except where the assignment was involuntary. For the purpose of this subdivision, a violation apparent on the face of the disclosure statement includes, but is not limited to, (A) a disclosure which can be determined to be incomplete or inaccurate from the face of the disclosure statement or other documents assigned, or (B) a disclosure not made in the terms required to be used by said sections] as provided in 15 USC 1641, as amended from time to time, and creditors and assignees shall comply with the notice requirements of said section.
[(2) Except as provided in subdivision (2) of subsection (j) of this section, in any action or proceeding by or against any subsequent assignee of the original creditor without knowledge to the contrary by the assignee when he acquires the obligation, written acknowledgment of receipt by a person to whom a statement is required to be given pursuant to sections 36a-675 to 36a-685, inclusive, shall be conclusive proof of the delivery thereof and, except as provided in subdivision (1) of this subsection, of compliance with Chapter 2 of the Consumer Credit Protection Act. This subsection does not affect the rights of the obligor in any action against the original creditor.]
[(3)] (2) Any consumer who has the right to rescind a transaction under subsection [(j)] (e) of this section or [Section 125 of the Consumer Credit Protection Act (15 USC 1635)] 15 USC 1635, as amended from time to time, may rescind the transaction as against any assignee of the obligation.
[(4) (A) Except as otherwise specifically provided in sections 36a-675 to 36a-685, inclusive, any civil action against a creditor for a violation of said sections and any proceeding brought by the commissioner against a creditor, with respect to a consumer credit transaction secured by real property, may be maintained against any assignee of such creditor only if (i) the violation for which such action or proceeding was brought is apparent on the face of the disclosure statement provided in connection with such transaction pursuant to sections 36a-675 to 36a-685, inclusive, and the Consumer Credit Protection Act (15 USC 1601 et seq.), and (ii) the assignment to the assignee was voluntary. (B) For purposes of this subdivision, a violation is "apparent on the face of the disclosure statement" if (i) the disclosure can be determined to be incomplete or inaccurate by a comparison among the disclosure statement, any itemization of the amount financed, the note, or any other disclosure of disbursement, or (ii) the disclosure statement does not use the terms or format required to be used by sections 36a-675 to 36a-685, inclusive, and the Consumer Credit Protection Act (15 USC 1601 et seq.).
(5) A servicer of a consumer obligation arising from a consumer credit transaction shall be treated as an assignee of such obligation to the extent provided in Subsection (f) of Section 131 of the Consumer Credit Protection Act (15 USC 1641(f)). This subdivision applies to all consumer credit transactions in existence or consummated on or after September 30, 1995.]
[(l) (1) Subject to the limitation contained in subdivision (2) of this subsection, a]
(g) A card issuer who has issued a credit card to a cardholder pursuant to an open-end consumer credit plan shall be subject to all claims, other than tort claims, and defenses arising out of any transaction in which the credit card is used as a method of payment or extension of credit [if (A) the obligor has made a good faith attempt to obtain satisfactory resolution of a disagreement or problem relative to the transaction from the person honoring the credit card; (B) the amount of the transaction exceeds fifty dollars; and (C) the transaction took place wholly within this state, provided the mailing address previously provided by the cardholder was within this state and provided the state of billing of the transaction shall not be considered in determining where the transaction took place, or the transaction took place within one hundred miles from the mailing address within this state previously provided by the cardholder, except that the limitations set forth in subparagraphs (B) and (C) of this subdivision with respect to an obligor's right to assert claims and defenses against a card issuer shall not be applicable to any transaction in which the person honoring the credit card (i) is the same person as the card issuer, (ii) is controlled by the card issuer, (iii) is under direct or indirect common control with the card issuer, (iv) is a franchised dealer in the card issuer's products or services, or (v) has obtained the order for such transaction through a mail solicitation made by or participated in by the card issuer in which the cardholder is solicited to enter into such transaction by using the credit card issued by the card issuer] as provided in 15 USC 1666i, as amended from time to time.
[(2) The amount of claims or defenses asserted by the cardholder may not exceed the amount of credit outstanding with respect to such transaction at the time the cardholder first notifies the card issuer or the person honoring the credit card of such claim or defense. For the purpose of determining the amount of credit outstanding in this subdivision, payments and credits to the cardholder's account are deemed to have been applied, in the order indicated, to the payment of: (A) Late charges in the order of their entry to the account; (B) finance charges in order of their entry to the account; and (C) debits to the account other than those set forth in subparagraphs (A) and (B) of this subdivision, in the order in which each debit entry to the account was made.]
[(m) (1) For the purpose of this subsection, the term "creditor" in this section shall include a lessor.]
[(2)] (h) (1) Any lessor who fails to comply with any requirement imposed under [Section 182 or 183 of the Consumer Credit Protection Act (15 USC 1667a or 1667b)] 15 USC 1667a or 1667b, as amended from time to time, with respect to any person is liable to such person as provided in this section as if such lessor is a creditor.
[(3)] (2) Any lessor who fails to comply with any requirement imposed under [Section 184 of the Consumer Credit Protection Act (15 USC 1667c)] 15 USC 1667c, as amended from time to time, with respect to any person who suffers actual damage from the violation is liable to such person as provided in this section as if such lessor is a creditor.
(i) Any mortgage originator who fails to comply with any requirement imposed by 15 USC 1639b, as amended from time to time, or any regulation promulgated thereunder shall be liable as provided in 15 USC 1639b(d), as amended from time to time.
[(n)] (j) In the case of any consumer credit transaction subject to the provisions of [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act that is consummated before September 30, 1995, the civil, administrative and criminal liability of a creditor or any assignee of a creditor under [sections 36a-675 to 36a-685, inclusive,] said act and a consumer's extended rescission rights under subdivision [(3)] (2) of subsection [(j)] (e) of this section, shall be limited to the extent provided in and subject to the exceptions contained in [Section 139 of the Consumer Credit Protection Act (15 USC 1649)] 15 USC 1649, as amended from time to time.
Sec. 10. Section 36a-684 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) [Compliance with] The commissioner shall enforce the requirements of sections 36a-567, 36a-568, [and 36a-675 to 36a-685, inclusive] the Connecticut Truth-in-Lending Act, subdivision (13) of subsection (c) of section 36a-770, as amended by this act, and sections 36a-771, as amended by this act, 36a-774, as amended by this act, and 36a-777. [shall be enforced by the commissioner and the] The commissioner shall, in addition to other powers granted by said sections or by other provisions of law, receive and act on complaints, take action designed to obtain voluntary compliance with said sections or commence proceedings on the commissioner's own initiative pursuant to sections 36a-50 to 36a-53, inclusive.
(b) In order to accomplish the purposes of [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act and the provisions of the general statutes referred to in subsection (a) of this section, the commissioner may (1) counsel persons and groups on their rights and duties under said [sections] act and provisions, (2) establish programs for the education of consumers with respect to credit and leasing practices and problems, and (3) make studies appropriate to effectuate the purposes and policies of said [sections] act and provisions and make the results available to the public.
(c) The commissioner may by regulation require the maintenance of records related to consumer credit sales, loans and leases sufficient to evidence the adoption of policies calculated to produce compliance with [sections 36a-675 to 36a-685, inclusive,] the Connecticut Truth-in-Lending Act and the provisions of the general statutes referred to in subsection (a) of this section which shall be in addition to the record retention requirements imposed under the Consumer Credit Protection Act. [(15 USC 1601 et seq.).]
(d) (1) In carrying out enforcement activities under this section, the commissioner, in cases where an annual percentage rate or finance charge was inaccurately disclosed, shall notify the creditor of such disclosure error and may require the creditor to make an adjustment to the account of the person to whom credit was extended, to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. For the purposes of this subsection, except where such disclosure error resulted from a wilful violation which was intended to mislead the person to whom credit was extended, in determining whether a disclosure error has occurred and in calculating any adjustment, [(A)] the commissioner shall apply [(i) with respect to the annual percentage rate, a tolerance of one-quarter of one per cent more or less than the actual rate, determined without regard to Section 107(c) of the Consumer Credit Protection Act (15 USC 1606(c)), and (ii) with respect to the finance charge, a corresponding numerical tolerance as generated by the tolerance provided under this subsection for the annual percentage rate; except that (B) with respect to transactions consummated after March 31, 1982, the commissioner shall apply (i) for transactions that have a scheduled amortization of ten years or less, with respect to the annual percentage rate, a tolerance not to exceed one-quarter of one per cent more or less than the actual rate, determined without regard to Section 107(c) of the Consumer Credit Protection Act (15 USC 1606(c)), but in no event a tolerance of less than the tolerances allowed under Section 107(c) (15 USC 1606(c)), (ii) for transactions that have a scheduled amortization of more than ten years, with respect to the annual percentage rate, only such tolerances as are allowed under Section 107(c) of the Consumer Credit Protection Act (15 USC 1606(c)), and (iii) for all transactions, with respect to the finance charge, a corresponding numerical tolerance as generated by the tolerances provided under this subsection for the annual percentage rate] the tolerances set forth in 15 USC 1607(e)(1), as amended from time to time.
(2) The commissioner shall require such an adjustment when the commissioner determines that such disclosure error resulted from a clear and consistent pattern or practice of violations, from gross negligence, or from a wilful violation which was intended to mislead the person to whom the credit was extended. Notwithstanding the preceding sentence, except where such disclosure error resulted from a wilful violation which was intended to mislead the person to whom credit was extended, the commissioner need not require such an adjustment if the commissioner determines that such disclosure error: (A) Resulted from an error involving the disclosure of a fee or charge that would otherwise be excludable in computing the finance charge, including but not limited to, violations involving the disclosures described in [Sections 106(b), (c) and (d) of the Consumer Credit Protection Act (15 USC 1605(b), (c) and (d))] 15 USC 1605(b), (c) and (d), as amended from time to time, in which event the commissioner may require such remedial action as the commissioner determines to be equitable, except that for transactions consummated after March 31, 1982, such an adjustment shall be ordered for violations of [Section 106(b) (15 USC 1605(b))] 15 USC 1605(b), as amended from time to time; (B) involved a disclosed amount which was ten per cent or less of the amount that should have been disclosed and (i) in cases where the error involved a disclosed finance charge, the annual percentage rate was disclosed correctly, and (ii) in cases where the error involved a disclosed annual percentage rate, the finance charge was disclosed correctly; in which event the commissioner may require such adjustment as the commissioner determines to be equitable; (C) involved a total failure to disclose either the annual percentage rate or the finance charge, in which event the commissioner may require such adjustment as the commissioner determines to be equitable; or (D) resulted from any other unique circumstance involving clearly technical and nonsubstantive disclosure violations that do not adversely affect information provided to the consumer and that have not misled or otherwise deceived the consumer. In the case of other such disclosure errors, the commissioner may require such an adjustment.
(3) Notwithstanding subdivision (2) of this subsection, no adjustment shall be ordered: (A) If it would have a significantly adverse impact upon the safety or soundness of the creditor, but in any such case, the commissioner may require a partial adjustment in an amount which does not have such an impact except that with respect to any transaction consummated after May 18, 1981, the commissioner shall require the full adjustment, but permit the creditor to make the required adjustment in partial payments over an extended period of time which the commissioner considers to be reasonable, if the commissioner determines that a partial adjustment or making partial adjustments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to 12 USC 1831o, as amended from time to time, (B) if the amount of the adjustment would be less than one dollar, except that if more than one year has elapsed since the date of the violation, the commissioner may require that such amount be paid to the commissioner, or (C) except where such disclosure error resulted from a wilful violation which was intended to mislead the person to whom credit was extended, in the case of an open-end credit plan, more than two years after the violation, or in the case of any other extension of credit, as follows: (i) With respect to creditors that have been examined by the commissioner, except in connection with violations arising from practices identified in the current examination and only in connection with transactions that are consummated after the date of the immediately preceding examination, except that where practices giving rise to violations identified in earlier examinations have not been corrected, adjustments for those violations shall be required in connection with transactions consummated after the date of the examination in which such practices were first identified; (ii) with respect to creditors that have not been examined by the commissioner, except in connection with transactions that are consummated after May 10, 1978; and (iii) in no event after the later of (I) the expiration of the life of the credit extension, or (II) two years after the agreement to extend credit was consummated.
(4) In addition to the enforcement powers authorized by the provisions of this section [and section 36a-50,] the commissioner may order any creditor to make an adjustment as provided in [subdivision (1) of] this subsection. After such an order is issued, the persons named therein may, within fourteen days after receipt of the order, file a written request for a hearing. The hearing shall be held in accordance with the provisions of chapter 54.
(5) Except as otherwise specifically provided in this subsection and notwithstanding any other provision of law, the commissioner may not require a creditor to make dollar adjustments for errors in any requirements under the Consumer Credit Protection Act, [(15 USC 1601 et seq.),] except with regard to the requirements of [Section 165 of the Consumer Credit Protection Act (15 USC 1666d)] 15 USC 1666d, as amended from time to time.
(6) A creditor shall not be subject to an order to make an adjustment, if within sixty days after discovering a disclosure error, whether pursuant to a final written examination report or through the creditor's own procedures, the creditor notifies the person concerned of the error and adjusts the account so as to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower.
Sec. 11. (NEW) (Effective October 1, 2015) (a) In addition to the enforcement provisions in the Connecticut Truth-in-Lending Act, the Banking Commissioner may order any person who violates 15 USC 1639e, as amended from time to time, to pay a civil penalty as provided in subsection (k) of said section. Such order shall be issued in accordance with section 36a-50 of the general statutes, provided the amount of any civil penalty imposed shall be determined in accordance with 15 USC 1639e(k), as amended from time to time.
(b) In addition to any other liability allowed by the Connecticut Truth-in-Lending Act, a creditor found to have wilfully failed to obtain an appraisal as required by 15 USC 1639h, as amended from time to time, shall be liable to the applicant or borrower as provided in subsection (e) of said section.
Sec. 12. Section 36a-3 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
Other definitions applying to this title or to specified parts thereof and the sections in which they appear are:
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 and 36a-615. |
T5 |
"Advertise", "advertisement" or "advertising". Section 36a-485. |
T6 |
"Agency bank". Section 36a-285. |
T7 |
"Agent". Section 36a-494. |
T8 |
"Alternative mortgage loan". Section 36a-265. |
T9 |
"Amount financed". Section 36a-690, as amended by this act. |
T10 |
"Annual percentage rate". Section 36a-690, as amended by this act. |
T11 |
"Annual percentage yield". Section 36a-316. |
T12 |
"Annuities". Section 36a-455a. |
T13 |
"Applicant". Section 36a-736. |
T14 |
"APR". Section 36a-746a, as amended by this act. |
T15 |
"Assessment area". Section 36a-37. |
T16 |
"Assets". Section 36a-70. |
T17 |
"Associate". Section 36a-184. |
T18 |
"Associated member". Section 36a-458a. |
T19 |
"Authorized delegate". Section 36a-596. |
T20 |
"Bank". Section 36a-30. |
T21 |
"Bankers' bank". Section 36a-70. |
T22 |
"Banking business". Section 36a-425. |
T23 |
"Basic services". Section 36a-437a. |
T24 |
"Billing cycle". Section 36a-565. |
T25 |
"Bona fide nonprofit organization". Sections 36a-487 and 36a-655. |
T26 |
"Branch". Sections 36a-145, 36a-410 and 36a-435b. |
T27 |
"Branch office". Sections 36a-485 and 36a-715. |
T28 |
"Branch or agency net payment entitlement". Section 36a-428n. |
T29 |
"Branch or agency net payment obligation". Section 36a-428n. |
T30 |
"Broker". Section 36a-746a, as amended by this act. |
T31 |
"Business and industrial development corporation". Section 36a-626. |
T32 |
"Business and property in this state". Section 36a-428n. |
T33 |
"Capital". Section 36a-435b. |
T34 |
"Cash advance". Section 36a-564. |
T35 |
"Cash price". Section 36a-770, as amended by this act. |
T36 |
"Certificate of incorporation". Section 36a-435b. |
T37 |
"CHFA loan". Section 36a-760, as amended by this act. |
T38 |
"Clerical or support duties". Section 36a-485. |
T39 |
"Closely related activities". Sections 36a-250 and 36a-455a. |
T40 |
"Collective managing agency account". Section 36a-365. |
T41 |
"Commercial vehicle". Section 36a-770, as amended by this act. |
T42 |
"Community bank". Section 36a-70. |
T43 |
"Community credit union". Section 36a-37. |
T44 |
"Community development bank". Section 36a-70. |
T45 |
"Community reinvestment performance". Section 36a-37. |
T46 |
"Connecticut holding company". Sections 36a-53 and 36a-410. |
T47 |
"Consolidate". Section 36a-145. |
T48 |
"Construction loan". Section 36a-458a. |
T49 |
"Consumer". Sections 36a-155, 36a-676, as amended by this act, and |
T50 |
36a-695. |
T51 |
"Consumer Credit Protection Act". Section 36a-676, as amended by this |
T52 |
act. |
T53 |
"Consumer debtor" and "debtor". Sections 36a-645 and 36a-800. |
T54 |
"Consumer collection agency". Section 36a-800. |
T55 |
"Consummation". Section 36a-746a, as amended by this act. |
T56 |
"Control person". Section 36a-485. |
T57 |
"Controlling interest". Section 36a-276. |
T58 |
"Conventional mortgage rate". Section 36a-760, as amended by this act. |
T59 |
"Corporate". Section 36a-435b. |
T60 |
"Credit". [Sections] Section 36a-645. [and 36a-676.] |
T61 |
"Credit manager". Section 36a-435b. |
T62 |
"Creditor". Sections 36a-676, as amended by this act, 36a-695 and |
T63 |
36a-800. |
T64 |
["Credit card", "cardholder" and "card issuer". Section 36a-676.] |
T65 |
"Credit clinic". Section 36a-700. |
T66 |
"Credit rating agency". Section 36a-695. |
T67 |
"Credit report". Section 36a-695. |
T68 |
["Credit sale". Section 36a-676.] |
T69 |
"Credit union service organization". Section 36a-435b. |
T70 |
"Credit union service organization services". Section 36a-435b. |
T71 |
"De novo branch". Section 36a-410. |
T72 |
"Debt". Section 36a-645. |
T73 |
"Debt adjustment". Section 36a-655. |
T74 |
"Debt mutual fund". Sections 36a-275 and 36a-459a. |
T75 |
"Debt securities". Sections 36a-275 and 36a-459a. |
T76 |
"Debtor". Section 36a-655. |
T77 |
"Deliver". Section 36a-316. |
T78 |
"Deposit". Section 36a-316. |
T79 |
"Deposit account". Section 36a-316. |
T80 |
"Deposit account charge". Section 36a-316. |
T81 |
"Deposit account disclosures". Section 36a-316. |
T82 |
"Deposit contract". Section 36a-316. |
T83 |
"Deposit services". Section 36a-425. |
T84 |
"Depositor". Section 36a-316. |
T85 |
"Depository institution". Section 36a-485. |
T86 |
"Derivative transaction". Section 36a-262. |
T87 |
"Director". Section 36a-435b. |
T88 |
"Dwelling". Section 36a-485. |
T89 |
"Earning period". Section 36a-316. |
T90 |
"Electronic payment instrument". Section 36a-596. |
T91 |
"Eligible collateral". Section 36a-330. |
T92 |
"Eligible entity". Section 36a-34. |
T93 |
"Employee". Section 36a-485. |
T94 |
"Entity". Section 36a-380. |
T95 |
"Equity mutual fund". Sections 36a-276 and 36a-459a. |
T96 |
"Equity security". Sections 36a-276 and 36a-459a. |
T97 |
"Executive officer". Sections 36a-263 and 36a-469c. |
T98 |
"Expedited Connecticut bank". Section 36a-70. |
T99 |
"Experience in the mortgage business". Section 36a-488. |
T100 |
"Federal banking agency". Section 36a-485. |
T101 |
"Federal Credit Union Act". Section 36a-435b. |
T102 |
"Federal Home Mortgage Disclosure Act". Section 36a-736. |
T103 |
"FHA loan". Section 36a-760, as amended by this act. |
T104 |
"Fiduciary". Section 36a-365. |
T105 |
"Filing fee". Section 36a-770, as amended by this act. |
T106 |
"Finance charge". Sections 36a-690, as amended by this act, and 36a- |
T107 |
770, as amended by this act. |
T108 |
"Financial institution". Sections 36a-41, 36a-44a, 36a-155, 36a-316, |
T109 |
36a-330, 36a-435b, 36a-736 and 36a-755. |
T110 |
"Financial records". Section 36a-41. |
T111 |
"First mortgage loan". Sections 36a-485, 36a-705 and 36a-725. |
T112 |
"Foreign banking corporation". Section 36a-425. |
T113 |
"Fully indexed rate". Section 36a-760b. |
T114 |
"General facility". Section 36a-580. |
T115 |
"Global net payment entitlement". Section 36a-428n. |
T116 |
"Global net payment obligation". Section 36a-428n. |
T117 |
"Goods". Sections 36a-535 and 36a-770, as amended by this act. |
T118 |
"Graduated payment mortgage loan". Section 36a-265. |
T119 |
"Guardian". Section 36a-365. |
T120 |
"High cost home loan". Section 36a-746a, as amended by this act. |
T121 |
"Holder". Section 36a-596. |
T122 |
"Home banking services". Section 36a-170. |
T123 |
"Home banking terminal". Section 36a-170. |
T124 |
"Home improvement loan". Section 36a-736. |
T125 |
"Home purchase loan". Section 36a-736. |
T126 |
"Home state". Section 36a-410. |
T127 |
"Housing finance agency". Section 36a-487. |
T128 |
"Immediate family member". Sections 36a-435b and 36a-485. |
T129 |
"Independent contractor". Section 36a-485. |
T130 |
"Individual". Section 36a-485. |
T131 |
"Insider". Section 36a-454b. |
T132 |
"Installment loan contract". Sections 36a-535 and 36a-770, as amended |
T133 |
by this act. |
T134 |
"Insurance". Section 36a-455a. |
T135 |
"Insurance bank". Section 36a-285. |
T136 |
"Insurance department". Section 36a-285. |
T137 |
"Interest". Section 36a-316. |
T138 |
"Interest rate". Section 36a-316. |
T139 |
"Interim interest". Section 36a-746a, as amended by this act. |
T140 |
"Investments". Section 36a-602. |
T141 |
"Lender". Sections 36a-746a, as amended by this act, 36a-760, as |
T142 |
amended by this act, and 36a-770, as amended by this act. |
T143 |
"Lessor". Section 36a-676, as amended by this act. |
T144 |
"License". Section 36a-626. |
T145 |
"Licensee". Sections 36a-596, 36a-607 and 36a-626. |
T146 |
"Limited branch". Section 36a-145. |
T147 |
"Limited facility". Section 36a-580. |
T148 |
"Loan broker". Section 36a-615. |
T149 |
"Loan processor or underwriter". Section 36a-485. |
T150 |
"Loss". Section 36a-330. |
T151 |
"Made in this state". Section 36a-770, as amended by this act. |
T152 |
"Main office". Section 36a-485. |
T153 |
"Managing agent". Section 36a-365. |
T154 |
"Manufactured home". Section 36a-457b. |
T155 |
"Material litigation". Section 36a-598. |
T156 |
"Member". Section 36a-435b. |
T157 |
"Member business loan". Section 36a-458a. |
T158 |
"Member in good standing". Section 36a-435b. |
T159 |
"Membership share". Section 36a-435b. |
T160 |
"Mobile branch". Sections 36a-145 and 36a-435b. |
T161 |
"Monetary value". Section 36a-596. |
T162 |
"Money transmission". Section 36a-596. |
T163 |
"Mortgage". Section 36a-760g. |
T164 |
"Mortgage broker". Sections 36a-485, 36a-705 and 36a-760, as amended |
T165 |
by this act. |
T166 |
"Mortgage correspondent lender". Section 36a-485. |
T167 |
"Mortgage insurance". Section 36a-725. |
T168 |
"Mortgage lender". Sections 36a-485, 36a-705 and 36a-725. |
T169 |
"Mortgage loan". Sections 36a-261, 36a-265, 36a-457b and 36a-736. |
T170 |
"Mortgage loan originator". Section 36a-485. |
T171 |
"Mortgage rate lock-in". Section 36a-705. |
T172 |
"Mortgage servicer". Section 36a-715. |
T173 |
"Mortgagee". Section 36a-715. |
T174 |
"Mortgagor". Section 36a-715. |
T175 |
"Motor vehicle". Section 36a-770, as amended by this act. |
T176 |
"Multiple common bond membership". Section 36a-435b. |
T177 |
"Municipality". Section 36a-800. |
T178 |
"Net outstanding member business loan balance". Section 36a-458a. |
T179 |
"Net worth". Sections 36a-441a and 36a-458a. |
T180 |
"Network". Section 36a-155. |
T181 |
"Nonprime home loan". Section 36a-760, as amended by this act. |
T182 |
"Nonrefundable". Section 36a-498. |
T183 |
"Nontraditional mortgage product". Section 36a-489a. |
T184 |
"Note account". Sections 36a-301 and 36a-456b. |
T185 |
"Office". Sections 36a-23, 36a-316 and 36a-485. |
T186 |
"Officer". Section 36a-435b. |
T187 |
["Open-end credit plan". Section 36a-676.] |
T188 |
"Open-end line of credit". Section 36a-760, as amended by this act. |
T189 |
"Open-end loan". Section 36a-565. |
T190 |
"Organization". Section 36a-800. |
T191 |
"Out-of-state holding company". Section 36a-410. |
T192 |
"Outstanding". Section 36a-596. |
T193 |
"Passbook savings account". Section 36a-316. |
T194 |
"Payment instrument". Section 36a-596. |
T195 |
"Periodic statement". Section 36a-316. |
T196 |
"Permissible investment". Section 36a-596. |
T197 |
"Person". Sections 36a-184 and 36a-485. |
T198 |
"Post". Section 36a-316. |
T199 |
"Prepaid finance charge". Section 36a-746a, as amended by this act. |
T200 |
"Prime quality". Section 36a-596. |
T201 |
"Principal amount of the loan". Section 36a-485. |
T202 |
"Processor". Section 36a-155. |
T203 |
"Public deposit". Section 36a-330. |
T204 |
"Purchaser". Section 36a-596. |
T205 |
"Qualified financial contract". Section 36a-428n. |
T206 |
"Qualified public depository" and "depository". Section 36a-330. |
T207 |
"Real estate". Section 36a-457b. |
T208 |
"Real estate brokerage activity". Section 36a-485. |
T209 |
"Records". Section 36a-17. |
T210 |
"Registered mortgage loan originator". Section 36a-485. |
T211 |
"Related person". Section 36a-53. |
T212 |
"Relocate". Sections 36a-145 and 36a-462a. |
T213 |
"Residential mortgage loan". Section 36a-485. |
T214 |
"Residential real estate". Section 36a-485. |
T215 |
"Resulting entity". Section 36a-34. |
T216 |
"Retail buyer". Sections 36a-535 and 36a-770, as amended by this act. |
T217 |
"Retail credit transaction". Section 42-100b. |
T218 |
"Retail installment contract". Sections 36a-535 and 36a-770, as amended |
T219 |
by this act. |
T220 |
"Retail installment sale". Sections 36a-535 and 36a-770, as amended by |
T221 |
this act. |
T222 |
"Retail seller". Sections 36a-535 and 36a-770, as amended by this act. |
T223 |
"Reverse annuity mortgage loan". Section 36a-265. |
T224 |
"Sales finance company". Sections 36a-535 and 36a-770, as amended by |
T225 |
this act. |
T226 |
"Savings department". Section 36a-285. |
T227 |
"Savings deposit". Section 36a-316. |
T228 |
"Secondary mortgage loan". Section 36a-485. |
T229 |
"Security convertible into a voting security". Section 36a-184. |
T230 |
"Senior management". Section 36a-435b. |
T231 |
"Settlement agent". Section 36a-494. |
T232 |
"Share". Section 36a-435b. |
T233 |
"Simulated check". Section 36a-485. |
T234 |
"Single common bond membership". Section 36a-435b. |
T235 |
"Special mortgage". Section 36a-760c. |
T236 |
"Social purpose investment". Section 36a-277. |
T237 |
"Sponsored". Section 36a-485. |
T238 |
"Standard mortgage loan". Section 36a-265. |
T239 |
"Stored value". Section 36a-596. |
T240 |
"Table funding agreement". Section 36a-485. |
T241 |
"Tax and loan account". Sections 36a-301 and 36a-456b. |
T242 |
"The Savings Bank Life Insurance Company". Section 36a-285. |
T243 |
"Time account". Section 36a-316. |
T244 |
"Travelers check". Section 36a-596. |
T245 |
"Troubled Connecticut credit union". Section 36a-448a. |
T246 |
"Unique identifier". Section 36a-485. |
T247 |
"Unsecured loan". Section 36a-615. |
T248 |
"Value". Section 36a-603. |
T249 |
"Warehouse agreement". Section 36a-485. |
Sec. 13. Section 36a-555 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
No person shall (1) engage in the business of making loans of money or credit; (2) make, offer, broker or assist a borrower in Connecticut to obtain such a loan; or (3) in whole or in part, arrange such loans through a third party or act as an agent for a third party, regardless of whether approval, acceptance or ratification by the third party is necessary to create a legal obligation for the third party, through any method, including, but not limited to, mail, telephone, Internet or any electronic means, in the amount or to the value of fifteen thousand dollars or less for loans made under section 36a-563, as amended by this act, or section 36a-565, and charge, contract for or receive a greater rate of interest, charge or consideration than twelve per cent per annum therefor, unless licensed to do so by the commissioner pursuant to sections 36a-555 to 36a-573, inclusive, as amended by this act. The provisions of this section shall not apply to (A) a bank, (B) an out-of-state bank, (C) a Connecticut credit union, (D) a federal credit union, (E) an out-of-state credit union, (F) a savings and loan association wholly owned subsidiary service corporation, (G) a person to the extent that such person makes loans for agricultural, commercial, industrial or governmental use or extends credit through an open-end credit plan, as defined in [subdivision (8) of subsection (a) of section 36a-676] 15 USC 1602, as amended from time to time, for the retail purchase of consumer goods or services, (H) a mortgage lender or mortgage correspondent lender licensed pursuant to section 36a-489 when making residential mortgage loans, as defined in section 36a-485, or (I) a licensed pawnbroker.
Sec. 14. Subsection (a) of section 42-133c of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) Except as provided in subsection (b) of this section, notwithstanding any contrary provision of law, a retail seller under an open-end credit plan, as defined in [subdivision (8) of subsection (a) of section 36a-676] 15 USC 1602, as amended from time to time, in connection with a transaction arising out of the retail sale of consumer goods or services on sales made on or after October 1, 1993, may contract for and, if so contracted for, the retail seller or holder may charge and collect a finance charge under the plan and may calculate such finance charge in the manner and at the rate or rates agreed to by the retail buyer. For purposes of this section, (1) "retail seller" means a person who (A) sells or agrees to sell one or more articles of goods or furnishes services under an open-end credit plan and (B) is the creditor to whom the debt is initially payable on the face of the agreement of indebtedness, and (2) "holder" means a finance agency or other assignee who has purchased the open-end credit plan agreement or obligation. Regardless of any agreement to the contrary, a transaction under an open-end credit plan is subject to this section whenever a solicitation for the extension of credit is made by a retail seller whose primary activity in Connecticut is soliciting Connecticut customers through the mails, and such solicitation originates outside Connecticut but is directed to and received by a customer who resides, and responds to such solicitation, in Connecticut.
Sec. 15. Section 42-133d of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
The creditor of any account under an open-end credit plan, as defined in [subdivision (8) of subsection (a) of section 36a-676] 15 USC 1602, as amended from time to time, on which interest aggregating ten dollars or more has been imposed in any calendar year, shall furnish to the obligor of such account, on or before January thirty-first of the following year, a statement of the interest charges so imposed and the aggregate amount paid by such obligor.
Sec. 16. Section 36a-746a of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
As used in this section and sections 36a-746b to 36a-746g, inclusive:
(1) "APR" means the annual percentage rate for the loan calculated according to the provisions of the federal Truth-in-Lending Act, 15 USC Section 1601 et seq., as amended from time to time, and the regulations promulgated thereunder. [For open-end lines of credit, "APR" means the highest corresponding annual percentage rate required to be disclosed under 12 CFR 1026.6(a)(2) and 1026.14(b), as amended from time to time, excluding any maximum rates required to be disclosed or stated pursuant to 12 CFR 1026.6(a)(2) or 1026.30, as amended from time to time. For closed-end loans, "APR" means the annual percentage rate required to be disclosed under 12 CFR 1026.18(e), as amended from time to time, excluding any maximum rates required to be disclosed or stated pursuant to 12 CFR 1026.18(f) or 1026.30, as amended from time to time.] For purposes of this subdivision, any variable rate calculation shall use an index value in effect within forty-five days prior to consummation;
(2) "Broker" means a person who, for a fee, commission or other valuable consideration, negotiates, solicits, arranges, places or finds a high cost home loan that is to be made by a lender;
(3) "Consummation" means the time that a borrower becomes contractually obligated on a loan or extension of credit;
(4) "High cost home loan" means any loan or extension of credit, including an open-end line of credit but excluding a reverse mortgage transaction, as defined in 12 CFR 1026.33, as amended from time to time:
(A) In which the borrower is a natural person;
(B) The proceeds of which are to be used primarily for personal, family or household purposes;
(C) In which the loan is secured by a mortgage upon any interest in one-to-four family residential property, as defined in section 36a-485, located in this state that is, or, when the loan is made, is intended to be used or occupied by the borrower as a principal residence; and
(D) In which the APR [at consummation is greater than the yield on Treasury securities having comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application for the loan or extension of credit is received by the lender] applicable to the transaction determined in accordance with 12 CFR 1026.32(a)(3), as amended from time to time, will exceed the average prime offer rate, as defined in 12 CFR 1026.35(a)(2) as amended from time to time, by more than the number of percentage points specified in 12 CFR 1026.32(a)(1)(i), as amended from time to time;
(5) "Interim interest" means interest for the period from funding to the start of amortization paid by a borrower at or before consummation of a closed-end loan where such amortization begins sixty-two days or less after funding;
(6) "Lender" means any person who originates one or more high cost home loans; and
(7) "Prepaid finance charge" means any finance charge determined in accordance with 12 CFR 1026.4, as amended from time to time, that is paid separately in cash or by check before or at consummation of a loan or extension of credit or withheld from the proceeds of such transaction at any time, except the term includes any fees or commissions payable to the lender or broker in connection with the sale of credit life, accident, health, disability or unemployment insurance products or unrelated goods or services sold in conjunction with the loan or extension of credit when the cost of such insurance products or goods or services is prepaid with the proceeds of the loan or extension of credit and financed as part of the principal amount of the loan or extension of credit, and excludes premiums, fees and any other amounts paid to a governmental agency, any amounts required to be escrowed by a governmental agency and interim interest.
Sec. 17. Subsection (a) of section 36a-760 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) As used in this section and sections 36a-760a to 36a-760j, inclusive:
(1) "APR" has the same meaning as provided in section 36a-746a, as amended by this act;
(2) "CHFA loan" means a loan made, insured, purchased, subsidized or guaranteed by the Connecticut Housing Finance Authority;
(3) "FHA loan" means a loan made, insured, purchased, subsidized or guaranteed by the Federal Housing Administration;
(4) "First mortgage loan" has the same meaning as provided in section 36a-485;
(5) "Lender" means any person engaged in the business of the making of mortgage loans who is (A) required to be licensed by the [Department of Banking] commissioner under chapter 668, or such person's successors or assigns, [and also means any bank, out-of-state bank, Connecticut credit union, federal credit union, out-of-state credit union, or an operating subsidiary of a federal bank or a federally chartered out-of-state bank where such subsidiary engages in the business of making mortgage loans] or (B) exempt from licensing pursuant to subdivisions (1) to (3), inclusive, of subsection (a) of section 36a-487, and their successors and assigns, but does not include any mortgage broker, as defined in this section, or any mortgage loan originator, as defined in section 36a-485;
(6) "Mortgage broker" means [any person, other than a lender, who (A) for a fee, commission or other valuable consideration, negotiates, solicits, arranges, places or finds a mortgage, and (B)] a "mortgage broker", as defined in section 36a-485, who is required to be licensed by the [Department of Banking] commissioner under chapter 668, or such person's successors or assigns;
(7) "Nonprime home loan" means any loan or extension of credit, excluding an open-end line of credit, any mortgage insured under Title II of the National Housing Act, 12 USC 1701 et seq., as amended from time to time, that satisfies the requirements for a qualified mortgage set forth in [78 Federal Register 75215 (December 11, 2013)] 24 CFR 203.19(b), as amended from time to time, and a reverse mortgage transaction, as defined in 12 CFR 1026.33, as amended from time to time:
(A) In which the borrower is a natural person;
(B) The proceeds of which are to be used primarily for personal, family or household purposes;
(C) In which the loan is secured by a mortgage upon any interest in one-to-four family residential real property located in this state which is, or when the loan is made, intended to be used or occupied by the borrower as a principal residence;
(D) In which the principal amount of the loan does not exceed four hundred seventeen thousand dollars;
(E) Where the loan is not a CHFA loan; and
(F) In which the conditions set forth in [clauses (i) and (ii) of this subparagraph] subparagraph (F)(i) of this subdivision apply, subject to any adjustments made pursuant to [clause (iii) of this subparagraph] subparagraph (F)(ii) of this subdivision:
[(i) The difference, at the time of consummation, between the APR for the loan and the conventional mortgage rate is either equal to or greater than (I) one and three-quarters percentage points, if the loan is a first mortgage loan, or (II) three and three-quarters percentage points, if the loan is a secondary mortgage loan. For purposes of such calculation, "conventional mortgage rate" means the most recent contract interest rate on commitments for fixed-rate mortgages published by the Board of Governors of the Federal Reserve System in its statistical release H.15, or any publication that may supersede it, during the week preceding the week in which the interest rate for the loan is set. For purposes of determining the beginning of each weekly period, the first day of each week shall be the effective date for the applicable prime offer rate, as of the date the interest rate is set, as determined in accordance with subparagraph (F)(ii) of this subdivision.]
[(ii)] (i) The difference, at the time of consummation, between the APR for the loan or extension of credit and the average prime offer rate for a comparable transaction, as of the date the interest rate is set, is greater than one and one-half percentage points if the loan is a first mortgage loan or three and one-half percentage points if the loan is a secondary mortgage loan. For purposes of this subparagraph, "average prime offer rate" has the meaning as provided in 12 CFR [226.35] 1026.35, as amended from time to time. For purposes of [subparagraphs (F)(i) and (F)(ii) of this subdivision] this clause, the date the interest rate is set is the last date the interest rate is set, provided the rate is adjusted on or before consummation.
[(iii)] (ii) The commissioner shall have the authority, after consideration of the relevant factors, to increase the percentages set forth in [clauses (i) and (ii) of this subparagraph] subparagraph (F)(i) of this subdivision. For purposes of this clause, the relevant factors to be considered by the commissioner shall include, but not be limited to, the existence and amount of increases in fees or charges in connection with purchases of mortgages by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and increases in fees or charges imposed by mortgage insurers and the impact, including the magnitude of the impact, that such increases have had, or will likely have, on APRs for mortgage loans in this state. When considering such factors, the commissioner shall focus on those increases that are related to the deterioration in the housing market and credit conditions. The commissioner may refrain from increasing such percentages if it appears that lenders are increasing interest rates or fees in bad faith or if increasing the percentages would be contrary to the purposes of sections 36a-760 to 36a-760f, inclusive, as amended by this act. No increase authorized by the commissioner to a particular percentage shall exceed one-quarter of one percentage point, and the total of all increases to a particular percentage under this clause shall not exceed one-half of one percentage point. No increase shall be made unless: (I) The increase is noticed in the Banking Department Bulletin and the Connecticut Law Journal, and (II) a public comment period of twenty days is provided. Any increase made under this clause shall be reduced proportionately when the need for the increase has diminished or no longer exists. The commissioner, in the exercise of his discretion, may authorize an increase in the percentages with respect to all loans or just with respect to a certain class or classes of loans;
(8) "Open-end line of credit" means a mortgage extended by a lender under a plan in which: (A) The lender reasonably contemplates repeated transactions; (B) the lender may impose a finance charge from time to time on an outstanding unpaid balance; (C) the amount of credit that may be extended to the consumer during the term of the plan, up to any limit set by the lender, is generally made available to the extent that any outstanding balance is repaid; and (D) none of the proceeds of the open-end line of credit are used at closing to (i) purchase the borrower's primary residence, or (ii) refinance a mortgage loan that had been used by the borrower to purchase the borrower's primary residence;
(9) "Secondary mortgage loan" has the same meaning as provided in section 36a-485.
Sec. 18. Subsection (b) of section 36a-563 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(b) For the purpose of computations, whether at the maximum rate or less, a month shall be that period of time from any date in one month to the corresponding date in the next month, but if there is no such corresponding date, then to the last day of the next month, and a day shall be considered one-thirtieth of a month when such computation is made for a fraction of a month. For loans originally scheduled to be repaid over a period of forty-eight months and fifteen days or less, the portion of the charges applicable to any particular monthly installment period, as originally scheduled or following a deferment, shall bear the same ratio to the total charges, excluding any adjustment made under subsection (c) of this section, as the balance scheduled to be outstanding during that monthly period bears to the sum of all the monthly balances scheduled originally by the contract of loan. For loans originally scheduled to be repaid over a period in excess of forty-eight months and fifteen days, the portion of the charges applicable to any particular monthly installment period, as originally scheduled or following a deferment, shall be the charges which would be incurred for that monthly installment period if the annual percentage rate disclosed to the borrower pursuant to sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act were charged, by the actuarial method, on the disclosed amount financed and all payments were made according to schedule.
Sec. 19. Section 36a-690 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) As used in this section:
(1) "Amount financed" means the amount of credit a borrower will actually be able to use as determined in accordance with sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act.
(2) "Annual percentage rate" means the annual percentage rate of finance charge determined in accordance with sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act.
(3) "Finance charge" means the cost of credit determined in accordance with sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act.
(b) Except as provided in this section, no creditor shall use any method of calculating interest rebates or finance charge rebates in any transaction described in subsection (c) of this section which originated on or after December 1, 1980, if such method would cause the actual interest or finance charge earned for the period during which the indebtedness is outstanding after deduction of an acquisition charge of twenty-five dollars to exceed the finance charge which would be earned if the annual percentage rate were calculated by the actuarial method on the amount financed in accordance with the disclosed schedule of payments. When such rebate is less than one dollar, no rebate need be made.
(c) Notwithstanding any section of the general statutes to the contrary, this section shall apply to any transaction which is subject to sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act and which originated on or after December 1, 1980, but before October 1, 1987, if in such transaction: (1) The finance charge is precomputed; (2) the annual percentage rate is greater than fourteen per cent; and (3) the original term of the contract exceeds forty-eight months and fifteen days; and to any such transaction which originated on or after October 1, 1987, if in such transaction: (A) The finance charge is precomputed; and (B) the original term of the contract exceeds forty-eight months and fifteen days.
Sec. 20. Subdivision (13) of subsection (c) of section 36a-770 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(13) "Retail installment sale" means any sale evidenced by a retail installment contract or installment loan contract wherein a retail buyer buys goods from a retail seller at a time sale price payable in two or more installments. The cash price of the goods, the amount, if any, included for other itemized charges which are included in the amount of the credit extended but which are not part of the finance charge under sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act and the finance charge shall together constitute the time sale price. For purposes of this subdivision, "retail installment sale" does not include a rent-to-own agreement, as defined in section 42-240.
Sec. 21. Subsection (b) of section 36a-771 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(b) Every retail installment contract for the purchase of consumer goods subject to section 36a-774, as amended by this act, and this section shall set forth the information required to be disclosed under sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act and the regulations thereunder, using the form, content and terminology provided therein.
Sec. 22. Subsection (c) of section 36a-772 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(c) The finance charge under subsections (a) and (b) of this section shall be computed on the principal amount financed as determined under sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act and the regulations adopted under said sections. On contracts providing for installment payments extending for a period which is less than or greater than one year, the finance charge shall be computed proportionately. The finance charge may be computed on the basis of a full month for any fractional month period in excess of ten days. A minimum finance charge of fifteen dollars may be charged on any retail installment contract in which the finance charge, when computed at the rates indicated, results in a total charge of less than that amount. Nothing contained in sections 36a-770 to 36a-788, inclusive, as amended by this act, 42-100b and 42-100c shall be construed to prohibit the computation of the interest component of the finance charge by application of an interest rate to the actual balance of such principal amount financed as may be outstanding from time to time.
Sec. 23. Section 36a-774 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
Every installment loan contract shall be in writing executed by the retail buyer and a copy thereof shall be delivered to such retail buyer at the time of the execution thereof. Within fifteen days after the execution of such installment loan contract, the holder thereof shall send or cause to be sent to the retail buyer a policy or policies or certificates of insurance clearly setting forth the amount of the premium, the kind or kinds of insurance and the scope of the coverage and all of the terms, exceptions, limitations, restrictions and conditions of the contract or contracts of the insurance. Every installment loan contract for the purchase of consumer goods subject to section 36a-771, as amended by this act, and this section shall set forth the information required to be disclosed under sections 36a-675 to 36a-685, inclusive, as amended by this act, and section 11 of this act and the regulations thereunder, using the form, content and terminology provided therein.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2015 |
36a-675 |
Sec. 2 |
October 1, 2015 |
36a-676 |
Sec. 3 |
October 1, 2015 |
36a-677 |
Sec. 4 |
October 1, 2015 |
36a-678 |
Sec. 5 |
October 1, 2015 |
36a-679 |
Sec. 6 |
October 1, 2015 |
36a-680 |
Sec. 7 |
October 1, 2015 |
36a-681 |
Sec. 8 |
October 1, 2015 |
36a-682 |
Sec. 9 |
October 1, 2015 |
36a-683 |
Sec. 10 |
October 1, 2015 |
36a-684 |
Sec. 11 |
October 1, 2015 |
New section |
Sec. 12 |
October 1, 2015 |
36a-3 |
Sec. 13 |
October 1, 2015 |
36a-555 |
Sec. 14 |
October 1, 2015 |
42-133c(a) |
Sec. 15 |
October 1, 2015 |
42-133d |
Sec. 16 |
October 1, 2015 |
36a-746a |
Sec. 17 |
October 1, 2015 |
36a-760(a) |
Sec. 18 |
October 1, 2015 |
36a-563(b) |
Sec. 19 |
October 1, 2015 |
36a-690 |
Sec. 20 |
October 1, 2015 |
36a-770(c)(13) |
Sec. 21 |
October 1, 2015 |
36a-771(b) |
Sec. 22 |
October 1, 2015 |
36a-772(c) |
Sec. 23 |
October 1, 2015 |
36a-774 |
Statement of Purpose:
To ensure the Connecticut Truth-in-Lending Act incorporates all required substantive provisions of the federal Truth-in-Lending Act and regulations adopted thereunder, and to make various technical and conforming changes to related statutes.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]