News & Analysis as of

Financial Services Industry Connecticut

Ballard Spahr LLP

Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers

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On June 10, 2024, the Connecticut Department of Banking (“Department”) issued guidance (the “Guidance”) to give direction on required consumer-like disclosures in certain commercial financing offers....more

Troutman Pepper

Connecticut AG Adds Independent Enforcement Authority for Dodd-Frank Actions

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A new Connecticut law expands the authority of the state’s attorney general to enforce certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act)....more

Ballard Spahr LLP

CFPB issues letters in support of Connecticut and California bills on medical debt reporting; Connecticut bill enacted

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The Consumer Financial Protection Bureau (CFPB) has issued two letters in support of state efforts to prohibit medical debt reporting. In March 2024, CFPB Director Rohit Chopra sent a letter to the California State Senate in...more

Troutman Pepper

Connecticut Banking Regulator Reduces Fine Against Defunct Collection Firm

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The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. Katz, discovering that...more

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Connecticut Department of Banking Issues Guidance Expanding Small Loan Act to Cover Earned Wage Access Products

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As discussed here, on June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. Among other things, the bill: (1) raised the small loan limit from $15,000...more

Ballard Spahr LLP

Connecticut Issues Guidance Clarifying the Applicability of its Small Loan Act to “True Lenders” and Earned Wage Access Providers

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The Connecticut Department of Banking (the “Department”) issued a guidance letter on September 11, 2023 (the “Guidance”) providing its position regarding the amendments to Connecticut’s Small Loan Lending and Related...more

Pullman & Comley, LLC

Connecticut's Highly-Anticipated Canna-Business Revolving Loan Fund is Launched: Informational Webinars this Week

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On August 28, 2023 the Social Equity Council (SEC) and Connecticut’s Department of Economic and Community Development (DECD) announced the launch of the much anticipated Canna-Business Revolving Loan Fund that will provide...more

Katten Muchin Rosenman LLP

New State Laws Impact Licensing Requirements for Consumer Loan FinTechs and Their Special Purpose Entities

Connecticut and Nebraska recently adopted statutory amendments to state non-mortgage consumer lending laws that expand licensing requirements. While differing in scope, the common element in the amendments is a keen focus on...more

Pullman & Comley, LLC

The State of Connecticut Wants Information About Your Retirement Plans by September 1, 2023

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In a June 7, 2023 press release, State of Connecticut Comptroller Sean Scanlon applauded the passage of House Bill No. 6930, which aspires to develop best practices for governance structures of municipal retirement plans....more

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Connecticut Banking Statutes Amendments Take Effect October 1

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On June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. As discussed here, with this bill, Connecticut joins several other states that have set strict...more

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Connecticut Becomes Latest State to Enact a Commercial Financing Disclosure and Registration Law

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On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and...more

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