CT HB05045

Repeals and replaces Section 36a-318 of Connecticut general statutes regarding deposit account disclosures and inactive account fees, effective October 1, 2010.

Requires financial institutions to provide depositors with written deposit contracts, listings of account charges and conditions, and account disclosures before opening new accounts, with copies retained by depositors.

Modifies notice requirements for automatically renewing time accounts, changing the deadline from "within" to "not later than" thirty days after expiration to trigger full disclosure exemptions.

Requires financial institutions with dormancy fee policies to mail notice to depositors at least 15 days before imposing a fee, with notice in capital letters in no less than 12-point boldface type.

Prohibits financial institutions from imposing dormancy fees on inactive accounts without periodic statements if the primary account holder maintains another active deposit account with the same institution.