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CT SB00231
Bill
Status
5/8/2013
Primary Sponsor
Banks Committee
Click for details
AI Summary
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Updates Connecticut banking law references from 12 CFR Part 226 (Federal Reserve regulations) to 12 CFR Part 1026 (Consumer Financial Protection Bureau regulations) throughout multiple sections.
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Modifies definitions and calculations for high-cost home loans and nonprime home loans to reference updated federal regulations regarding annual percentage rates, reverse mortgages, and bridge loans.
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Revises mortgage loan disbursement requirements in section 36a-758 to reference updated federal rescission rules under the new CFPB regulatory framework.
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Updates general-use prepaid card regulations in section 42-460a to reference CFPB regulations regarding expiration dates, replacement procedures, and disclosure requirements.
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All changes take effect from passage of the act.
Legislative Description
An Act Concerning Revisions To The Banking Law To Reflect The Transfer Of Responsibilities To The Consumer Financial Protection Bureau.
Last Action
House Calendar Number 541
5/9/2013