CT SB00399

Repeals and replaces subdivision (3) of subsection (q) of section 36a-70 of the general statutes, effective October 1, 2014.

Expands eligible investors in bankers' banks by removing geographic restrictions; changes requirement from banks and credit unions with principal offices in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, or Vermont to any state-chartered or federally-chartered banks and credit unions.

Maintains that bankers' banks may only provide services to other banks, credit unions, and their employees, and retain existing waiver and regulatory authority for the commissioner.

Takes effect October 1, 2014.