CT HB06801

Banking Commissioner shall study crowdfunding legislation in other states and report recommendations for Connecticut implementation by January 1, 2016.

Mortgage servicers are prohibited from 19 specific practices including fraud, misrepresenting loan terms, misapplying payments, improperly placing insurance, and providing inaccurate credit information; violations effective October 1, 2015.

Department of Banking shall study feasibility of establishing state business development corporation, increasing SBA lending, and creating bank-credit union partnerships for small business access to credit, with report due January 1, 2016.

Department of Banking shall study feasibility of requiring banks and credit unions to accept alternative forms of identification (such as Individual Taxpayer Identification Numbers or state-issued ID) for persons without Social Security numbers to open accounts, with report due January 1, 2016.

Reverse mortgage lenders must provide counseling requirement notice, list of HUD-approved housing counselors, a worksheet before counseling, and receive signed certifications that counseling occurred in person or by telephone; effective October 1, 2015.

General-use and linked prepaid cards cannot have expiration dates on underlying funds and must disclose contact information for replacement cards, fee lists, and maintain five-year minimum expiration options; no dormancy or inactivity fees permitted; effective October 1, 2015.