SB 921 Summary: Connecticut Truth-in-Lending Act Revisions

• Renames sections 36a-675 to 36a-685 as the "Connecticut Truth-in-Lending Act" and incorporates federal Consumer Credit Protection Act provisions by reference rather than redefining terms.

• Streamlines definitions by eliminating redundant state-level definitions for "consumer," "credit," "credit card," "credit sale," and "open-end credit plan," instead referencing federal definitions in 15 USC Chapter 41.

• Expands the act's policy to include protecting consumers against inaccurate and unfair credit billing practices, and adds enforcement provisions for Real Estate Settlement Procedures Act (12 USC Chapter 27) compliance.

• Strengthens liability provisions for creditors, including new liability standards for mortgage originators under 15 USC 1639b and enforcement authority for the Banking Commissioner to impose civil penalties for high-cost mortgage violations.

• Makes conforming changes to related Connecticut statutes (sections 36a-3, 36a-555, 36a-560, 42-133c, 42-133d, 36a-746a, 36a-760, and 36a-770) to align with federal Truth-in-Lending Act standards and ensure consistent application across consumer credit transactions.