CT SB00923

Clarifies that loans made in violation of Connecticut's Small Loan Act interest rate caps are void and unenforceable, with no person permitted to collect principal, interest, charges, or other consideration on such loans.

Establishes that the Small Loan Act applies to loans made or renewed in Connecticut if the borrower resides in the state and negotiates, executes, or makes a payment on the loan in person, by mail, telephone, or via the Internet while physically present in Connecticut.

Prohibits any person from directly or indirectly assisting, aiding, or abetting conduct that violates the Small Loan Act's provisions.

Maintains the existing 12% per annum interest rate cap for loans of $5,000 or less (pre-October 1, 1997) and $15,000 or less (on or after October 1, 1997).

Authorizes the commissioner to investigate violations, take administrative action, and assess civil penalties and restitution against persons who violate or offer loans violating the Small Loan Act.