Substitute Senate Bill No. 924 - Summary

• Renames "Truth-in-Lending Act" to "Connecticut Truth-in-Lending Act" and consolidates definitions by cross-referencing federal Consumer Credit Protection Act provisions (15 USC) rather than repeating them in state law.

• Updates regulatory references to align state law with federal regulations, including Bureau of Consumer Financial Protection rules, Real Estate Settlement Procedures Act, and Regulation E for electronic fund transfers (12 CFR Part 1005).

• Modifies mortgage lending requirements by removing references to outdated settlement forms (HUD-1) and replacing with current "Closing Disclosure" forms required under federal law.

• Revises Connecticut credit union reporting requirements to align with National Credit Union Administration standards (12 CFR 741.6) instead of state-mandated submission schedules.

• Expands "home banking services" definition to broader "virtual banking" to encompass modern electronic banking methods including internet and mobile access, not limited to specific terminals.