Loading chat...
CT HB05570
Bill
Status
Introduced
3/3/2016
Primary Sponsor
Banking Committee
Click for details
AI Summary
- Repeals and replaces Section 36a-555 of the general statutes effective October 1, 2016
- Expands the definition of "making loans" to include offering consideration in exchange for a secured interest in pension or retirement fund proceeds
- Requires any person engaging in pension lending to comply with state lending laws and obtain licensing from the commissioner unless they fall within specific exemptions (banks, credit unions, mortgage lenders, pawnbrokers, etc.)
- Subjects pension loans to the same interest rate caps as other small loans (maximum 12% per annum for loans of $15,000 or less under sections 36a-563 and 36a-565)
- Purpose is to bring pension loans under applicable state lending law regulations
Legislative Description
An Act Concerning Pension Loans.
Last Action
Public Hearing 03/08
3/4/2016
Committee Referrals
Banking3/3/2016
Full Bill Text
No bill text available