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CT HB07033

Bill

Official Source

Status

Introduced

2/9/2017

Primary Sponsor

Banking Committee

Click for details

Origin

House of Representatives

2017 General Assembly

AI Summary

  • Repeals and replaces Section 36a-535 of the general statutes, effective October 1, 2017
  • Expands the definition of "sales finance company" to include entities that acquire retail installment contracts or installment loan contracts and subsequently convey, assign, or transfer interests in those contracts while continuing to receive payments from retail buyers
  • Maintains exemptions for banks, out-of-state banks, Connecticut credit unions, federal credit unions, and out-of-state credit unions from the sales finance company definition
  • Aims to provide additional consumer protections for retail buyers in retail installment contracts and installment loan contracts

Legislative Description

An Act Concerning Additional Protections To Retail Buyers In Retail Installment Contracts Or Installment Loan Contracts.

Last Action

Public Hearing 02/14

2/10/2017

Committee Referrals

Banking2/9/2017

Full Bill Text

No bill text available