CT HB07162

Allows persons who suffer financial losses from fraud by financial institutions, out-of-state banks, credit unions, or mortgage servicers to bring actions in the name of the state for injunctive relief and restitution without proving public interest.

Requires plaintiffs to notify the Attorney General and Commissioner of Consumer Protection within five days of filing; actions are automatically stayed for 30 days to allow the Attorney General to intervene as plaintiff.

Permits the Attorney General to dismiss or settle intervened actions, subject to court review; the Attorney General has two weeks to oppose any settlement if not already intervening.

Establishes civil penalties of up to $25,000 per violation for violating injunctions and up to $5,000 per violation for willful violations of fraud prohibitions.

Awards successful plaintiffs up to 10% of recovered amounts if the Attorney General intervened, or up to 25% if the Attorney General did not intervene; effective October 1, 2017.