CT SB00616

Exempts sales finance companies from record retention requirements for retail installment contracts and applications covering the retail sale of agricultural vehicles (implements of husbandry as defined in section 14-165)

Requires sales finance companies to maintain records for motor vehicle retail installment contracts and applications, including applicant information, loan details, and application disposition

Mandates record retention for a minimum of two years after application denial or after final payment/sale/assignment of the contract, whichever occurs first

Requires sales finance companies to provide collected records to the Banking Commissioner within five business days of request and submit records from October 1, 2016 to December 31, 2016 by January 30, 2017

Effective date of October 1, 2017 for amendments to sections 36a-535 and 36a-547 of the general statutes