SB 00781 Summary

• Requires sales finance companies to acquire and maintain records on retail installment contracts for motor vehicles, including applicant information (name, address, income, credit score, ethnicity, race, sex), loan details, and application disposition, with records made available to the Banking Commissioner within five business days upon request.

• Changes section 36a-565(c) to use plural "provisions" instead of singular "provision" regarding the commissioner's authority to deny applications based on criminal conviction history.

• Modifies section 36a-636e(c) to require licensee notification to customers upon "suspension" rather than "surrender" of a license, with confirmation provided to the commissioner within fifteen days.

• Updates section 36a-813(b) to clarify documentation requirements for credit card debt claims in default judgment cases, including requirements for debt purchased on or after October 1, 2016, and corrects hyphenation of "post-charge-off" terminology.

• Makes minor technical corrections to sections 36a-636a(c), 36a-805(a), and 49-30p(3), including grammatical changes and standardized hyphenation of "post-charge-off" language throughout the banking statutes.