CT SB00118

Amends the definition of "bank holding company" in Connecticut banking statutes to include banks or out-of-state banks that function solely in a trust or fiduciary capacity, effective October 1, 2024.

Changes terminology from "attorney in fact" to "attorney-in-fact" in provisions allowing trust companies to act as agents for securities holders and real estate owners, effective October 1, 2024.

Clarifies loan renewal and refinancing provisions by specifying that loans renewed or refinanced without new funds or credit line increases, and loans renewed in workout situations, are subject to specific safe and sound banking practices, effective October 1, 2024.

Requires banking institutions to post the Department of Banking's toll-free consumer hotline number equally conspicuously with other required notices in branch locations, effective October 1, 2024.

Makes additional technical corrections to statutes governing bank lending, lead generator licensing, consumer reports, trusted contact persons, and open-end mortgages, with most provisions effective October 1, 2024, except the trusted contact person definition which becomes effective July 1, 2024.