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CT HB05501

Bill

Official Source

Status

Introduced

1/21/2025

Primary Sponsor

Joshua Elliott

Click for details

Origin

House of Representatives

2025 General Assembly

AI Summary

  • Amends Title 36a of Connecticut General Statutes to establish new licensing requirements for short-term installment loan providers
  • Targets lenders offering loans with no interest charges if the borrower pays off the balance within a defined promotional period
  • Introduced by Rep. Elliott (88th District) and referred to the Banking Committee
  • Aims to bring "buy now, pay later" style lending products under state regulatory oversight

Legislative Description

An Act Requiring Certain Providers Of Short-term Installment Loans To Be Licensed.

Last Action

Referred to Joint Committee on Banking

1/21/2025

Committee Referrals

Banking1/21/2025

Full Bill Text

No bill text available