As used in this title, unless the context otherwise requires:

Terms Used In Connecticut General Statutes 36a-2

  • another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Automated teller machine: means a stationary or mobile device that is unattended or equipped with a telephone or televideo device that allows contact with bank personnel, including a satellite device but excluding a point of sale terminal, at which banking transactions, including, but not limited to, deposits, withdrawals, advances, payments or transfers, may be conducted. See Connecticut General Statutes 36a-2
  • Bank: means a Connecticut bank or a federal bank. See Connecticut General Statutes 36a-2
  • Bank and trust company: means an institution chartered or organized under the laws of this state as a bank and trust company. See Connecticut General Statutes 36a-2
  • Bank holding company: has the meaning given to that term in 12 USC Section 1841(a), as amended from time to time, except that the term "bank" as used in 12 USC Section 1841(a) includes a bank or out-of-state bank that functions solely in a trust or fiduciary capacity. See Connecticut General Statutes 36a-2
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Capital stock: when used in conjunction with any bank or out-of-state bank means a bank or out-of-state bank that is authorized to accumulate funds through the issuance of its capital stock. See Connecticut General Statutes 36a-2
  • Commissioner: means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function. See Connecticut General Statutes 36a-2
  • Company: means any corporation, joint stock company, trust, association, partnership, limited partnership, unincorporated organization, limited liability company or similar organization, but does not include (A) any corporation the majority of the shares of which are owned by the United States or by any state, or (B) any trust which by its terms shall terminate within twenty-five years or not later than twenty-one years and ten months after the death of beneficiaries living on the effective date of the trust. See Connecticut General Statutes 36a-2
  • Connecticut bank: means a bank and trust company, savings bank or savings and loan association chartered or organized under the laws of this state. See Connecticut General Statutes 36a-2
  • Connecticut credit union: means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in §. See Connecticut General Statutes 36a-2
  • Consolidation: means a combination of two or more institutions into a new institution. See Connecticut General Statutes 36a-2
  • Control: has the meaning given to that term in 12 USC Section 1841(a), as amended from time to time. See Connecticut General Statutes 36a-2
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit union service organization: means an entity organized under state or federal law to provide credit union service organization services primarily to its members, to Connecticut credit unions, federal credit unions and out-of-state credit unions other than its members, and to members of any such other credit unions. See Connecticut General Statutes 36a-2
  • Demand deposit: means a deposit that is payable on demand, a deposit issued with an original maturity or required notice period of less than seven days or a deposit representing funds for which the bank does not reserve the right to require at least seven days' written notice of the intended withdrawal, but does not include any time deposit. See Connecticut General Statutes 36a-2
  • Deposit: means funds deposited with a depository. See Connecticut General Statutes 36a-2
  • Deposit account: means an account into which deposits may be made. See Connecticut General Statutes 36a-2
  • Depositor: includes a member of a mutual savings and loan association. See Connecticut General Statutes 36a-2
  • Director: means a member of the governing board of a financial institution. See Connecticut General Statutes 36a-2
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • Federal bank: means a national banking association, federal savings bank or federal savings and loan association having its principal office in this state. See Connecticut General Statutes 36a-2
  • Federal credit union: means any institution chartered or organized as a federal credit union pursuant to the laws of the United States having its principal office in this state. See Connecticut General Statutes 36a-2
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: means a person undertaking to act alone or jointly with others primarily for the benefit of another or others in all matters connected with its undertaking and includes a person acting in the capacity of trustee, executor, administrator, guardian, assignee, receiver, conservator, agent, custodian under the Connecticut Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, and acting in any other similar capacity. See Connecticut General Statutes 36a-2
  • Financial institution: means any Connecticut bank, Connecticut credit union, or other person whose activities in this state are subject to the supervision of the commissioner, but does not include a person whose activities are subject to the supervision of the commissioner solely pursuant to chapter 672a, 672b or 672c or any combination thereof. See Connecticut General Statutes 36a-2
  • Foreign bank: has the meaning given to that term in 12 USC Section 3101, as amended from time to time. See Connecticut General Statutes 36a-2
  • Foreign country: means any country other than the United States and includes any colony, dependency or possession of any such country. See Connecticut General Statutes 36a-2
  • Governing board: means the group of persons vested with the management of the affairs of a financial institution irrespective of the name by which such group is designated. See Connecticut General Statutes 36a-2
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Holding company: means a bank holding company or a savings and loan holding company, except, as used in sections 36a-180 to 36a-191, inclusive, "holding company" means a company that controls a bank. See Connecticut General Statutes 36a-2
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Loan: includes any line of credit or other extension of credit. See Connecticut General Statutes 36a-2
  • Merger: means the combination of one or more institutions with another which continues its corporate existence. See Connecticut General Statutes 36a-2
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mutual: when used in conjunction with any institution that is a bank or out-of-state bank means any such institution without capital stock. See Connecticut General Statutes 36a-2
  • Mutual holding company: means a mutual holding company organized under sections 36a-192 to 36a-199, inclusive, and unless otherwise indicated, a subsidiary holding company controlled by a mutual holding company organized under sections 36a-192 to 36a-199, inclusive. See Connecticut General Statutes 36a-2
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Out-of-state: includes any state other than Connecticut and any foreign country. See Connecticut General Statutes 36a-2
  • Out-of-state bank: means any institution that engages in the business of banking, but does not include a bank, Connecticut credit union, federal credit union or out-of-state credit union. See Connecticut General Statutes 36a-2
  • Out-of-state credit union: means any credit union other than a Connecticut credit union or a federal credit union. See Connecticut General Statutes 36a-2
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (11) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof. See Connecticut General Statutes 36a-2
  • Point of sale terminal: means a device located in a commercial establishment at which sales transactions can be charged directly to the buyer's deposit, loan or credit account, but at which deposit transactions cannot be conducted. See Connecticut General Statutes 36a-2
  • Prepayment penalty: means any charge or penalty for paying all or part of the outstanding balance owed on a loan before the date on which the principal is due and includes computing a refund of unearned interest by a method that is less favorable to the borrower than the actuarial method, as defined by Section 933(d) of the Housing and Community Development Act of 1992, 15 USC 1615(d), as amended from time to time. See Connecticut General Statutes 36a-2
  • Reorganized savings and loan association: means any savings and loan association incorporated and organized in accordance with sections 36a-192 and 36a-193. See Connecticut General Statutes 36a-2
  • Reorganized savings bank: means any savings bank incorporated and organized in accordance with sections 36a-192 and 36a-193. See Connecticut General Statutes 36a-2
  • Reorganized savings institution: means any reorganized savings bank or reorganized savings and loan association. See Connecticut General Statutes 36a-2
  • Reserves for loan and lease losses: means the amounts reserved by a Connecticut bank against possible loan and lease losses as shown on the bank's consolidated reports of condition and income. See Connecticut General Statutes 36a-2
  • Retail deposits: means any deposits made by individuals who are not "accredited investors" as defined in 17 CFR 230. See Connecticut General Statutes 36a-2
  • Satellite device: means an automated teller machine which is not part of an office of the bank, Connecticut credit union or federal credit union which has established such machine. See Connecticut General Statutes 36a-2
  • Savings account: means a deposit account, other than an escrow account established pursuant to §. See Connecticut General Statutes 36a-2
  • Savings and loan association: means an institution chartered or organized under the laws of this state as a savings and loan association. See Connecticut General Statutes 36a-2
  • Savings and loan holding company: has the meaning given to that term in 12 USC Section 1467a, as amended from time to time. See Connecticut General Statutes 36a-2
  • Savings bank: means an institution chartered or organized under the laws of this state as a savings bank. See Connecticut General Statutes 36a-2
  • Savings deposit: means any deposit other than a demand deposit or time deposit on which interest or a dividend is paid periodically. See Connecticut General Statutes 36a-2
  • Share account holder: means a person who maintains a share account in a Connecticut credit union, federal credit union or out-of-state credit union that maintains in this state a branch, as defined in §. See Connecticut General Statutes 36a-2
  • State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands. See Connecticut General Statutes 36a-2
  • Subsidiary: has the meaning given to that term in 12 USC Section 1841(d), as amended from time to time. See Connecticut General Statutes 36a-2
  • Subsidiary holding company: means a stock holding company, controlled by a mutual holding company, that holds one hundred per cent of the stock of a reorganized savings institution. See Connecticut General Statutes 36a-2
  • Supervisory agency: means : (A) The commissioner. See Connecticut General Statutes 36a-2
  • System: means the Nationwide Mortgage Licensing System and Registry, NMLS, NMLSR or such other name or acronym as may be assigned to the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in the mortgage and other financial services industries. See Connecticut General Statutes 36a-2
  • Time account: means an account into which time deposits may be made. See Connecticut General Statutes 36a-2
  • Time deposit: means a deposit that the depositor or share account holder does not have a right and is not permitted to make withdrawals from within six days after the date of deposit, unless the deposit is subject to an early withdrawal penalty of at least seven days' simple interest on amounts withdrawn within the first six days after deposit, subject to those exceptions permissible under 12 CFR Part 204, as amended from time to time. See Connecticut General Statutes 36a-2
  • Trust bank: means a Connecticut bank organized to function solely in a fiduciary capacity. See Connecticut General Statutes 36a-2
  • Trustee: A person or institution holding and administering property in trust.
  • Uninsured bank: means a Connecticut bank that does not accept retail deposits and for which insurance of deposits by the Federal Deposit Insurance Corporation or its successor agency is not required. See Connecticut General Statutes 36a-2

(1) “Affiliate” of a person means any person controlling, controlled by, or under common control with, that person;

(2) “Applicant” with respect to any license or approval provision pursuant to this title means a person who applies for that license or approval;

(3) “Automated teller machine” means a stationary or mobile device that is unattended or equipped with a telephone or televideo device that allows contact with bank personnel, including a satellite device but excluding a point of sale terminal, at which banking transactions, including, but not limited to, deposits, withdrawals, advances, payments or transfers, may be conducted;

(4) “Bank” means a Connecticut bank or a federal bank;

(5) “Bank and trust company” means an institution chartered or organized under the laws of this state as a bank and trust company;

(6) “Bank holding company” has the meaning given to that term in 12 USC Section 1841(a), as amended from time to time, except that the term “bank”, as used in 12 USC Section 1841(a) includes a bank or out-of-state bank that functions solely in a trust or fiduciary capacity;

(7) “Capital stock” when used in conjunction with any bank or out-of-state bank means a bank or out-of-state bank that is authorized to accumulate funds through the issuance of its capital stock;

(8) “Client” means a beneficiary of a trust for whom the Connecticut bank acts as trustee, a person for whom the Connecticut bank acts as agent, custodian or bailee, or other person to whom a Connecticut bank owes a duty or obligation under a trust or other account administered by such Connecticut bank, regardless of whether such Connecticut bank owes a fiduciary duty to the person;

(9) “Club deposit” means deposits to be received at regular intervals, the whole amount deposited to be withdrawn by the owner or repaid by the bank in not more than fifteen months from the date of the first deposit, and upon which no interest or dividends need to be paid;

(10) “Commissioner” means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function;

(11) “Company” means any corporation, joint stock company, trust, association, partnership, limited partnership, unincorporated organization, limited liability company or similar organization, but does not include (A) any corporation the majority of the shares of which are owned by the United States or by any state, or (B) any trust which by its terms shall terminate within twenty-five years or not later than twenty-one years and ten months after the death of beneficiaries living on the effective date of the trust;

(12) “Connecticut bank” means a bank and trust company, savings bank or savings and loan association chartered or organized under the laws of this state;

(13) “Connecticut credit union” means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in § 36a-438a, (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership;

(14) “Connecticut credit union service organization” means a credit union service organization that is (A) incorporated under the laws of this state, located in this state and established by at least one Connecticut credit union, or (B) wholly owned by a credit union that converted into a Connecticut credit union pursuant to § 36a-469b;

(15) “Consolidation” means a combination of two or more institutions into a new institution; all institutions party to the consolidation, other than the new institution, are “constituent” institutions; the new institution is the “resulting” institution;

(16) “Control” has the meaning given to that term in 12 USC Section 1841(a), as amended from time to time;

(17) “Credit union service organization” means an entity organized under state or federal law to provide credit union service organization services primarily to its members, to Connecticut credit unions, federal credit unions and out-of-state credit unions other than its members, and to members of any such other credit unions;

(18) “Customer” means any person using a service offered by a financial institution;

(19) “Demand account” means an account into which demand deposits may be made;

(20) “Demand deposit” means a deposit that is payable on demand, a deposit issued with an original maturity or required notice period of less than seven days or a deposit representing funds for which the bank does not reserve the right to require at least seven days’ written notice of the intended withdrawal, but does not include any time deposit;

(21) “Deposit” means funds deposited with a depository;

(22) “Deposit account” means an account into which deposits may be made;

(23) “Depositor” includes a member of a mutual savings and loan association;

(24) “Director” means a member of the governing board of a financial institution;

(25) “Equity capital” means the excess of a Connecticut bank’s total assets over its total liabilities, as defined in the instructions of the federal Financial Institutions Examination Council for consolidated reports of condition and income;

(26) “Executive officer” means every officer of a Connecticut bank who participates or has authority to participate, otherwise than in the capacity of a director, in major policy-making functions of such bank, regardless of whether such officer has an official title or whether that title contains a designation of assistant and regardless of whether such officer is serving without salary or other compensation. The president, vice president, secretary and treasurer of such bank are deemed to be executive officers, unless, by resolution of the governing board or by such bank’s bylaws, any such officer is excluded from participation in major policy-making functions, otherwise than in the capacity of a director of such bank, and such officer does not actually participate in such policy-making functions;

(27) “Federal agency” has the meaning given to that term in 12 USC Section 3101, as amended from time to time;

(28) “Federal bank” means a national banking association, federal savings bank or federal savings and loan association having its principal office in this state;

(29) “Federal branch” has the meaning given to that term in 12 USC Section 3101, as amended from time to time;

(30) “Federal credit union” means any institution chartered or organized as a federal credit union pursuant to the laws of the United States having its principal office in this state;

(31) “Fiduciary” means a person undertaking to act alone or jointly with others primarily for the benefit of another or others in all matters connected with its undertaking and includes a person acting in the capacity of trustee, executor, administrator, guardian, assignee, receiver, conservator, agent, custodian under the Connecticut Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, and acting in any other similar capacity;

(32) “Financial institution” means any Connecticut bank, Connecticut credit union, or other person whose activities in this state are subject to the supervision of the commissioner, but does not include a person whose activities are subject to the supervision of the commissioner solely pursuant to chapter 672a, 672b or 672c or any combination thereof;

(33) “Foreign bank” has the meaning given to that term in 12 USC Section 3101, as amended from time to time;

(34) “Foreign country” means any country other than the United States and includes any colony, dependency or possession of any such country;

(35) “Governing board” means the group of persons vested with the management of the affairs of a financial institution irrespective of the name by which such group is designated;

(36) “Holding company” means a bank holding company or a savings and loan holding company, except, as used in sections 36a-180 to 36a-191, inclusive, “holding company” means a company that controls a bank;

(37) “Insured depository institution” has the meaning given to that term in 12 USC Section 1813, as amended from time to time;

(38) “Licensee” means any person who is licensed or required to be licensed pursuant to the applicable provisions of this title;

(39) “Loan” includes any line of credit or other extension of credit;

(40) “Loan production office” means an office of a bank or out-of-state bank, other than a foreign bank, whose activities are limited to loan production and solicitation;

(41) “Merger” means the combination of one or more institutions with another which continues its corporate existence; all institutions party to the merger are “constituent” institutions; the merging institution which upon the merger continues its existence is the “resulting” institution;

(42) “Mutual” when used in conjunction with any institution that is a bank or out-of-state bank means any such institution without capital stock;

(43) “Mutual holding company” means a mutual holding company organized under sections 36a-192 to 36a-199, inclusive, and unless otherwise indicated, a subsidiary holding company controlled by a mutual holding company organized under sections 36a-192 to 36a-199, inclusive;

(44) “Out-of-state” includes any state other than Connecticut and any foreign country;

(45) “Out-of-state bank” means any institution that engages in the business of banking, but does not include a bank, Connecticut credit union, federal credit union or out-of-state credit union;

(46) “Out-of-state credit union” means any credit union other than a Connecticut credit union or a federal credit union;

(47) “Out-of-state trust company” means any company chartered to act as a fiduciary but does not include a company chartered under the laws of this state, a bank, an out-of-state bank, a Connecticut credit union, a federal credit union or an out-of-state credit union;

(48) “Person” means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (11) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof;

(49) “Point of sale terminal” means a device located in a commercial establishment at which sales transactions can be charged directly to the buyer’s deposit, loan or credit account, but at which deposit transactions cannot be conducted;

(50) “Prepayment penalty” means any charge or penalty for paying all or part of the outstanding balance owed on a loan before the date on which the principal is due and includes computing a refund of unearned interest by a method that is less favorable to the borrower than the actuarial method, as defined by Section 933(d) of the Housing and Community Development Act of 1992, 15 USC 1615(d), as amended from time to time;

(51) “Reorganized savings bank” means any savings bank incorporated and organized in accordance with sections 36a-192 and 36a-193;

(52) “Reorganized savings and loan association” means any savings and loan association incorporated and organized in accordance with sections 36a-192 and 36a-193;

(53) “Reorganized savings institution” means any reorganized savings bank or reorganized savings and loan association;

(54) “Representative office” has the meaning given to that term in 12 USC Section 3101, as amended from time to time;

(55) “Reserves for loan and lease losses” means the amounts reserved by a Connecticut bank against possible loan and lease losses as shown on the bank’s consolidated reports of condition and income;

(56) “Retail deposits” means any deposits made by individuals who are not “accredited investors”, as defined in 17 CFR 230.501(a);

(57) “Satellite device” means an automated teller machine which is not part of an office of the bank, Connecticut credit union or federal credit union which has established such machine;

(58) “Savings account” means a deposit account, other than an escrow account established pursuant to § 49-2a, into which savings deposits may be made and which account must be evidenced by periodic statements delivered at least semiannually or by a passbook;

(59) “Savings and loan association” means an institution chartered or organized under the laws of this state as a savings and loan association;

(60) “Savings bank” means an institution chartered or organized under the laws of this state as a savings bank;

(61) “Savings deposit” means any deposit other than a demand deposit or time deposit on which interest or a dividend is paid periodically;

(62) “Savings and loan holding company” has the meaning given to that term in 12 USC Section 1467a, as amended from time to time;

(63) “Share account holder” means a person who maintains a share account in a Connecticut credit union, federal credit union or out-of-state credit union that maintains in this state a branch, as defined in § 36a-435b;

(64) “State” means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands;

(65) “State agency” has the meaning given to that term in 12 USC Section 3101, as amended from time to time;

(66) “State branch” has the meaning given to that term in 12 USC Section 3101, as amended from time to time;

(67) “Subsidiary” has the meaning given to that term in 12 USC Section 1841(d), as amended from time to time;

(68) “Subsidiary holding company” means a stock holding company, controlled by a mutual holding company, that holds one hundred per cent of the stock of a reorganized savings institution;

(69) “Supervisory agency” means: (A) The commissioner; (B) the Federal Deposit Insurance Corporation; (C) the Resolution Trust Corporation; (D) the Office of Thrift Supervision; (E) the National Credit Union Administration; (F) the Board of Governors of the Federal Reserve System; (G) the United States Comptroller of the Currency; (H) the Bureau of Consumer Financial Protection; and (I) any successor to any of the foregoing agencies or individuals;

(70) “System” means the Nationwide Mortgage Licensing System and Registry, NMLS, NMLSR or such other name or acronym as may be assigned to the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in the mortgage and other financial services industries;

(71) “Time account” means an account into which time deposits may be made;

(72) “Time deposit” means a deposit that the depositor or share account holder does not have a right and is not permitted to make withdrawals from within six days after the date of deposit, unless the deposit is subject to an early withdrawal penalty of at least seven days’ simple interest on amounts withdrawn within the first six days after deposit, subject to those exceptions permissible under 12 CFR Part 204, as amended from time to time;

(73) “Trust bank” means a Connecticut bank organized to function solely in a fiduciary capacity; and

(74) “Uninsured bank” means a Connecticut bank that does not accept retail deposits and for which insurance of deposits by the Federal Deposit Insurance Corporation or its successor agency is not required.