§ 36a-645 Definitions
§ 36a-646 Prohibited acts
§ 36a-647 Enforcement powers of commissioner. Regulations
§ 36a-648 Abusive, harassing, fraudulent, deceptive or misleading debt collection practices. Liability. Exemptions. Limitations on actions
§ 36a-648a Credit card debt collection actions against parents or legal guardians of students
§ 36a-655 Definitions
§ 36a-656 License requirements and fees. Required system filings. Authority of commissioner to conduct criminal history records checks and deny application for license. Renewal of license. Automatic suspension of license
§ 36a-657 Suspension, revocation or refusal to renew license or taking of other action. Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business
§ 36a-658 License required. Change in control persons, name or place of business. Use of name. Automatic suspension of license. Surrender of license. Required system filing or notice to commissioner. Unique identifier of license. Advertising
§ 36a-659 Separate bank account for benefit of debtors. Books and records
§ 36a-660 Licensee’s duties. Written agreement required
§ 36a-661 Prohibited acts
§ 36a-661a Written agreement voidable. Licensee claims for restitution
§ 36a-662 Regulations
§ 36a-663 Exceptions
§ 36a-664 Surety bond required. Form of surety bond. Cancellation of bond. Notice. Automatic suspension of license. Notice. Opportunity for hearing
§ 36a-665 Penalties
§ 36a-671 Definitions. Debt negotiation. License application, requirements and fees. Authority of commissioner to conduct criminal history records checks and deny application for license. Abandonment of application. License renewal. Automatic suspension of license
§ 36a-671a Suspension, revocation or refusal to renew license or taking other action. Enforcement powers of commissioner. Removal from office and from employment or retention. Temporary order to cease business
§ 36a-671b Debt negotiation service contract required. Fees, commissions and other valuable consideration. Noncompliant contracts voidable by consumer
§ 36a-671c Exceptions
§ 36a-671d Surety bond required. Form of surety bond. Cancellation of bond. Automatic suspension of license. Notice. Opportunity for hearing. Determination of penal sum. Aggregate amount of residential loans
§ 36a-671e Requirements re mortgage loan originator license
§ 36a-671f Prohibited practices
§ 36a-675 Short title: Connecticut Truth-in-Lending Act
§ 36a-676 Definitions
§ 36a-677 State policy
§ 36a-678 Compliance with Consumer Credit Protection Act. Exempt transactions
§ 36a-679 Regulations
§ 36a-680 Effect of inconsistent law
§ 36a-681 Penalty
§ 36a-682 Compliance of governmental instruments. Exemptions from penalties
§ 36a-683 Failure to comply; liability. Civil action. Right to rescind
§ 36a-684 Enforcement. Disclosure errors and adjustments
§ 36a-685 Unenforceable agreements
§ 36a-686 Civil penalty. Liability
§ 36a-690 Calculation of interest or finance charge rebates. Prohibited methods. Transactions affected
§ 36a-695 Definitions
§ 36a-696 Disclosure to consumer of information re credit report
§ 36a-697 Exceptions
§ 36a-698 Regulations
§ 36a-699 Penalty
§ 36a-699a Written summary of consumer’s rights
§ 36a-699b Dispute by consumer re completeness or accuracy of information
§ 36a-699c Procedures by credit rating agency to assure accuracy
§ 36a-699d Credit report for use in credit transaction not initiated by consumer
§ 36a-699e Existing consent judgment or settlement with Attorney General
§ 36a-699f Blocking of information appearing on credit report as result of identity theft
§ 36a-700 Credit clinics. Definitions. Contracts. Prohibited acts. Penalties
§ 36a-701 Security freeze on credit report: Definitions
§ 36a-701a Security freeze on credit report. Timing. Disclosure of report to third party during freeze. Procedures for freeze. Refusal by credit rating agency to implement freeze. Exceptions. Prohibition on fees
§ 36a-701b Breach of security re computerized data containing personal information. Notice of breach. Provision of identity theft prevention services and identity theft mitigation services. Delay for criminal investigation. Means of notice. Unfair trade practice
§ 36a-701c Regulations
§ 36a-705 Definitions
§ 36a-706 Mortgage rate lock-in
§ 36a-707 Applicant’s remedies
§ 36a-708 Prohibited acts by mortgage brokers
§ 36a-715 Definitions
§ 36a-716 Escrow accounts
§ 36a-717 Penalties
§ 36a-718 Licenses required. Exemptions
§ 36a-719 Mortgage servicer license. Issuance. Application. Criminal history records checks. Renewal standards. Automatic suspension of license. Abandonment of application. Schedule and report. Unique identifier of license. Advertising of license
§ 36a-719a License not assignable or transferable. Change in any control persons. Surrender of license. Change of name or address. Required filings on system or notification of commissioner. Automatic suspension of license
§ 36a-719b Expiration of license. Application for renewal. Fees
§ 36a-719c Surety bond, fidelity bond and errors and omissions coverage. Cancellation. Automatic suspension of license. Notices
§ 36a-719d Records to be maintained by licensee
§ 36a-719e Disclosure of notice and schedule of ranges and categories of costs and fees
§ 36a-719f Compliance with federal laws and regulations
§ 36a-719g Fee schedule. Imposition of late fee or delinquency charge
§ 36a-719h Prohibited acts. Duty to establish, enforce and maintain policies and procedures for compliance
§ 36a-719i Authority of commissioner re investigations and examinations. Prohibited acts by subjects of investigation or examination
§ 36a-719j Suspension, revocation or refusal to renew license or taking of other action. Removal from office and from employment or retention. Temporary order to cease business
§ 36a-719k Regulations
§ 36a-719l Exemptions
§ 36a-725 Definitions
§ 36a-726 Disclosure required
§ 36a-735 Short title: Home Mortgage Disclosure Act
§ 36a-736 Definitions
§ 36a-737 Discrimination in making of home purchase, home improvement and mortgage loans. Applications submitted by members of reserves or National Guard
§ 36a-738 Disclosure requirements for financial institutions
§ 36a-739 Reports by financial institutions. Filing requirements
§ 36a-740 Violations by financial institutions. Rights of loan applicant
§ 36a-741 Cease and desist order. Enforcement action
§ 36a-742 Protection of confidentiality of an individual’s financial status
§ 36a-743 Commissioner to analyze home financing
§ 36a-744 Regulations
§ 36a-746 Short title: Connecticut Abusive Home Loan Lending Practices Act
§ 36a-746a Definitions
§ 36a-746b Disclosures
§ 36a-746c Prohibited provisions in loan agreement
§ 36a-746d Report of payment history
§ 36a-746e Prohibited acts by lender
§ 36a-746f Purchase of insurance by buyer
§ 36a-746g Refund or credit of charges
§ 36a-755 Mortgage appraisal practices. Definitions. Regulations
§ 36a-756 Title insurance as condition of mortgage on residential real estate prohibited
§ 36a-757 Mortgage insurance requirements limited
§ 36a-758 Payment of loan proceeds by certified, bank treasurer’s or cashier’s check or by wire transfer
§ 36a-758a Payment of first or secondary mortgage loan proceeds by wire transfer. Time limits. Penalties
§ 36a-759 Minority of veterans, spouses and widows for purposes of the Servicemen’s Readjustment Act
§ 36a-759a Compliance with John Warner National Defense Authorization Act for Fiscal Year 2007. Limit on interest rate charged on consumer credit to members of armed services
§ 36a-760 Nonprime home loans: Definitions; applicability
§ 36a-760a Duties of lenders and mortgage brokers relating to nonprime home loans
§ 36a-760b Analysis of obligor’s ability to pay
§ 36a-760c Prohibition against making nonprime home loan when proceeds used to pay off special mortgage
§ 36a-760d Requirements for making nonprime home loans
§ 36a-760e Restrictions on provisions in nonprime home loans
§ 36a-760f Prohibition against dividing or structuring loan to avoid application of nonprime home loan statutory provisions
§ 36a-760g Restrictions on making and financing under nonprime home loans. Curing of defaults
§ 36a-760h Additional duties of mortgage brokers
§ 36a-760i Court action based on lender’s failure to comply with statutory requirements
§ 36a-760j Prohibition against influencing real estate appraisals
§ 36a-770 Applicability of Uniform Commercial Code. Filing and recording. Definitions
§ 36a-771 General contract requirements
§ 36a-772 Maximum finance charge on retail sales of motor vehicles and other goods
§ 36a-773 Insurance
§ 36a-774 Installment loan contract requirements
§ 36a-775 Confession of judgment provision invalid
§ 36a-776 Inclusion of other goods in contract void
§ 36a-777 Acknowledgment of receipt of notice and statement
§ 36a-778 Delinquency and collection charges
§ 36a-779 Assignment of contract
§ 36a-780 Payments after assignment
§ 36a-781 Statement of payments made. Receipts
§ 36a-782 Cancellation of contract on payment in full
§ 36a-783 Rebate and refund upon prepayment of contract
§ 36a-784 Renewals and extensions
§ 36a-785 Foreclosure
§ 36a-786 Recovery of charges barred by wilful violations
§ 36a-787 Penalty
§ 36a-788 Enforcement action
§ 36a-800 Consumer collection agency. Definitions
§ 36a-801 License required. Application, issuance, renewal. Authority to conduct criminal history records check. Examination of records. Abandonment of application. Surrender of license. Required system filing or notice of commissioner. Aut
§ 36a-801a Persons engaged in business of collecting child support
§ 36a-801b Collection of child support. Written agreement
§ 36a-802 Surety bond required. Authority of commissioner to proceed on bond. Cancellation of bond; notice. Automatic suspension of license; notice. Opportunity for hearing
§ 36a-803 Conviction of certain crimes disqualification to engage in consumer collection business
§ 36a-804 Suspension, revocation or refusal to renew license or taking other action. Removal from office and from employement or retention. Temporary order to cease business
§ 36a-805 Prohibited practices. Exception
§ 36a-806 Prohibited practices within and without state. Examination of affairs
§ 36a-807 Liability
§ 36a-808 Unfair or deceptive practices. Enforcement action
§ 36a-809 Commissioner’s powers. Regulations
§ 36a-810 Penalty
§ 36a-811 Maintenance of consumer debtor and creditor records
§ 36a-812 Compliance with Fair Debt Collection Practices Act
§ 36a-813 Evidence in cause of action for purchased debt owed by consumer debtor
§ 36a-814 Initiation of cause of action for purchased debt prohibited when statute of limitations has expired. Limitations period not extended by payment or affirmation
§ 36a-830 Exchange facilitator. Definitions
§ 36a-831 Change in control of exchange facilitator. Notification to clients
§ 36a-832 Fidelity bond. Deposit of exchange funds
§ 36a-833 Errors and omissions insurance policy; cash or securities deposit; letters of credit
§ 36a-834 Regulations. Damage claims
§ 36a-835 Holding and investment of exchange funds
§ 36a-836 Prohibited activities of exchange facilitators
§ 36a-837 Civil action. Notice
§ 36a-846 Definitions
§ 36a-847 License required. Exemptions. Application. Authority to conduct criminal history records check. Fees. Examination of records. Automatic suspension of license. Abandonment of application
§ 36a-848 Name and place of business. Change of name or location. License not transferable or assignable. Change in any control persons. Automatic suspension of license. Required system filing or notice of commissioner. Unique identifier of licensee. Advertisements
§ 36a-849 Records to be maintained by licensee
§ 36a-850 Prohibited activities of student loan servicer licensees and control persons
§ 36a-851 Commissioner’s authority re investigations and examinations. Prohibited acts by subjects of investigation or examination
§ 36a-852 Suspension, revocation or refusal to renew license. Removal from office and from employment or retention. Temporary order to cease business
§ 36a-853 Compliance with federal laws and regulations
§ 36a-854 Regulations
§ 36a-860 Financial planners
§ 36a-860a Links to educational materials re financial planning and investment advisers on department’s Internet web site

Terms Used In Connecticut General Statutes > Chapter 669

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • 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
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • banks: shall include all incorporated banks. See Connecticut General Statutes 1-1
  • certified check: shall be construed to include any bank treasurer's or cashier's check. See Connecticut General Statutes 1-1b
  • 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. 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • 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
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • Director: means a member of the governing board of a financial institution. See Connecticut General Statutes 36a-2
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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. See Connecticut General Statutes 36a-2
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal agency: has the meaning given to that term in 12 USC Section 3101, as amended from time to time. See Connecticut General Statutes 36a-2
  • 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 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
  • Felony: A crime carrying a penalty of more than a year in prison.
  • 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
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • 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.
  • Licensee: means any person who is licensed or required to be licensed pursuant to the applicable provisions of this title. See Connecticut General Statutes 36a-2
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Loan: includes any line of credit or other extension of credit. See Connecticut General Statutes 36a-2
  • Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. Source: Federal Reserve
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • month: means a calendar month, and the word "year" means a calendar year, unless otherwise expressed. See Connecticut General Statutes 1-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • 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
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • oath: shall include affirmations in cases where by law an affirmation may be used for an oath, and, in like cases, the word "swear" shall include the word "affirm". See Connecticut General Statutes 1-1
  • 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.
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • 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
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. Source: OCC
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • State agency: has the meaning given to that term in 12 USC Section 3101, as amended from time to time. See Connecticut General Statutes 36a-2
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • 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
  • succeeding: when used by way of reference to any section or sections, mean the section or sections next preceding, next following or next succeeding, unless some other section is expressly designated in such reference. See Connecticut General Statutes 1-1
  • 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
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • 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.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.