Conn. Gen. Stat. § 36a-615

Current with legislation from the 2024 Regular and Special Sessions.

Section 36a-615 - (Formerly Sec. 36-577). Definitions

As used in sections 36a-615 to 36a-620, inclusive, unless the context otherwise requires:

(1) "Advance fee" means any consideration paid or given, directly or indirectly, to a loan broker prior to the distribution of the proceeds of an unsecured loan to any person.

(2) "Loan broker" means any person who:

(A) For or in expectation of a fee (i) arranges, negotiates, places, solicits or finds an unsecured loan; (ii) assists or advises a person in obtaining an unsecured loan; or (iii) offers or attempts to engage in the activities described in subparagraph (i) or (ii) of this subdivision;

(B) acts for or on behalf of a loan broker;

(C) holds himself out to the public generally as a person engaging in the activities described in subdivision (A) of this subsection. A principal, officer, director, partner, joint venturer, manager or other person with similar supervisory or managerial responsibility for persons engaging in the activities described in subdivisions (A) to (C), inclusive, of this subsection shall be deemed to be a loan broker. "Loan broker" shall not include any bank, out-of-state bank, Connecticut credit union, federal credit union, out-of-state credit union, small loan licensee, nondepository mortgage lender, mortgage correspondent lender or mortgage broker, sales finance company, securities broker-dealer or investment adviser, investment company as defined in the Investment Company Act of 1940, as amended from time to time, forwarder of money, trustee under a mortgage or deed of trust of real property, corporation exercising fiduciary powers, money order and travelers check licensee, check cashing licensee, real estate broker or agent, attorney, Federal Housing Authority or United States Department of Veterans Affairs approved lender, or insurance company; provided any such person or entity so excluded is licensed by and subject to the regulation and supervision of the appropriate regulatory agency of the United States or this state or any other state and is acting within the scope of the license.

(3) "Unsecured loan" means any loan of money or extension of credit that is not secured by a security interest, as defined in Regulation Z, 12 CFR Section 1026.2(a)(25), as from time to time amended.

Conn. Gen. Stat. § 36a-615

( P.A. 92-67, S. 1, 9; P.A. 94-122, S. 285, 340; P.A. 08-176, S. 74; P.A. 15-235, S. 40; P.A. 18-72. S. 35.)

Amended by P.A. 18-0072, S. 35 of the Connecticut Acts of the 2018 Regular Session, eff. 10/1/2018.

Amended by P.A. 15-0235, S. 40 of the Connecticut Acts of the 2015 Regular Session, eff. 8/1/2015.