Connecticut General Statutes, Chapter 668 (incl. §§ 36a-596 definitions and 36a-613 virtual currency kiosks) (Part 4 of 4)
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Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-629. Safe and sound business practice required. (a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (b) No licensee or the directors or officers of such licensee, if such licensee is a corporation, shall commit any unsafe or unsound act. (P.A. 93-382, S. 60, 69; P.A. 94-122, S. 291, 340.) History: P.A. 93-382 effective July 1, 1993; P.A. 94-122 inserted “if such licensee is a corporation” in Subsec. (b), effective January 1, 1995. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-630. Licensees to provide financing and management assistance to small businesses. Each licensee shall use its best efforts to provide financing assistance to small business firms in cooperation with the federal Small Business Administration pursuant to Section 7(a) of the Small Business Act of 1953 (15 USC Section 631 et seq.), as from time to time amended, and otherwise to cooperate with the federal Small Business Administration for the purpose of providing financing assistance and management assistance to business firms. (P.A. 93-382, S. 61, 69.) History: P.A. 93-382 effective July 1, 1993. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-631. Books and records. Annual financial reports. (a) Each licensee shall make and keep such books, accounts and other records in such form and in such manner as the commissioner may by regulation or order require. All records so required shall be kept at such place and shall be preserved for such time as the commissioner may by regulation or order specify. (b) Each licensee shall, not more than ninety days after the close of each of its fiscal years or within such longer period as the commissioner may by regulation specify, file with the commissioner an annual report containing: (1) A financial statement, including balance sheet, statement of income or loss, statement of changes in capital accounts and statement of changes in financial position, for or as of the end of such fiscal year, prepared with an audit by an independent certified public accountant in accordance with generally accepted accounting principles; (2) A report, certificate or opinion of such independent certified public accountant, stating that such financial statements were prepared in accordance with generally accepted accounting principles; (3) A report as to (A) the number and aggregate dollar amount of loans made by such licensee during such fiscal year; (B) the geographic distribution, by census tract, of the borrowers that received such loans; (C) the percentage of such loans that were made in the principal amount of fifty thousand dollars or less; (D) the percentage of such loans that were made to minority or women-owned businesses; (E) the dollar amount of the licensee's loan portfolio as of the end of such fiscal year; (F) the percentage amount of the licensee's loan portfolio that represents loans for which scheduled loan payments were more than ninety days past due as of the end of such fiscal year; (G) the number and dollar amount of loans in liquidation as of the end of such fiscal year; and (H) a summary of the licensee's policies and performance with regard to management assistance provided to small business firms during such fiscal year; and (4) Such other information as the commissioner may require. (P.A. 93-382, S. 62, 69.) History: P.A. 93-382 effective July 1, 1993 (Revisor's note: In Subsec. (b)(3)(D) the reference to “woman-owned businesses” was changed editorially by the Revisors to “women-owned businesses” for consistency with other statutory references). (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-632. Jurisdiction of Banking Commissioner. Each licensee shall be an institution subject to the jurisdiction of the commissioner for purposes of sections 36a-17 and 36a-53. (P.A. 93-382, S. 64, 69; P.A. 94-122, S. 292, 340.) History: P.A. 93-382 effective July 1, 1993; P.A. 94-122 made a technical change, effective January 1, 1995. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-633. License fee. Costs of examination to be borne by applicants. Automatic suspension of license or renewal license. Notice. Opportunity for hearing. (a) Each applicant for a license, at the time of making such application, shall pay to the commissioner a nonrefundable license fee of four hundred dollars. Each license issued pursuant to this subsection shall expire at the close of business on June thirtieth of each year, unless such license is renewed. The license shall not be transferable or assignable. Each licensee shall, on or before June twentieth of each year, pay to the commissioner the sum of four hundred dollars as a license renewal fee for the succeeding year, commencing July first. Each applicant or licensee shall pay the expenses of any examination or investigation made under sections 36a-625 to 36a-634, inclusive. (b) If the commissioner determines that a check filed with the commissioner to pay a license fee has been dishonored, the commissioner shall automatically suspend the license or a renewal license that has been issued but is not yet effective. The commissioner shall give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing on such actions in accordance with section 36a-51. (P.A. 93-382, S. 65, 69; P.A. 04-69, S. 22; P.A. 14-89, S. 26.) History: P.A. 93-382 effective July 1, 1993; P.A. 04-69 designated existing provisions as Subsec. (a), making a technical change therein, and added new Subsec. (b) requiring commissioner to automatically suspend license or renewal license if commissioner determines that a check filed to pay license fee has been dishonored and requiring commissioner to give notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing in accordance with Sec. 36a-51; P.A. 14-89 amended Subsec. (a) to add provision prohibiting transfer or assignment of license and to replace “license fee” with “license renewal fee”. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-634. Regulations. The commissioner shall adopt, pursuant to chapter 54, such regulations as may be necessary to carry out the provisions of sections 36a-625 to 36a-633, inclusive. (P.A. 93-382, S. 66, 69.) History: P.A. 93-382 effective July 1, 1993. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-635. Reserved for future use. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) PART VIII INTERNATIONAL TRADE AND INVESTMENT CORPORATIONS Sec. 36a-636. Defintions. As used in this section and sections 36a-636a to 36a-636f, inclusive, unless the context otherwise requires: (1) “International trade and investment corporation” means a person, as defined in section 36a-2, approved or seeking approval by the Export-Import Bank of the United States, Overseas Private Investment Corporation or United States Department of Agriculture to participate as a lender under a financing guarantee program; (2) “License” means a license issued under this section and sections 36a-636a to 36a-636f, inclusive; and (3) “Licensee” means an international trade and investment corporation that is licensed under this section and sections 36a-636a to 36a-636f, inclusive. (P.A. 16-65, S. 65.) History: P.A. 16-65 effective May 26, 2016. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-636a. License. (a) The Banking Commissioner may issue a license to any international trade and investment corporation that submits an application pursuant to subsection (b) of this section and meets the requirements of this section and sections 36a-636b to 36a-636e, inclusive. (b) An application for a license shall be in writing upon forms acceptable to the commissioner and shall contain: (1) The full name and address of the applicant; (2) if the applicant is a corporation, each of the officers and directors thereof; (3) a statement of the assets and liabilities of the applicant in such form as the commissioner requires; (4) a copy of the applicant's business plan; (5) proof that the applicant is in compliance with applicable state and federal laws; and (6) such other information and exhibits as the commissioner shall require. (c) The commissioner, at any time and in accordance with section 29-17a, may arrange for a state and national criminal history records check of each principal, executive officer and director of the applicant or licensee. (d) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license if the commissioner finds that: (1) The applicant has a net worth that is adequate for the applicant to transact business as an international trade and investment corporation, but in no case less than two million five hundred thousand dollars; (2) If the applicant is a corporation, the directors and officers of the applicant are each of good character, each competent to perform their functions with respect to the applicant and collectively adequate to manage the business of the applicant as an international trade and investment corporation; (3) It is reasonable to believe that the applicant, if licensed, will comply with all applicable provisions of sections 36a-636 to 36a-636e, inclusive, and of any regulation adopted pursuant to section 36a-636f; and (4) The licensing of the applicant will promote the public convenience and advantage. (e) Nothing in this section, section 36a-636 and sections 36a-636b to 36a-636f, inclusive, shall be deemed to require an international trade and investment corporation to be licensed by the commissioner. (P.A. 16-65, S. 66; P.A. 17-236, S. 9.) History: P.A. 16-65 effective May 26, 2016; P.A. 17-236 amended Subsec. (c) to make a technical change, effective July 11, 2017. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-636b. Duties of licensees. (a) Each licensee shall use its best efforts to provide financing in conjunction with, and fulfill the expectations of, the federal financing guarantee programs in which the licensee participates. (b) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. No licensee or the directors or officers of such licensee, if such licensee is a corporation, shall commit any unsafe or unsound act. (c) Each licensee shall comply with all applicable state and federal laws and regulations. (P.A. 16-65, S. 67.) History: P.A. 16-65 effective May 26, 2016. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-636c. Books and records. Annual report. (a) Each licensee shall make and keep such books, accounts and other records in such form and in such manner as the commissioner may by regulation or order require. (b) Each licensee shall, not more than ninety days after the close of its fiscal year, or within such longer period as the commissioner may by regulation specify, file with the commissioner an annual report containing: (1) A financial statement, including balance sheet, statement of income or loss, statement of changes in capital accounts and statement of changes in financial position, for its fiscal year or as of the end of such fiscal year, prepared with an audit by an independent certified public accountant in accordance with generally accepted accounting principles; (2) A report, certificate or opinion of such independent certified public accountant stating that the financial statement was prepared in accordance with generally accepted accounting principles, and that such accountant agrees to provide related working papers, policies and procedures to the commissioner, if requested; (3) A report as to (A) the number and aggregate dollar amount of loans made by such licensee during its fiscal year; (B) the geographic distribution, including by United States census tract, if applicable, of the borrowers that received such loans; (C) the percentage of such loans that were made to minority or women-owned United States and foreign businesses; (D) the dollar amount of the licensee's loan portfolio as of the end of its fiscal year; (E) the percentage amount of the licensee's loan portfolio that represents loans for which scheduled loan payments were more than ninety days past due as of the end of its fiscal year; (F) the number and dollar amount of loans in liquidation as of the end of its fiscal year; (G) the dollar amount of the licensee's reserve for loan and lease losses; and (H) percentage of reserves to total loans and leases; and (4) Such other information as the commissioner may require. (P.A. 16-65, S. 68.) History: P.A. 16-65 effective May 26, 2016. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-636d. Licensees subject to jurisdiction of commissioner. Each licensee shall be an institution subject to the jurisdiction of the commissioner for purposes of sections 36a-17 and 36a-53. (P.A. 16-65, S. 69.) History: P.A. 16-65 effective May 26, 2016. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-636e. License fees and expenses. Expiration and renewal. Automatic suspension. Surrender or termination of license. (a) Each applicant for a license, at the time of making such application, shall pay to the commissioner a nonrefundable license fee of two thousand five hundred dollars. Each license issued pursuant to section 36a-636a shall expire at the close of business on June thirtieth of each year, unless such license is renewed. The license shall not be transferable or assignable. Each licensee shall, on or before June twentieth of each year, pay to the commissioner the sum of one thousand dollars as a license renewal fee for the succeeding year, commencing July first. Each applicant or licensee shall pay all the expenses associated with any examination or investigation made under sections 36a-636a to 36a-636e, inclusive, or any regulation adopted pursuant to section 36a-636f. (b) If the commissioner determines that a check filed with the commissioner to pay a license fee has been dishonored, the commissioner shall automatically suspend the license or a renewal license that has been issued but is not yet effective. The commissioner shall give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing on such actions in accordance with section 36a-51. (c) Upon surrender or termination of the license, the licensee shall promptly notify all customers and provide confirmation of the notification to the commissioner not later than fifteen days after the date of such surrender or termination. (P.A. 16-65, S. 70; P.A. 17-236, S. 7.) History: P.A. 16-65 effective May 26, 2016; P.A. 17-236 amended Subsec. (c) by replacing “suspension” with “surrender”, effective July 11, 2017. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Sec. 36a-636f. Regulations. The commissioner may adopt regulations, in accordance with the provisions of chapter 54, to administer the provisions of sections 36a-636 to 36a-636e, inclusive. (P.A. 16-65, S. 71.) History: P.A. 16-65 effective May 26, 2016. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles) Secs. 36a-637 to 36a-644. Reserved for future use. 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