2012 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 668 - Nondepository Financial Institutions
Section 36a-597 - (Formerly Sec. 36-532). License required. Penalty.
(a) No person shall engage in the business of issuing Connecticut payment instruments, or engage in the business of money transmission, without a license issued by the commissioner as provided in section 36a-600. No person shall engage in such business or in the business of selling Connecticut payment instruments as an agent, except as an agent of a person that has been issued a license by the commissioner as provided in section 36a-600 or an entity or a person exempt under section 36a-609 and in accordance with section 36a-607. The licensee and the agent shall promptly notify the commissioner, in writing, of the termination of the contract between such licensee and agent.
(b) Any person who knowingly engages in the business of issuing Connecticut payment instruments, or who knowingly engages in the business of money transmission, without obtaining a license, as provided in section 36a-600, shall be guilty of a class D felony. Each transaction in violation of the provisions of this subsection shall constitute a separate offense.
(P.A. 81-264, S. 3; P.A. 01-56, S. 4; P.A. 03-61, S. 3; P.A. 04-61, S. 1; P.A. 09-208, S. 14.)
History: Sec. 36-532 transferred to Sec. 36a-597 in 1995; P.A. 01-56 changed “Connecticut instruments” to “Connecticut payment instruments” and reworded language re money transmission; P.A. 03-61 substituted “or an entity or a person exempt under section 36a-609 and in accordance with” for “as provided in”; P.A. 04-61 designated existing provisions as Subsec. (a) and added new Subsec. (b) re criminal penalty for knowingly engaging in business of issuing Connecticut payment instruments or money transmission without a license; P.A. 09-208 amended Subsec. (a) by removing references to “subagents” of licensees, requiring licensee and agent to notify commissioner in writing of the termination of the contract between them, and making technical changes, effective July 7, 2009.
Disclaimer: These codes may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
