2014 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 664a - Administration and Enforcement
Section 36a-56 - (Formerly Sec. 36-7a). False statement or report or overvaluing land, property or security.

Any person who knowingly makes any false statement or report, or wilfully overvalues any land, property or security, with intent to defraud and for the purpose of influencing in any way the action of a bank, out-of-state bank that maintains in this state a branch as defined in section 36a-410, Connecticut credit union, small loan licensee or any person licensed as a mortgage lender, mortgage correspondent lender or mortgage broker, as defined in section 36a-485, upon any application, advance, commitment, loan or extension of credit, or any change, extension, renewal or refinancing thereof, or the acceptance, release or substitution of security therefor, and upon which such bank, out-of-state bank, credit union or licensee relies in taking such action, shall be fined not more than five hundred dollars or imprisoned not more than one year, or both. A finding by the commissioner as a result of an investigation of any such making or overvaluing shall be considered a violation of this section for purposes of the administrative enforcement of sections 36a-50 to 36a-53, inclusive. The commissioner shall refer to the Chief State’s Attorney any evidence found by the commissioner of a criminal violation of the provisions of this section.

(P.A. 90-184, S. 7; P.A. 94-122, S. 32, 340; P.A. 95-155, S. 8, 29; P.A. 03-259, S. 6; P.A. 08-176, S. 36.)

History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-7a transferred to Sec. 36a-56 in 1995; P.A. 95-155 changed “Connecticut bank” and “institution” to “bank” and added references to certain out-of-state banks and to broker licensees, effective June 27, 1995; P.A. 03-259 required that finding by commissioner of making or overvaluing shall be considered violation of section for purposes of administrative enforcement and required commissioner to refer evidence of criminal violation of section to Chief State’s Attorney; P.A. 08-176 substituted “person licensed as a” for “first or secondary” re mortgage lender, added “mortgage correspondent lender”, added “mortgage” re “broker”, substituted “as defined in section 36a-485” for “licensee” and made a technical change, effective July 1, 2008.