2019 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 668 - Nondepository Financial Institutions
Section 36a-542 - (Formerly Sec. 36-259b). Requirements for filing with system. Unique identifier of licensee. Advertising of license.
(a) Except as otherwise specified in subsections (a) and (b) of section 36a-540, each sales finance company applicant or licensee, and each control person, qualified individual or branch manager of such applicant or licensee shall file on the system or, if the information cannot be filed on the system, notify the commissioner, in writing, of any change in the information such applicant, licensee, control person, qualified individual or branch manager most recently submitted to the system in connection with a sales finance company application or license not later than fifteen days from the date such applicant, licensee, control person, qualified individual or branch manager had reason to know of the change.
(b) A sales finance company licensee shall file on the system or, if the information cannot be filed on the system, notify the commissioner, in writing, of the occurrence of any of the following developments not later than fifteen days after the date the licensee had reason to know of the occurrence of any such development:
(1) Filing of a bankruptcy petition by the licensee or the consummation of a corporate restructuring of the licensee;
(2) Filing of a criminal indictment against the licensee in any way related to the sales finance activities of the licensee, or receipt of notification of the filing of any criminal felony indictment or felony conviction of any control person, branch manager or qualified individual of the licensee;
(3) Receiving notification of the initiation of license denial, cease and desist, suspension or revocation procedures, or other formal or informal action by any governmental agency against the licensee or any control person, branch managers or qualified individual of the licensee and the reasons therefor;
(4) Receiving notification of the initiation of any action against the licensee or any control person, branch manager or qualified individual of the licensee by the Attorney General or the attorney general of any other state and the reasons therefor; or
(5) Receiving notification of the filing for bankruptcy of any control person, branch manager or qualified individual of the licensee.
(c) Any person filing or submitting any information on the system shall do so in accordance with the procedures and requirements of the system and shall pay the applicable fees or charges to the system. Each sales finance company licensee, to the extent required by the system, shall timely submit to the system accurate reports of condition that shall be in such form and shall contain such information as the system may require. Failure by a licensee to submit a timely and accurate report of condition shall constitute a violation of this provision.
(d) The unique identifier of any person licensed under section 36a-541 shall be clearly shown on all solicitations and advertisements, including business cards and Internet web sites, and any other documents as established by rule, regulation or order of the commissioner, and shall be clearly stated in all audio solicitations and advertisements. The solicitations or advertisements of any person licensed under section 36a-541: (1) Shall not include any statement that such person is endorsed in any way by this state, except that such solicitations and advertisements may include a statement that such person is licensed in this state; (2) shall not include any statement or claim that is deceptive, false or misleading; (3) shall otherwise conform to the requirements of sections 36a-535 to 36a-547, inclusive, any regulations issued thereunder and any other applicable law; and (4) shall be retained for two years from the date of use of such solicitation or advertisement.
(1967, P.A. 631, S. 4; P.A. 74-235, S. 1, 2; P.A. 94-104, S. 4; 94-122, S. 255, 340; P.A. 96-71, S. 5, 8; P.A. 02-111, S. 32; P.A. 04-69, S. 17; P.A. 05-46, S. 6; P.A. 18-173, S. 29.)
History: P.A. 74-235 raised fee from $150 to $200; P.A. 94-104 changed fee to nonrefundable fee, increased the fee from $200 to $400 and added a $100 late fee; P.A. 94-122 changed “him” to “the commissioner”, effective January 1, 1995; Sec. 36-259b transferred to Sec. 36a-542 in 1995; P.A. 96-71 substituted “license fee” for “nonrefundable fee”, effective July 1, 1996; P.A. 02-111 changed time for filing renewal application to on or before September first of year in which the license expires or, in the case of a license that expires on June 30, 2003, on or before June 1, 2003, revising dates constituting untimely filing accordingly, increased license fee to $800, and added provision re $900 fee for license that expires on June 30, 2003; P.A. 04-69 designated existing provisions as Subsec. (a) and added new Subsec. (b) requiring commissioner to automatically suspend license or renewal license if commissioner determines that a check filed to pay the fee for a renewal application 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. 05-46 amended Subsec. (a) to provide that renewal application filed with commissioner after September first, accompanied by late fee, shall be deemed to be timely and sufficient for purposes of Sec. 4-182(b); P.A. 18-173 deleted former Subsec. (a) re renewal of sales finance company license, added new Subsec. (a) re sales finance company applicant or licensee, control person, qualified individual or branch manager to file on system or notify commissioner in writing of change in information, deleted former Subsec. (b) re automatic license suspension when check to pay fee for renewal application is dishonored, added new Subsec. (b) re sales finance company licensee to file on system occurrence of certain developments or notify commissioner in writing of occurrence, added Subsec. (c) re filing or submitting information in accordance with procedures and requirements of system, payment of fees or charges to system, and submission of reports of condition, added Subsec. (d) re unique identifier of person licensed to be clearly shown on solicitations and advertisements and clearly stated in audio solicitations and advertisements.
