2019 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 668 - Nondepository Financial Institutions
Section 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.