August 31, 2015

New OLR Report Highlights Acts Affecting Banking

OLR Report 2015-R-0169  highlights new laws (Public Acts) affecting banking enacted during the 2015 legislative session. Among other things, the new laws:
  • require the banking commissioner to create the position of student loan borrower ombudsman within the Banking Department;
  • add topics that must be included in any state-prepared financial literacy instruction plan;
  • extend the state’s foreclosure mediation plan for three years, until July 1, 2019;
  • allow a minor’s parent or legal guardian to request a credit agency to place a security freeze on the minor’s credit report and requires the agency to do so within five days of the request;
  • make many banking law changes, including:
    • allowing Connecticut-licensed mortgage correspondent lenders to act as mortgage servicers without obtaining a mortgage servicer license under specified conditions and
    • substantially conforming the Connecticut-Truth-in-Lending Act to the comparable federal act;
  • enact the Uniform Power of Attorney Act;
  • require the Aging Commission to create a forum and clearinghouse for best practices and free training resources to help financial institutions and agents detect fraud, exploitation, and financial abuse of elderly consumers; and
  • expressly allow lenders to repossess vehicles by contracting with licensed wreckers or entities exempted from licensure.
Read the full report here.