The Connecticut Department of Banking (the “Department”) issued a guidance letter on September 11, 2023 (the “Guidance”) providing its position regarding the amendments to Connecticut’s Small Loan Lending and Related Activities Act (the “Act”) that become effective on October 1, 2023. We previously blogged about these amendments here.

The Department issued this guidance “to assist industry participants in evaluating the need for licensure and the effect of the various requirements under [the amended law].”… Continue Reading

On June 29, 2023, Connecticut’s Governor signed into law Substitute Senate Bill No. 1033 which makes significant changes to the state’s Small Loan Act.  The new law takes effect on October 1, 2023.

The primary changes are as follows:

New APR calculation (Section 1, subdivision (2), Revising 36a-555(2)).  Under the current law, the APR is calculated under the provisions of the federal Truth-in-Lending Act and associated regulations. … Continue Reading