Bill Text: CT SB00616 | 2017 | General Assembly | Comm Sub

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Bill Title: An Act Exempting Sales Finance Companies From Record Retention Requirements For Retail Installment Contracts And Applications Covering The Retail Sale Of Agricultural Vehicles.

Spectrum: Committee Bill

Status: (Engrossed - Dead) 2017-05-05 - House Calendar Number 468 [SB00616 Detail]

Download: Connecticut-2017-SB00616-Comm_Sub.html

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General Assembly		Committee Bill No. 616
January Session, 2017		LCO No. 3565
		*_____SB00616BA____030817____*
Referred to Committee on BANKING
Introduced by:
(BA)

AN ACT EXEMPTING SALES FINANCE COMPANIES FROM RECORD RETENTION REQUIREMENTS FOR RETAIL INSTALLMENT CONTRACTS AND APPLICATIONS COVERING THE RETAIL SALE OF AGRICULTURAL VEHICLES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 36a-535 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2017):

As used in sections 36a-535 to [36a-546] 36a-547, inclusive, unless the context otherwise requires:

(1) The terms "goods", "retail installment sale", "retail installment contract", "installment loan contract", "retail seller" and "retail buyer" have the same meanings as provided in section 36a-770;

(2) "Sales finance company" means any person engaging in this state in the business, in whole or in part, of acquiring retail installment contracts from retail sellers, or installment loan contracts from the holders thereof, by purchase, discount or pledge, or by loan or advance to the holder of either on the security thereof, or otherwise, but does not include a bank, out-of-state bank, Connecticut credit union, federal credit union, or out-of-state credit union, if so engaged.

Sec. 2. Section 36a-547 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2017):

On and after October 1, 2016, a sales finance company [, as defined in section 36a-535,] shall acquire and maintain adequate records in the form and manner as the commissioner shall direct in each retail installment contract acquired by purchase, discount, pledge, loan, advance or otherwise, and any application for a retail installment contract, covering the retail sale of a motor vehicle in the state, except an implement of husbandry, as defined in section 14-165, that has been reviewed by the sales finance company or relates to a retail installment contract acquired by the sales finance company, including, but not limited to, the: (1) Name, address, income and credit score of the applicant and any coapplicants and, if known, the ethnicity, race and sex of such individuals; (2) type, amount and annual percentage rate of the loan; and (3) disposition of the application. Such records shall be made available to the Banking Commissioner not later than five business days after a request for such records by the commissioner. Each sales finance company shall retain such records for not less than two years after the date of the application for applications that were denied or, for any retail installment contract that was acquired, for not less than two years after the date of final payment or sale or assignment of such contract, whichever occurs first, or such longer period as may be required by any other provision of law. On or before January 30, 2017, each licensee shall provide to the commissioner the records collected between October 1, 2016, to December 31, 2016, inclusive.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2017	36a-535
Sec. 2	October 1, 2017	36a-547

BA

Joint Favorable