| 11 | 11 | | |
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| 12 | 12 | | AN ACT CONCERNING BANKS AND CREDIT UNIONS. |
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| 13 | 13 | | |
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| 14 | 14 | | Be it enacted by the Senate and House of Representatives in General Assembly convened: |
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| 15 | 15 | | |
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| 16 | 16 | | Section 1. Subdivision (1) of subsection (d) of section 36a-65 of the 2010 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010): |
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| 17 | 17 | | |
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| 18 | 18 | | (d) (1) The fee for investigating and processing each application is as follows: |
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| 19 | 19 | | |
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| 20 | 20 | | (A) Establishment of (i) a branch under subdivision (1) of subsection (b) of section 36a-145, two thousand dollars; (ii) a mobile branch under subdivision (1) of subsection (d) of section 36a-145, one thousand five hundred dollars; (iii) a limited branch under subdivision (1) of subsection (c) of section 36a-145, one thousand five hundred dollars; (iv) a special need limited branch under subdivision (4) of subsection (c) of section 36a-145, five hundred dollars; (v) an out-of-state branch under subsection (j) of section 36a-145, a reasonable fee not to exceed two thousand dollars from which any fees paid to a state other than this state or to a foreign country in connection with the establishment shall be deducted; and (vi) an out-of-state limited or mobile branch under subsection (j) of section 36a-145, a reasonable fee not to exceed one thousand five hundred dollars from which any fees paid to a state other than this state or to a foreign country in connection with the establishment shall be deducted. |
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| 21 | 21 | | |
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| 22 | 22 | | (B) Sale of (i) a branch under subsection (i) of section 36a-145, two thousand dollars, except there shall be no fee for the sale of a branch of a Connecticut bank to another Connecticut bank or to a Connecticut credit union; and (ii) a limited branch, including a special need limited branch or mobile branch under subsection (i) of section 36a-145, a fee not to exceed one thousand five hundred dollars. |
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| 23 | 23 | | |
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| 24 | 24 | | (C) Relocation of (i) a main office of a Connecticut bank under subsection (a) of section 36a-81, two thousand dollars; and (ii) a branch or a limited branch under [subsection] subsections (g) and (k) of section 36a-145, five hundred dollars. |
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| 25 | 25 | | |
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| 26 | 26 | | (D) Conversions from (i) a branch to a limited branch under subdivision (3) of subsection (c) of section 36a-145; and (ii) a limited branch to a branch under subdivision (3) of subsection (b) of section 36a-145, five hundred dollars. |
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| 27 | 27 | | |
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| 28 | 28 | | (E) Merger or consolidation involving a Connecticut bank under section 36a-125 or subsection (a) of section 36a-126, two thousand five hundred dollars if two institutions are involved and five thousand dollars if three or more institutions are involved. |
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| 29 | 29 | | |
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| 30 | 30 | | (F) Acquisition of assets or business under section 36a-210, two thousand five hundred dollars. |
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| 31 | 31 | | |
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| 32 | 32 | | (G) Organization of a holding company under section 36a-181, two thousand five hundred dollars. |
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| 33 | 33 | | |
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| 34 | 34 | | (H) Organization of any Connecticut bank under section 36a-70, including the conditional preliminary approval for an expedited bank, fifteen thousand dollars, except no fee shall be required for the organization of an interim Connecticut bank. |
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| 35 | 35 | | |
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| 36 | 36 | | (I) Reorganization of a mutual savings bank or mutual savings and loan association into a mutual holding company under section 36a-192, five thousand dollars. |
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| 37 | 37 | | |
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| 38 | 38 | | (J) Conversions under (i) sections 36a-135 to 36a-138, inclusive, five thousand dollars; (ii) sections 36a-139, 36a-139a and 36a-469c, two thousand five hundred dollars; and (iii) section 36a-139b, fifteen thousand dollars. |
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| 39 | 39 | | |
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| 40 | 40 | | (K) Acquiring, altering or improving real estate for present or future use in the business of the bank or purchasing real estate adjoining any parcel of real estate owned by the bank under subdivision (33) of subsection (a) of section 36a-250, five hundred dollars, except that no fee shall be charged for such application if it is filed in connection with an application to relocate a main office of a Connecticut bank under subsection (a) of section 36a-81 or establish (i) a branch in this state under subdivision (1) of subsection (b) of section 36a-145, (ii) a limited branch in this state under subdivision (1) of subsection (c) of section 36a-145, or (iii) a branch or limited branch outside of this state under subsection (j) of section 36a-145. |
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| 41 | 41 | | |
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| 42 | 42 | | (L) Investigation and processing an interstate banking transaction application filed under section 36a-411 or 36a-412, two thousand five hundred dollars, unless the transaction otherwise requires an investigation and processing fee under this section. |
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| 43 | 43 | | |
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| 44 | 44 | | (M) Issuance of a final certificate of authority for an expedited Connecticut bank, [except for a conditional preliminary approval,] fifteen thousand dollars. |
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| 45 | 45 | | |
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| 46 | 46 | | Sec. 2. Subsection (c) of section 36a-70 of the 2010 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010): |
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| 47 | 47 | | |
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| 48 | 48 | | (c) The person or persons organizing a Connecticut bank shall execute, acknowledge and file with the commissioner an application to organize. Such application to organize shall include: (1) A proposed certificate of incorporation stating: (A) The name and type of the Connecticut bank; (B) the town in which the main office is to be located; (C) in the case of a capital stock Connecticut bank, the amount, authorized number and par value, if any, of shares of its capital stock; (D) the minimum amount of equity capital with which the Connecticut bank shall commence business, which amount may be less than its authorized capital but shall not be less than that required by subsection (b) of this section; (E) the name, occupation and residence, post office or business address of each organizer and prospective initial director of the Connecticut bank; and (2) a proposed business plan. The organizers shall separately file with the commissioner a notice of the residence of each organizer and prospective initial director whose residence address is not included in the proposed certificate of incorporation. In connection with an application to organize a Connecticut bank, the commissioner may, in the commissioner's discretion, and in accordance with section 29-17a, arrange for the fingerprinting or for conducting any other method of positive identification required by the State Police Bureau of [Investigation] Identification of each organizer and prospective initial director, to be used in conducting a state and national criminal history records check. |
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| 49 | 49 | | |
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| 50 | 50 | | Sec. 3. Subsection (p) of section 36a-70 of the 2010 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage): |
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| 51 | 51 | | |
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| 52 | 52 | | (p) (1) One or more persons may organize an interim Connecticut bank solely (A) for the acquisition of an existing bank, whether by acquisition of stock, by acquisition of assets, or by merger or consolidation, or (B) to facilitate any other corporate transaction authorized by this title in which the commissioner has determined that such transaction has adequate regulatory supervision to justify the organization of an interim Connecticut bank. Such interim Connecticut bank shall not accept deposits or otherwise commence business. Subdivision (2) of subsection (c) and subsections (d), (f), (g), (h) and (o) of this section shall not apply to the organization of an interim bank, provided the commissioner may, in the commissioner's discretion, order a hearing under subsection (e) or require that the organizers publish or mail the proposed certificate of incorporation or both. The approving authority for an interim Connecticut bank shall be the commissioner acting alone. If the approving authority determines that the organization of the interim Connecticut bank complies with applicable law, the approving authority shall issue a temporary certificate of authority conditioned on the approval by the appropriate supervisory agency of the corporate transaction for which the interim Connecticut bank is formed. |
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| 53 | 53 | | |
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| 54 | 54 | | (2) (A) Notwithstanding any provision of this title, for the period from [October 1, 2009,] the effective date of this act to September 30, 2011, inclusive, one or more persons may apply to the commissioner for the conditional preliminary approval of [an] one or more expedited Connecticut [bank] banks organized primarily for the purpose of assuming liabilities and purchasing assets from the Federal Deposit Insurance Corporation when the Federal Deposit Insurance Corporation is acting as receiver or conservator of an insured depository institution. The [person or persons organizing an expedited Connecticut bank shall execute, acknowledge and file with the commissioner an application to organize. Such] application shall be made on a form acceptable to the commissioner and shall be executed and acknowledged by the applicant or applicants. The application shall contain sufficient information for the commissioner to evaluate (i) the amount, type and sources of capital that would be available to the bank or banks; (ii) the ownership structure and holding companies, if any, over the bank or banks; (iii) the identity, biographical information and banking experience of each of the initial organizers and prospective initial directors, senior executive officers and any individual, group or proposed shareholders of the bank that will own or control ten per cent or more of the stock of the bank or banks; (iv) the overall strategic plan of the organizers and investors for the bank or banks; and (v) a preliminary business plan outlining intended product and business lines, retail branching plans and capital, earnings and liquidity projections. The commissioner, acting alone, shall grant conditional preliminary approval of such application to organize if the commissioner determines that the organizers have available sufficient committed funds to invest in the bank or banks; the organizers and proposed directors possess capacity and fitness for the duties and responsibilities with which they will be charged; the proposed bank [charter has] or banks have a reasonable chance of success and will be operated in a safe and sound manner; and the fee for investigating and processing the application has been paid in accordance with subparagraph (H) of subdivision (1) of subsection (d) of section 36a-65. Such preliminary approval shall be subject to such conditions as the commissioner deems appropriate, including the requirements that the bank or banks not commence the business of a Connecticut bank until after [its] their bid or application for a particular insured depository institution is accepted by the Federal Deposit Insurance Corporation, that the background checks are satisfactory, and that the organizers submit, for the safety and soundness review by the commissioner, more detailed operating plans and current financial statements as potential acquisition transactions are considered, and such plans and statements are satisfactory to the commissioner. The commissioner may alter, suspend or revoke the conditional preliminary approval if the commissioner deems any interim development warrants such action. The conditional preliminary approval shall expire eighteen months from the date of approval, unless extended by the commissioner. [, if the bank has not commenced business and consummated an initial acquisition.] |
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| 55 | 55 | | |
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| 56 | 56 | | (B) The commissioner shall not issue a final certificate of authority to commence the business of a Connecticut bank or banks under this subdivision until all conditions and preopening requirements and applicable state and federal regulatory requirements have been met and the fee for [assuming liabilities and purchasing assets] issuance of a final certificate of authority for an expedited Connecticut bank has been paid in accordance with subparagraph (M) of subdivision (1) of subsection (d) of section 36a-65, as amended by this act. The commissioner may waive any requirement under this title or regulations adopted under this title that is necessary for the consummation of [a bank] an acquisition involving an expedited Connecticut bank if the commissioner finds that such waiver is advisable and in the interest of depositors or the public, provided the commissioner shall not waive the requirement that the institution's insurable accounts or deposits be federally insured. Any such waiver granted by the commissioner under this subparagraph shall be in writing and shall set forth the reason or reasons for the waiver. The commissioner may impose conditions on the final certificate of authority as the commissioner deems necessary to ensure that the bank will be operated in a safe and sound manner. The commissioner shall cause notice of the issuance of the final certificate of authority to be published in the department's weekly bulletin. |
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| 57 | 57 | | |
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| 58 | 58 | | Sec. 4. Section 36a-102 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010): |
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| 59 | 59 | | |
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| 60 | 60 | | The commissioner, in the commissioner's discretion and in accordance with section 29-17a, may arrange for the fingerprinting or for conducting any other method of positive identification required by the State Police Bureau of [Investigation] Identification of each director of a Connecticut bank upon such director's re-election and each new officer of a Connecticut bank upon such officer's employment, to be used in conducting a state and national criminal history records check. |
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| 61 | 61 | | |
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| 62 | 62 | | Sec. 5. Subsection (c) of section 36a-437a of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010): |
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| 63 | 63 | | |
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| 64 | 64 | | (c) In connection with an application to organize and at any other time the commissioner requests, each organizer, director and appointed director of a Connecticut credit union shall provide fingerprints to the commissioner for use in conducting state and national criminal history records checks. Such criminal history records checks shall be conducted in accordance with section 29-17a. |
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| 65 | 65 | | |
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| 66 | 66 | | Sec. 6. Subdivision (3) of section 36a-455a of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010): |
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| 67 | 67 | | |
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| 68 | 68 | | (3) Make and use its best efforts to make secured and unsecured loans and other extensions of credit to its members in accordance with section 36a-265 and sections 36a-457a, 36a-457b and 36a-458a; |
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| 69 | 69 | | |
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| 70 | 70 | | Sec. 7. (NEW) (Effective October 1, 2010) A Connecticut bank may merge with one or more of its affiliates that is not a bank or an out-of-state bank provided the resulting institution is a Connecticut bank. Such merger shall be effected in accordance with the provisions of section 36a-125 of the general statutes. Any such affiliate shall be considered a constituent bank that is not a resulting bank for purposes of compliance with section 36a-125 of the general statutes, except, with respect to any provision of said section governing corporate procedure, including the rights of dissenting members or shareholders who assert any existing appraisal rights, such affiliate shall comply with the laws of the state or other jurisdiction under which such affiliate is organized. Any such affiliate shall also comply with other applicable laws of the state or other jurisdiction under which such affiliate is organized concerning such mergers. |
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| 71 | 71 | | |
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| 72 | 72 | | |
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| 73 | 73 | | |
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| 74 | 74 | | |
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| 75 | 75 | | This act shall take effect as follows and shall amend the following sections: |
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| 76 | 76 | | Section 1 October 1, 2010 36a-65(d)(1) |
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| 77 | 77 | | Sec. 2 October 1, 2010 36a-70(c) |
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| 78 | 78 | | Sec. 3 from passage 36a-70(p) |
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| 79 | 79 | | Sec. 4 October 1, 2010 36a-102 |
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| 80 | 80 | | Sec. 5 October 1, 2010 36a-437a(c) |
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| 81 | 81 | | Sec. 6 October 1, 2010 36a-455a(3) |
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| 82 | 82 | | Sec. 7 October 1, 2010 New section |
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| 83 | 83 | | |
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| 84 | 84 | | This act shall take effect as follows and shall amend the following sections: |
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| 85 | 85 | | |
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| 86 | 86 | | Section 1 |
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| 87 | 87 | | |
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| 88 | 88 | | October 1, 2010 |
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| 89 | 89 | | |
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| 90 | 90 | | 36a-65(d)(1) |
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| 91 | 91 | | |
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| 92 | 92 | | Sec. 2 |
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| 93 | 93 | | |
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| 94 | 94 | | October 1, 2010 |
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| 95 | 95 | | |
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| 96 | 96 | | 36a-70(c) |
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| 97 | 97 | | |
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| 98 | 98 | | Sec. 3 |
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| 99 | 99 | | |
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| 100 | 100 | | from passage |
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| 101 | 101 | | |
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| 102 | 102 | | 36a-70(p) |
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| 103 | 103 | | |
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| 104 | 104 | | Sec. 4 |
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| 105 | 105 | | |
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| 106 | 106 | | October 1, 2010 |
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| 107 | 107 | | |
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| 108 | 108 | | 36a-102 |
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| 109 | 109 | | |
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| 110 | 110 | | Sec. 5 |
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| 111 | 111 | | |
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| 112 | 112 | | October 1, 2010 |
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| 113 | 113 | | |
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| 114 | 114 | | 36a-437a(c) |
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| 115 | 115 | | |
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| 116 | 116 | | Sec. 6 |
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| 117 | 117 | | |
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| 118 | 118 | | October 1, 2010 |
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| 119 | 119 | | |
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| 120 | 120 | | 36a-455a(3) |
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| 121 | 121 | | |
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| 122 | 122 | | Sec. 7 |
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| 123 | 123 | | |
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| 124 | 124 | | October 1, 2010 |
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| 125 | 125 | | |
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| 126 | 126 | | New section |
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| 127 | 127 | | |
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