Connecticut House Bill HB05267

Connecticut 2014 Regular Session

• Introduced: 2/20/14
• Refer: 2/20/14

Caption

An Act Concerning Revisions To The Banking Statutes.

Impact

The proposed amendments would have significant implications for both existing and new financial entities operating under state law. Changes to the definitions related to 'private organic rules' and 'protected agreements' are intended to clarify what constitutes binding agreements among interest holders and to ensure that these agreements are consistently recognized under the law. These updates create a more structured regulatory environment for businesses, promoting transparency and predictability in how banking entities operate.

Summary

House Bill 05267, titled 'An Act Concerning Revisions To The Banking Statutes,' proposes several amendments aimed at updating and clarifying regulations within the state's banking sector. The bill seeks to revise specific statutory provisions to ensure consistency and modernity in the regulatory framework governing financial institutions in the state. Key provisions include provisions concerning the automatic suspension of licenses when checks filed by licensees are dishonored, providing a more streamlined approach to enforcement actions taken by the commissioner of banking.

Contention

While the bill does not seem to have overt contentious points in the text, the implications of its provisions could lead to discussions around enforcement practices and regulatory oversight. Stakeholders in the financial sector may voice varied opinions based on how these changes affect compliance requirements and the operational autonomy of financial institutions. The focus on automating license suspensions based on check dishonor could be a point of discussion in terms of consumer protections versus regulatory rigor.