Connecticut Senate Bill SB00054

Connecticut 2010 Regular Session

• Introduced: 2/8/10
• Refer: 2/8/10
• Report Pass: 3/16/10
• Refer: 3/23/10
• Report Pass: 3/30/10
• Refer: 4/8/10
• Report Pass: 4/13/10
• Report Pass: 4/14/10
• Engrossed: 4/29/10
• Report Pass: 4/30/10

Caption

An Act Concerning Consumer Credit Licenses.

Impact

If enacted, SB 54 would amend existing statutes surrounding consumer credit licensing, establishing a framework that ensures all credit services are subject to rigorous oversight. This is expected to impact current and future businesses in the financial sector by requiring them to obtain appropriate licenses and adhere to set standards. It is anticipated that this change will not only protect consumers more effectively but will also encourage responsible lending practices by ensuring that all providers meet necessary qualifications and ethical standards.

Summary

Senate Bill 54, titled 'An Act Concerning Consumer Credit Licenses,' focuses on regulating the licensing requirements for consumer credit businesses. The bill aims to enhance consumer protection by ensuring that those offering credit services are operated by licensed and qualified entities. This introduces additional standards and safeguards for consumers seeking credit, thereby fostering a more secure financial environment. Supporters argue that the bill addresses gaps in current regulations that may leave consumers vulnerable to predatory lending practices and inadequate service from unlicensed providers.

Sentiment

The sentiment surrounding SB 54 appears largely positive, with broad support expressed during discussions. Legislators and consumer advocacy groups emphasized the need for improved consumer protections in the financial sector. However, there are dissenting voices that express concern about the potential burdens this legislation could place on small businesses, which might struggle to meet the new licensing requirements. Overall, the sentiment conveys a general agreement on the importance of consumer protection, balanced with apprehensions regarding regulatory impact on businesses.

Contention

Notable points of contention revolve around the implications of increased regulations and the potential economic impact on small credit services. While proponents argue that more stringent regulations will lead to a safer environment for consumers, critics fear that the additional requirements might result in fewer credit providers in the market, particularly affecting small and independent service providers. This dichotomy between consumer protection and the economic viability of smaller businesses highlights a critical discussion about the balance of regulatory oversight and market accessibility.