§ 36a-564 — (Formerly Sec. 36-233a). License fees. Renewal. Automatic suspension.

Connecticut § 36a-564

• Jurisdiction: Connecticut
• Title 36a: The Banking Law of Connecticut
• Ch. 668: Nondepository Financial Institutions

Text

(a) Each applicant for a small loan license shall pay to the system any required fees or charges and a license fee of four hundred dollars. Each such license shall expire at the close of business on December thirty-first of the year in which the license was approved, unless such license is renewed, and provided any such license that is approved on or after November first shall expire at the close of business on December thirty-first of the year following the year in which it is approved. An application for renewal of a license shall be filed between November first and December thirty-first of the year in which the license expires. Each applicant for renewal of a small loan license shall pay to the system any required fees or charges and a renewal fee of four hundred dollars. (b) In accordance with section 36a-24b , the commissioner may automatically suspend any license if such person receives a deficiency on the system indicating that a required payment was Returned-ACH or returned pursuant to any other term as may be utilized by the system to indicate that payment was not accepted. After the license has been automatically suspended pursuant to this subsection, the commissioner shall (1) give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew pursuant to section 36a-570 and an opportunity for a hearing on such action in accordance with section 36a-51 , and (2) require such licensee to take or refrain from taking such action as the commissioner deems necessary to effectuate the purposes of this section. (c) No abatement of the license fee shall be made if an application is denied or withdrawn prior to the issuance of the license or if the license is surrendered, revoked or suspended prior to the expiration of the period for which the license was issued. All fees required by this section shall be nonrefundable.

Legislative History

(1963, P.A. 175, S. 8; P.A. 94-122, S. 265, 340; P.A. 16-65, S. 28; P.A. 18-173, S. 35.) History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-233a transferred to Sec. 36a-564 in 1995; P.A. 16-65 replaced former provisions with Subsecs. (a) to (c) re license fees, license renewal and automatic suspension of license, effective July 1, 2016; P.A. 18-173 amended Subsec. (b) by replacing reference to Sec. 36a-27b with reference to Sec. 36a-24b, replacing “shall” with “may” re automatically suspending license, designating existing provisions re giving licensee notice of automatic suspension as Subdiv. (1), designating existing provisions re requiring licensee to take or refrain from taking action as Subdiv. (2) and amending same to replace “action that, in the opinion of the commissioner, will effectuate” with “action as the commissioner deems necessary to effectuate”, and amended Subsec. (c) by adding “an application is denied or withdrawn prior to the issuance of the license or if”.