Connecticut § 36a-832 Fidelity bond. Deposit of exchange funds.

Connecticut Statutes

§ 36a-832 — Fidelity bond. Deposit of exchange funds.

Connecticut § 36a-832

Title 36aThe Banking Law of Connecticut

Ch. 669Regulated Activities

This text of Connecticut § 36a-832 (Fidelity bond. Deposit of exchange funds.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 36a-832 (2026).

Text

An exchange facilitator at all times shall:

(1)Maintain a fidelity bond in an amount of not less than one million dollars executed by an insurer authorized to do business in this state;

(2)Deposit all exchange funds in a separately identified account, as defined in 26 CFR 1.468B-6(c)(2)(ii)(A), and provide that any withdrawals from such separately identified account require the written authorizations of both the client and the exchange facilitator. Deliver authorization for withdrawals by any commercially reasonable means, including (A) the client's delivery to the exchange facilitator of the client's authorization to disburse exchange funds and the exchange facilitator's delivery to the depository institution of the exchange facilitator's sole authorization to disburse exchange funds, o

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An exchange facilitator at all times shall: (1) Maintain a fidelity bond in an amount of not less than one million dollars executed by an insurer authorized to do business in this state; (2) Deposit all exchange funds in a separately identified account, as defined in 26 CFR 1.468B-6(c)(2)(ii)(A), and provide that any withdrawals from such separately identified account require the written authorizations of both the client and the exchange facilitator. Deliver authorization for withdrawals by any commercially reasonable means, including (A) the client's delivery to the exchange facilitator of the client's authorization to disburse exchange funds and the exchange facilitator's delivery to the depository institution of the exchange facilitator's sole authorization to disburse exchange funds, or (B) delivery to the depository institution of both the client's and the exchange facilitator's authorizations to disburse exchange funds; or (3) Deposit all exchange funds in a qualified escrow or qualified trust, as such terms are defined in 26 CFR 1.1031(k)-1(g)(3), with a financial institution and provide that any withdrawals from such qualified escrow or qualified trust require the taxpayer's and the exchange facilitator's written authorization.