Connecticut § 36a-862 Reliance on statement of intended purpose made by recipient.

Connecticut Statutes

§ 36a-862 — Reliance on statement of intended purpose made by recipient.

Connecticut § 36a-862

Title 36aThe Banking Law of Connecticut

Ch. 669Regulated Activities

This text of Connecticut § 36a-862 (Reliance on statement of intended purpose made by recipient.) 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-862 (2026).

Text

For purposes of determining whether financing is commercial financing, a provider may rely on any statement of intended purpose made by the recipient. The statement may be (1) a separate statement signed by the recipient, (2) contained in the financing application, financing agreement or other document signed or consented to by the recipient, or (3) provided orally by the recipient if such oral statement is documented in the recipient's application file by the provider. Electronic signatures and consents are valid for purposes of this section. A provider shall not be required to ascertain that the proceeds of commercial financing are used in accordance with the recipient's statement of intended purpose.

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For purposes of determining whether financing is commercial financing, a provider may rely on any statement of intended purpose made by the recipient. The statement may be (1) a separate statement signed by the recipient, (2) contained in the financing application, financing agreement or other document signed or consented to by the recipient, or (3) provided orally by the recipient if such oral statement is documented in the recipient's application file by the provider. Electronic signatures and consents are valid for purposes of this section. A provider shall not be required to ascertain that the proceeds of commercial financing are used in accordance with the recipient's statement of intended purpose.