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Can you summarize 36a CTGS Chapter 666?
The Banking Law of Connecticut - Chapters 664 to 669 (Secs. 36a-1 to 36a-860a) > Out-of-State Banks - Secs. 36a-410 to 36a-434
Short Summary
The provided legal document content covers various aspects of out-of-state banks and their operations in Connecticut. The documents define terms related to out-of-state banking activities and specify their meanings in the context of out-of-state banks and branches. They also outline the powers of out-of-state holding companies regarding interstate acquisitions and the establishment of banks and Connecticut holding companies. The documents provide criteria for the commissioner to consider when approving such actions, including the impact on competition, safe and sound banking practices, and benefits to the public. Exemptions are available for certain requirements, such as the duration of existence and control over deposits. The documents also govern the merger, consolidation, and acquisition of out-of-state banks in Connecticut, as well as the establishment of de novo branches and loan production offices by out-of-state banks. The approval of the commissioner is required for these activities, and various factors are considered, including compliance with applicable laws, benefits to the public, and impact on competition. The documents also address the applicability of Connecticut law to out-of-state banks and the supervision and examination powers of the commissioner. Additionally, the documents cover the licensing requirements for foreign banks seeking to establish branches or agencies in Connecticut, including the application process, required information, and license fees. The commissioner has the authority to investigate the applications and issue licenses based on various factors. The documents also outline the operations of foreign banks at state branches or agencies in Connecticut, the maintenance of appropriate books and records, and the revocation, suspension, or refusal to renew licenses. The documents provide procedures for voluntary and involuntary liquidation of state branches or agencies, as well as the commissioner’s powers to conduct investigations and examinations. Overall, the documents aim to regulate and oversee the operations of out-of-state banks in Connecticut, ensuring compliance with applicable laws and protecting the interests of the public.
Whom does it apply to?
The documents apply to entities and individuals involved in out-of-state banking activities, including out-of-state banks, out-of-state holding companies, and foreign banks seeking to establish branches or agencies in Connecticut.
What does it govern?
The legal documents govern various aspects of out-of-state banks and their operations in Connecticut, including definitions of terms, powers of out-of-state holding companies, merger and acquisition of out-of-state banks, establishment of de novo branches, and licensing requirements for foreign banks.
What are exemptions?
Exemptions include waiving the requirement of five years of existence and continuous operation for banks or subsidiary banks, and allowing a greater percentage of control over deposits.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Connecticut