Connecticut Enacts Changes to Banking Statutes

Connecticut recently enacted changes to the banking statutes concerning financial institutions and consumer credit licenses.  Among other things, the recently enacted changes incorporate a definition for “change of control.”  For purposes of various licensees, including mortgage lenders and other nondepository financial institutions, a change of control means any change causing the majority ownership, voting rights or control of a licensee to be held by a different control person or group of control persons.

The changes are effective October 1, 2021.