Banking Reforms Taking Effect Soon

September 16, 2016
How to tackle the state budget

Recently the Hartford Business Journal wrote a great article breaking down a major piece of Banking Committee legislation that we passed this session. I encourage you to give it a read and learn more about how Connecticut is both protecting consumers and expanding opportunities for businesses. Many of these measures take effect on October 1. Here are some of the groundbreaking reforms that the article covers:

• Makes Connecticut the first state to extend protections from payday lenders and loan sharks under the federal Military Lending Act to all state residents

• Cracks down on discriminatory lending by auto dealers 

• Expands the "bill of rights" for student loan borrowers

• Makes Connecticut the first state to provide a licensing option for international trade and investment corporations