Important Banking Legislation Passed During 2023 Session

June 23, 2023
As House Chair of the Banking Committee, the 2023 Legislative Session was a successful one in terms of our bills that became law and will make a difference to people in the 13th District and across Connecticut.

Below are some of the banking bills of note:

  • HB 6752 allows the Connecticut Department of Banking to issue regulations regarding cryptocurrencies and protects state residents from scams related to cryptocurrency kiosks.
  • HB 6688 is a wide-ranging bipartisan bill that improves protections for state residents going through foreclosure, expands green subsidies to heat pumps and geothermal heating, improves CHFA subsidies for home ownership and affordable housing opportunities, and establishes a working group to find ways to increase financing opportunities for mobile manufactured homes.
  • HB 6689 makes a career in health care more affordable for nurses and mental health care providers through the Nursing and Mental Health Care Professionals Loan Subsidy Program, which will mean lower interest rates for those currently practicing in these in-demand and high need fields. This we hope will be a small step toward recruiting and retaining more of these desperately needed professionals here in Connecticut. 
  • SB 1032 requires certain lenders offering specific types of commercial financing to give applicants information on, among other things, the financing amount, finance charges, the total repayment amount, the term, payment amounts, other potential fees, any prepayment costs, and any collateral requirements.
  • SB 1088 is a bill that allows for qualified financial institutions to put a hold on suspicious transactions to protect senior citizens, who are often the target of scammers and financial predators, in cases where fraud is suspected and investigate further.
Concepts from two other banking bills were included in the two-year state budget:
  • HB 6690 creates an Office of the Student Loan Ombudsman and provides enhanced regulation of student loan lenders and servicers. This bill was a multi-year effort and included the hard work of many advocates from the Student Loan Fund (slfnh.org/).  I am particularly proud that we were finally able to make the Ombudsman a reality to help student loan borrowers in Connecticut.
  • HB 6753 creates tax incentives and support for intellectually disabled (IDD) persons and their families through the use of "ABLE" accounts.  This bill was part of a broad coordinated bipartisan effort to help the IDD community, resulting in landmark legislation, HB 5001. 

Some of this legislation also received in-depth news coverage, so please click on the links below to read more:

CT passes new regulations on alternative lenders

Connecticut May Ban Collection Tactic Used in Cash-Advance Loans

'Wild West' of cryptocurrencies is focus of CT legislation