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| Fair Debt Collection Practices: The State of Connecticut generally adopts the rules and regulations set forth in the
Federal Fair Debt Collection Practices Act. The Banking Commissioner is charged with administering the state's banking and credit union laws and laws regarding securities, tender offers and business opportunities. The Commissioner also administers the Truth-in-Lending Act and other consumer credit laws and a major portion of the law concerning rental security deposits. Connecticut Department of Banking In addition to its licensing authority, the Division also administers a number of laws related to consumer credit issues. Final administrative orders relating to consumer credit issues may be found on this web site. See Consumer collection agencies Connecticut is one of five states that the Federal Reserve Board exempts from the
federal Truth in Lending Act. This permits local enforcement of the Truth in Lending Law.
Creditors found to be violating Truth in Lending regulations may be required to rebate
overcharges, to issue corrected disclosure statements or to issue additional rights of
recission where such rights were improperly administered initially. In addition, such
creditors are required to advise the department of their plan to prevent similar
violations from occurring. Rebates of overcharges totaled $123,856 during 1997. |
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