The sections concerning securities outline the definition of an agent representing a broker-dealer in a sale or purchase of securities, broker-dealer registration requirements, broker-dealer record requirements, registered investment adviser requirements and notices required when offering or selling a covered security.

A Small Loan is defined as “any loan of money or extension of credit, or the purchase of, or an advance of money on, a borrower’s future income where the following conditions are present: (A) The amount or value is fifteen thousand dollars or less; and (B) the APR is greater than twelve per cent.” A Small Loan “shall not include: (i) A retail installment contract made in accordance with section 36a-772; (ii) a loan or extension of credit for agricultural, commercial, industrial or governmental use; (iii) a residential mortgage loan as defined in section 36a-485; or (iv) an open-end credit account that is accessed by a credit card issued by an exempt entity, as described in subdivision (1) of subsection (b) of section 36a-557, as amended by this act…”

The Act includes numerous provisions relating to foreclosure including addressing post-foreclosure tenants and tenants who are recipients of assistance under the federal Housing Choice Voucher Program, loss mitigation treatment for underwater mortgages, foreclosure by market sale requirements, mediation provisions and a newly added section concerning expedited foreclosure for abandoned properties.

The Act includes amendments to the requirements concerning the handling of escrow funds for the payment of taxes and insurance premiums, including the payment of interest on funds held by the servicer. Additional sections include mortgage servicing prohibitions concerning recklessly or knowingly misapplying payments.

The definition of a consumer collection agency is in part as follows from  the revised Section 36a-800 of the 2016 supplement:  “any person (A) engaged as a third party in the business of collecting or receiving payment for others on any account, bill or other indebtedness from a consumer debtor, (B) engaged directly or indirectly in the business of collecting on any account, bill or other indebtedness from a consumer debtor for such person’s own account if the indebtedness was acquired from another person and if the indebtedness was either delinquent or in default at the time it was acquired, or (C) engaged in the business of collecting or receiving tax payments, including, but not limited to, property tax and federal income tax payments, from a property tax debtor or federal income tax debtor on behalf of a municipality or the United States Department of the Treasury, including, but not limited to, any person who, by any device, subterfuge or pretense, makes a pretended purchase or takes a pretended assignment of accounts from any other person, municipality or taxing authority of such indebtedness for the purpose of evading the provisions of this section and sections 36a-801 to 36a-812, inclusive, as amended by this act.

“Consumer collection agency” includes persons who furnish collection systems carrying a name which simulates the name of a consumer collection agency and who supply forms or form letters to be used by the creditor, even though such forms direct the consumer debtor, property tax debtor or federal income tax debtor to make payments directly to the creditor rather than to such fictitious agency.

“Consumer collection agency” further includes any person who, in attempting to collect or in collecting such person’s own accounts or claims from a consumer debtor, uses a fictitious name or any name other than such person’s own name which would indicate to the consumer debtor that a third person is collecting or attempting to collect such account or claim.”

Notification requirements concerning the sale of insurance of which the payment is included in a retail installment contract are outlined in the Act.  Additionally, provisions are included concerning delinquency and repossession resulting from an installment contract default.

View the Act in its entirety here.