Connecticut General Statutes 36a-847b – Exemptions
Current as of: 2024 | Check for updates
|
Other versions
The provisions of sections 36a-846 to 36a-855, inclusive, shall not apply to the following persons: (1) Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union; (2) any wholly owned subsidiary of any such bank or credit union; and (3) any operating subsidiary where each owner of such operating subsidiary is wholly owned by the same bank or credit union.
Terms Used In Connecticut General Statutes 36a-847b
- Bank: means a Connecticut bank or a federal bank. See Connecticut General Statutes 36a-2
- Connecticut credit union: means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in section 36a-438a, (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership. See Connecticut General Statutes 36a-2
- Federal credit union: means any institution chartered or organized as a federal credit union pursuant to the laws of the United States having its principal office in this state. See Connecticut General Statutes 36a-2
- Out-of-state: includes any state other than Connecticut and any foreign country. See Connecticut General Statutes 36a-2
- Out-of-state credit union: means any credit union other than a Connecticut credit union or a federal credit union. See Connecticut General Statutes 36a-2
- Subsidiary: has the meaning given to that term in 12 USC Section 1841(d), as amended from time to time. See Connecticut General Statutes 36a-2