Licensees are required to be located in the U.S. or its territories under the law in effect Oct. 1.
8/30/2018 14:00
The state of Connecticut recently passed Public Act 18-173 which amends the banking laws of Connecticut. The Act requires, among other things, that licensees be located in the United States or its territories. The law goes into effect Oct. 1, 2018.
The Connecticut Department of Banking issued a memorandum stating that it will take a no action position for licensees whose offices are not located in a “state” as defined by Connecticut statute for the period of Oct. 1, 2018, to Dec. 31, 2018. The following conditions must be present for the no action position to apply:
“The entity or individual engaging in business is deemed to have an otherwise valid license for such activity, effective through December 31, 2018, to conduct said business under the controlling statutes prior to the requirement that the licensed activities be conducted from an office located in a “state”, as defined in Section 36a-2(64) of the Connecticut General Statutes.”
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