Connecticut Increases Branch Bonds

The bonds are increasing for main locations and individual branches for licensees effective Oct. 1.

06/20/2022 12:00 P.M.

1 minute read

The Connecticut Department of Banking has approved a bond increase from $25,000 for each licensed location to $50,000 for main location bonds. An additional $50,000 in bonds will be added for each branch.

The increase, included in legislative revisions to the banking statutes, will take effect Oct. 1, 2022.

Connecticut also converted to Electronic Surety Bonds (ESB) effective Nov. 1, 2021. Applications for bonds are required through the ESB platform, ACA International previously reported.

Information regarding the license types, bond forms and more can be found on the ESB Adoption Map and Table posted on the Nationwide Multistate Licensing System Resource Center.

To learn more on how the ACA Bond Unit can assist you with your bond needs, please contact them at [email protected] or call (952) 926-6547.

If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.

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