Senate Bill 1069

To allow the Banking Commissioner to issue an order to cease and desist against any director or other related person of a Connecticut bank, Connecticut holding company, Connecticut credit union or Connecticut credit union service organization if such person is, among other things, engaging in an unsafe and unsound practice; to eliminate the application fee that a Connecticut bank shall pay in connection with an application for approval to acquire, alter or improve real estate for use by the bank if such application is filed in connection with an application to establish a branch; to provide that the commissioner may extend the thirty-day period in which a hearing shall be held on an application to organize a Connecticut bank if the commissioner determines that good cause exists to extend such time period; to reduce the number of times that the organizers of a Connecticut bank shall publish a copy of the proposed certificate of incorporation and time and place set for a hearing on an application to organize a Connecticut bank and to eliminate the requirement to send copies of such certificate and notice to each bank or out-of-state bank in the town where the Connecticut bank is to be located; to change the criteria that the commissioner shall consider in connection with an application filed by a Connecticut bank to establish a branch in this state; to provide that in the case of a stock issuance by a subsidiary holding company persons other than its mutual holding company shall hold less than fifty per cent of the subsidiary holding company’s total outstanding common stock; to provide that the amount of public deposits held by a qualified public depository shall be determined based on the amount of public deposits reported on the written report filed by such depository pursuant to section 36a-338; to clarify the definition of "home state" for purposes of interstate transactions with respect to a savings and loan holding company that holds savings and loan subsidiaries that function solely in a trust or fiduciary capacity; to replace the approval requirement with a notice requirement when any foreign bank licensed to establish and maintain a state branch in this state changes its corporate name, place of business or business which it proposes to do in this state and to eliminate the existing investigation fee of four hundred dollars required in section 36a-428f of the general statutes.

In the Senate

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In the Senate Feb 14 – Apr 27

1. Feb 14Introduced and sent to Banking Committee
2. Feb 17Heard in Banking Committee
3. Mar 15Banking Committee recommended it
4. Apr 27Passed the Senate

In the House of Representatives Apr 28 – May 5

1. Apr 28Arrived in the House of Representatives
2. May 5Passed the House of Representatives

To the Governor May 10 – May 17

1. May 10Numbered Public Act 05-39
2. May 12Sent to the Secretary of the State
3. May 17Signed by the Governor