Sec. 36a-12. (Formerly Sec. 36-11). Employees. Restrictions.
Sec. 36a-12. (Formerly Sec. 36-11). Employees. Restrictions. The commissioner may appoint and define the duties and authority of such employees as may be
necessary to perform properly the functions of the commissioner's office. The deputy
commissioner and any other employee of the Department of Banking shall have the
same privileges and be subject to the same restrictions as the commissioner concerning
relationships and transactions with any federal bank, federal credit union, out-of-state
bank, out-of-state credit union, holding company that has a wholly-owned subsidiary
that is a Connecticut bank, or any person subject to the general supervision of the commissioner, except that any employee of the Department of Banking other than the deputy
commissioner may be indebted to any person subject to the general supervision of the
commissioner, provided the prior approval of the commissioner is obtained for any
singular indebtedness or series of indebtedness in the aggregate of twenty-five thousand
dollars or more to any such person. Such prior approval shall not be required for (1)
indebtedness resulting from the sale of the debt by the original lender, (2) indebtedness
incurred at least six months prior to appointment as an employee of the Department of
Banking, provided, the commissioner may grant retroactive approval upon such appointment in the case of any singular indebtedness or series of indebtedness in the aggregate
of twenty-five thousand dollars or more to any such person that is incurred, in whole
or in part, within six months prior to such appointment, or (3) indebtedness incurred by
any employee of the Department of Banking who is covered under the terms of the
administrative clerical (NP-3) collective bargaining agreement. For purposes of this
section, "indebtedness" shall include a line of credit extended to any employee by a
person subject to the general supervision of the commissioner whether or not such line
of credit has been drawn upon. Any information submitted by an employee to the commissioner for the commissioner's approval pursuant to this section shall be exempt from
disclosure under section 1-210.
(1949 Rev., S. 5734; P.A. 73-586, S. 1, 2; P.A. 77-614, S. 161, 610; P.A. 78-26, S. 1, 2; P.A. 80-482, S. 235, 345, 348;
P.A. 82-182, S. 1, 2; P.A. 85-108, S. 1, 2; P.A. 87-9, S. 2, 3; P.A. 93-16, S. 2; P.A. 94-122, S. 6, 340; P.A. 97-262; P.A.
99-36, S. 1; P.A. 03-84, S. 2; P.A. 04-8, S. 1.)
History: P.A. 73-586 added provision re borrowing limits imposed on banking department employees with regard to
borrowing from state employee credit union; P.A. 77-614 replaced bank and deputy bank commissioner with banking and
deputy banking commissioner and made banking department a division within the department of business regulation,
effective January 1, 1979; P.A. 78-26 replaced $2,500 limit on unsecured loans and $3,500 dollar limit on secured loans
with limit of "the maximum amount allowed under section 36-199" in provision re borrowing from state employee credit
union; P.A. 80-482 restored banking division as independent department with banking commissioner as its head and
abolished the department of business regulation; P.A. 82-182 restricted the prohibition on credit union division employees
borrowing from a credit union to those employees authorized to examine credit unions; P.A. 85-108 exempted clerical
employees from restrictions on loan transactions, permitted the deputy commissioner and other employees to continue
loan agreements entered into at least six months prior to employment, limited mortgage agreements to the employee's
principal residence and permitted examiners to borrow from the state employee's credit union; (Revisor's note: Pursuant
to P.A. 87-9, "banking commissioner" was changed editorially by the Revisors to "commissioner of banking"); P.A. 93-16 made technical changes for clarity and accuracy by specifying that banks, associations, credit unions or any entity subject
to the general supervision of the commission are restricted in certain transactions; P.A. 94-122 changed "commissioner of
banking" to "commissioner" and made other technical changes, effective January 1, 1995; Sec. 36-11 transferred to Sec.
36a-12 in 1995; P.A. 97-262 deleted former indebtedness exceptions and specific authority for employee borrowing from
a state employee credit union, added provisions re employee indebtedness with the prior approval of the commissioner,
exceptions to approval requirement and retroactive approval proviso, defined "indebtedness" and added exemption from
disclosure under Sec. 1-19; P.A. 99-36 made technical changes; P.A. 03-84 inserted "holding company that has a wholly-owned subsidiary that is a Connecticut bank," effective June 3, 2003; P.A. 04-8 made a technical change, effective April
16, 2004.
See chapter 67 (Sec. 5-193 et seq.) for the State Personnel Act.
See Sec. 36a-223 re appointment of receiver, conservator or agent.