Sec. 36a-23. (Formerly Sec. 36-28a). Bank and credit union holidays. Closing of office in educational institution when not in session. Emergency closings. Opening of temporary offices or other facilit
Sec. 36a-23. (Formerly Sec. 36-28a). Bank and credit union holidays. Closing
of office in educational institution when not in session. Emergency closings. Opening of temporary offices or other facilities pursuant to an emergency or recovery
operations. Temporary waiver of statutory or regulatory requirements. (a) The
Governor is authorized, by proclamation, to designate and appoint one or more legal
holidays, which shall include at a minimum the legal holidays designated in section 1-4, to be known as bank and credit union holidays, to be observed throughout this state,
or to be observed in a certain county or town, or counties or towns, as specified in such
proclamation. During such holiday period all banking and credit union transactions
within the area in which such holiday is declared shall be suspended, except that the
commissioner, with the approval of the Governor, may prescribe such conditions and
restrictions for the conduct of banking and credit union business during such holiday
period and within the area in which such holiday is declared as may appear to the commissioner to be in the best interest of the public. On one banking day that immediately
precedes or follows any bank and credit union holiday, a bank or credit union may close
any of its offices on its own initiative. Each such bank or credit union that closes an
office on its own initiative shall provide the commissioner with forty-five-day advance
notice of the date the office will be closed and shall post notice in the affected office
for thirty days prior to the date such office will be closed.
(b) The commissioner may authorize the closing of all banks or Connecticut credit
unions in this state or all banks or Connecticut credit unions in any specified towns or
counties or any office of any bank or Connecticut credit union whenever it appears to
the commissioner that such action is required as a result of an emergency, or for good
cause shown.
(c) A bank or Connecticut credit union may close any office located on a college
or university campus or in a building of an educational institution during any period
when the college, university or educational institution is not in regular session; provided
the bank or Connecticut credit union shall give notice to the commissioner in advance
of its intent to effect such closings of such an office.
(d) A bank or Connecticut credit union may close any office on its own initiative
whenever an emergency does not afford an opportunity to obtain the commissioner's
prior approval.
(e) The period of any closing pursuant to this section or pursuant to any similar
provision of federal law, as well as the holidays otherwise provided by law, shall be a
legal holiday, for purposes of the Uniform Commercial Code and otherwise, for the
affected banks, Connecticut credit unions or offices.
(f) (1) If the commissioner determines that an emergency has affected and will
continue to affect for an extended period of time one or more offices of a Connecticut
bank or Connecticut credit union, or an office of an out-of-state state-chartered credit
union or foreign bank that has an office in this state, either as a result of the emergency
or subsequent recovery operations, the commissioner may issue an approval authorizing
the bank or credit union affected to open one or more temporary offices or other facilities
required for bank or credit union operations for the purpose of prompt restoration of
banking or credit union services to the existing customers of the bank or credit union
as the circumstances of such emergency may require. A temporary office or facility may
be used to solicit and service new customers, provided such customers are located within
the market area of the affected office. A temporary office or other facility may remain
open only for the period specified in the commissioner's approval, provided the commissioner may extend such period if the commissioner finds that the conditions requiring
such office or facility continue to exist. The bank or credit union may convert a temporary
office to a permanent office if permitted by and subject to the limitations and requirements of this title.
(2) If requested by the state or federal banking regulatory agency of an out-of-state
bank or foreign bank, whose home state, as defined in section 36a-410, is Massachusetts,
New Jersey, New York or Rhode Island, or an out-of-state state-chartered credit union
whose main office is located in Massachusetts, New Jersey, New York or Rhode Island,
that does not have an office in this state, and such home state or main office state is
experiencing an emergency, the commissioner may issue an order authorizing such bank
or credit union to open one or more temporary offices or other facilities in this state for
the purpose of prompt restoration of banking or credit union services to the existing
customers of the bank or credit union, as the circumstances of such emergency may
require. A temporary office or facility may be used to solicit and service new customers,
provided such customers are located outside this state. A temporary office or facility
opened under the authority of this subsection may remain open only for the period
specified in the commissioner's approval, provided the commissioner may extend such
period on a finding that the conditions requiring such office or facility continue to exist.
The bank or credit union may convert a temporary office to a permanent office if permitted by and subject to the limitations and requirements of this title.
(3) To further rapid restoration of banking and credit union services after an emergency, the commissioner may temporarily waive or suspend statutory or regulatory
requirements that threaten to impede recovery and restoration of financial services.
For purposes of this subdivision, "temporarily" means a period of time not exceeding
ninety days.
(4) For purposes of this subsection, "office" means: (A) In the case of a Connecticut
bank, a "branch", "limited branch" or "mobile branch", as defined in section 36a-145,
(B) in the case of a foreign bank, a state branch, state agency or representative office,
(C) in the case of an out-of-state bank, a "branch" as defined in section 36a-410, and
(D) in the case of a Connecticut credit union or out-of-state state-chartered credit union,
a "branch" as defined in section 36a-435b.
(g) For purposes of this section, an emergency includes conditions arising from
shortages of fuel, housing, food, transportation or labor, or arising from enemy action
or threat of enemy action, from fire or other casualty, from robbery or other crime, from
riot or threat of riot, or from extreme weather conditions.
(1969, P.A. 504, S. 2; 1971, P.A. 197; P.A. 77-614, S. 161, 610; P.A. 78-121, S. 19, 113; P.A. 87-9, S. 2, 3; P.A. 88-65, S. 14; P.A. 94-122, S. 15, 340; P.A. 00-6, S. 1; P.A. 02-47, S. 2; P.A. 05-47, S. 1; P.A. 08-119, S. 3.)
History: 1971 act inserted new Subsec. (c) re closing bank offices on university and college campuses when school is
not in regular session and redesignated former Subsecs. (c) to (f) accordingly; P.A. 77-614 replaced bank commissioner
with banking commissioner, effective January 1, 1979; P.A. 78-121 removed private bankers and building associations
from definition of "banks" in Subsec. (f); (Revisor's note: Pursuant to P.A. 87-9 "banking commissioner" was changed
editorially by the Revisors to "commissioner of banking"); P.A. 88-65 amended definitions of "banks" to delete the reference
to "industrial banks"; P.A. 94-122 deleted former Subsec. (f), defining "banks" for purposes of section, renumbering former
Subsec. (g) as Subsec. (f), and made technical changes, effective January 1, 1995; Sec. 36-28a transferred to Sec. 36a-23
in 1995; P.A. 00-6 applied provisions of section to credit unions; P.A. 02-47 amended Subsec. (b) by adding "or for good
cause shown"; P.A. 05-47 amended Subsec. (a) to provide that designated bank and credit union holidays shall include at
a minimum the legal holidays designated in Sec. 1-4, to allow a bank or credit union to close offices on its own initiative
on one banking day that immediately precedes or follows any bank and credit union holiday, and to require a bank or credit
union that closes an office on its own initiative to provide commissioner with 45-day advance notice of the date of closing
and post notice in the affected office for 30 days prior to closing; P.A. 08-119 deleted former Subsec. (e) re conditions
included within meaning of emergency, redesignated existing Subsec. (f) as new Subsec. (e), added new Subsec. (f) re
authorization for temporary offices or other facilities required for financial operations pursuant to an emergency, authority
for commissioner to temporarily waive statutory and regulatory requirements in order to restore financial services and
definitions and added Subsec. (g) re conditions included within meaning of emergency.