Sec. 36a-428l. Investigation and examination concerning foreign bank licensed to maintain state branch, state agency or representative office. Commissioner's powers; duties of foreign bank; cost o
Sec. 36a-428l. Investigation and examination concerning foreign bank licensed to maintain state branch, state agency or representative office. Commissioner's powers; duties of foreign bank; cost of examination; penalties. (a) The commissioner may make such public or private investigations or examinations within or outside
this state, concerning any foreign bank licensed to maintain a state branch, state agency
or representative office in this state, as the commissioner deems necessary to carry out
the duties of the commissioner relating to such branch, agency or representative office.
(b) For the purpose of any investigation, examination or proceeding under sections
36a-428 to 36a-428l, inclusive, the commissioner may administer oaths and affirmations, subpoena witnesses, compel attendance of witnesses, take evidence, require written statements and require the production of any records relating to the activities of such
branch, agency or representative office as the commissioner deems relevant or material.
The commissioner may require that certified copies of any such records be provided to
the commissioner at the commissioner's office.
(c) The foreign bank which is the subject of any such investigation, examination
or proceeding shall (1) make its records relating to the activities of such branch, agency
or representative office available to the commissioner in readable form; (2) provide
necessary personnel and equipment, including, but not limited to, assistance in the analysis of computer-generated records; (3) provide copies or computer printouts of records
when so requested; (4) furnish unrestricted access to all areas of its principal place of
business in Connecticut or wherever the applicable records may be located; and (5)
otherwise cooperate with the commissioner.
(d) The superior court for the judicial district of Hartford, upon application of the
commissioner, may issue to any person refusing to obey a subpoena issued pursuant
to subsection (b) of this section an order requiring that person to appear before the
commissioner or any officer designated by the commissioner to produce records so
ordered or to give evidence concerning the matter under investigation or in question.
Failure to obey the order of the court may be punished by the court as a contempt of
court.
(e) A foreign bank licensed to maintain a state branch, state agency or representative
office in this state shall pay to the commissioner the actual cost of any examination of
the licensee, as such cost is determined by the commissioner. Failure by the licensee to
pay such cost within thirty days of receipt of demand from the commissioner shall
automatically suspend the license until the costs are paid.
(f) As used in this section, "records" includes, but is not limited to, books, papers,
correspondence, memoranda, agreements, diaries, logs, notes, ledgers, journals, visual,
audio, magnetic or electronic recordings, computer printouts and software, and any other
documents.
(g) The provisions of section 36a-17 shall not apply to a foreign bank licensed to
maintain a state branch, state agency or representative office in this state.
(P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; Oct. Sp. Sess. P.A. 94-1, S. 13, 21; P.A. 95-220, S.
4-6; P.A. 96-109, S. 9.)
History: Oct. Sp. Sess. P.A. 94-1, S. 13, effective January 1, 1995. (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A.
93-142 authorized substitution of "judicial district of Hartford" for "judicial district of Hartford-New Britain" in the public
and special acts of the 1994 regular and special sessions, effective September 1, 1996); P.A. 95-220 changed the effective
date of P.A. 88-230 from September 1, 1996, to September 1, 1998, effective July 1, 1995; P.A. 96-109 deleted reference
to Secs. 36a-2, 36a-145 and 36a-425 in Subsec. (b).