Sec. 36a-615. (Formerly Sec. 36-577). Definitions.
Sec. 36a-615. (Formerly Sec. 36-577). Definitions. As used in sections 36a-615
to 36a-620, inclusive, unless the context otherwise requires:
(1) "Advance fee" means any consideration paid or given, directly or indirectly, to
a loan broker prior to the distribution of the proceeds of an unsecured loan to any person.
(2) "Loan broker" means any person who: (A) For or in expectation of a fee (i)
arranges, negotiates, places, solicits or finds an unsecured loan; (ii) assists or advises a
person in obtaining an unsecured loan; or (iii) offers or attempts to engage in the activities
described in subparagraph (i) or (ii) of this subdivision; (B) acts for or on behalf of a
loan broker; (C) holds himself out to the public generally as a person engaging in the
activities described in subdivision (A) of this subsection. A principal, officer, director,
partner, joint venturer, manager or other person with similar supervisory or managerial
responsibility for persons engaging in the activities described in subdivisions (A) to (C),
inclusive, of this subsection shall be deemed to be a loan broker. "Loan broker" shall
not include any bank, out-of-state bank, Connecticut credit union, federal credit union,
out-of-state credit union, small loan licensee, nondepository mortgage lender, mortgage
correspondent lender or mortgage broker, sales finance company, securities broker-dealer or investment adviser, investment company as defined in the Investment Company Act of 1940, as amended from time to time, forwarder of money, trustee under a
mortgage or deed of trust of real property, corporation exercising fiduciary powers,
money order and travelers check licensee, check cashing licensee, real estate broker
or agent, attorney, Federal Housing Authority or Veterans' Administration approved
lender, or insurance company; provided any such person or entity so excluded is licensed
by and subject to the regulation and supervision of the appropriate regulatory agency
of the United States or this state or any other state and is acting within the scope of the
license.
(3) "Unsecured loan" means any loan of money or extension of credit that is not
secured by a security interest, as defined in Regulation Z, 12 CFR Section 226.2(a)(25),
as from time to time amended.
(P.A. 92-67, S. 1, 9; P.A. 94-122, S. 285, 340; P.A. 08-176, S. 74.)
History: P.A. 94-122 deleted definition of "commissioner" in Subdiv. (2), renumbered the remaining Subdivs. and
made technical changes, effective January 1, 1995; Sec. 36-577 transferred to Sec. 36a-615 in 1995; P.A. 08-176 amended
Subdiv. (2) to add reference to "mortgage correspondent lender" and make conforming and technical changes, effective
July 1, 2008.