Sec. 36a-627. License required. Exemptions.
Sec. 36a-627. License required. Exemptions. (a) No person shall engage in the
business of a business and industrial development corporation as a participating lender
under the loan guarantee programs of the federal Small Business Administration in this
state without having received a license under sections 36a-625 to 36a-634, inclusive.
(b) Notwithstanding subsection (a) of this section, the following shall be exempt
from the provisions of sections 36a-625 to 36a-634, inclusive: (1) Any person licensed
by the federal Small Business Administration as a small business investment company
or a small business lending company; (2) any bank, out-of-state bank, Connecticut credit
union, federal credit union or out-of-state credit union; or (3) any person that is not
approved or is not seeking approval by the federal Small Business Administration as a
participating lender under one or more of its loan guarantee programs.
(P.A. 93-382, S. 58, 69; P.A. 94-122, S. 289, 340.)
History: P.A. 93-382 effective July 1, 1993; P.A. 94-122 made technical changes, effective January 1, 1995.