DOB: Consumer Credit Division of the Connecticut Department of Banking

Consumer Credit Division

Contact the Division

The Consumer Credit Division licenses and regulates:

As of March 2, 2015
Check Cashing Services 213 Mortgage Lenders 254
Consumer Collection Agencies 1,087      - Branch Offices 396
Debt Adjusters 54 Mortgage Correspondent Lenders 107
Debt Negotiators 9      - Branch Offices 109
Money Transmitters & Issuers of
Money Orders and Travelers Checks
88 Mortgage Brokers 174
     - Branch Offices 13
Sales Finance Companies    165 Mortgage Loan Originators 4,970
Small Loan Companies 4 Loan Processor/Underwriter       95

In addition to its licensing authority, the Consumer Credit Division also administers various laws related to consumer credit issues. Administrative orders relating to consumer credit issues may be found on this web site.

Connecticut is one of five states that the Federal Reserve Board exempts from the federal Truth in Lending Act. This permits local enforcement of the Truth in Lending Law.

Consumer Questions or Complaints?

Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103-1800

Telephone:  (860) 240-8200 For Question or
                 (860) 240-8288 For Complaints
                 toll-free 800-831-7225
Fax:           (860) 240-8215

Key staff may be contacted via Email:

Carmine T. Costa, Division Director

Christina M. Kaiko, Department Manager (Licensing)

Dena Wood, Department Manager (Examinations)

Connecticut Statutes Administered by the Division
[ Download Banking and Related Laws ]

Chapter 668, Part VI - Loan Brokers

Prohibits brokers of unsecured loans from requiring that applicants pay any advance fee before loan proceeds are disbursed.

Chapter 669, Part I - Creditors' Collection Practices

Comprehensively regulates the collection practices of creditors in the same way that the Federal Fair Debt Collection Practices Act regulates the collection practices of collection agencies.

Chapter 669, Part III - Truth-in-Lending Act

Adopts Federal Regulation Z by reference and provides the Banking Commissioner with authority to enforce Regulation Z as it applies to Connecticut creditors, except those holding Federal charters.

Chapter 669, Part IV - Interest and Finance Charge Rebates

Limits the applicability of methods of finance charge and interest rebates in consumer credit transactions which are less favorable to the consumer than the actuarial method.

Chapter 669, Part V - Consumer Credit Reports

Provides protections from credit reporting abuses and prescribes an error resolution procedure in the event of credit reporting errors. Places limits on the activities of credit repair firms known as credit clinics.

Chapter 669, Part VI - Mortgage Processing

Requires that mortgage lenders adhere to the terms of written mortgage rate lock-in agreements if delays in closing are caused by the lender.

Chapter 669, Part VII - Mortgage Servicing

Requires the prompt payment of taxes and insurance from mortgage escrow accounts if payments have been made by the consumer in a timely fashion and the mortgage servicer has been provided with tax or insurance bills before they are due.

Chapter 669, Part VIII - Mortgage Insurance

Requires certain disclosures in cases where mortgage guaranty insurance is required by a mortgage lender.

Chapter 669, Part X - Other Mortgage and Loan Practices

Requires that mortgage applicants who pay for an appraisal be offered a copy of the appraisal report; prohibits requiring owner's title insurance in connection with mortgage loans; limits the amount of fire insurance which may be required in connection with mortgage loans; requires payment of loan proceeds to mortgagors or closing attorneys by certified, treasurer's or cashier's checks or by wire transfer.

Chapter 669, Part XI - Retail Installment Sales Financing

Sets forth the contract requirements, rates, maximum late charges, finance charge rebates, repossession procedures and miscellaneous requirements for retail installment contracts and installment loan contracts.