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ARTICLE · 05 JULY 2023

Changes Coming To Connecticut—Consumer Lenders, Take Note

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The Connecticut legislature passed Senate Bill 1033 on June 6, 2023. If signed into law by Connecticut's governor, Senate Bill 1033 will make significant changes to the Connecticut Small Loan Act...

United StatesConsumer Protection
Krista Cooley
Krista Cooley
Francis L. Doorley
Francis L. Doorley
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The Connecticut legislature passed Senate Bill 1033 on June 6, 2023. If signed into law by Connecticut's governor, Senate Bill 1033 will make significant changes to the Connecticut Small Loan Act, including expanding the types of consumer credit that are subject to the Small Loan Act, narrowing an existing exemption from the Small Loan Act, and enacting a new "anti-evasion" provision to capture certain persons acting as agents or service providers to banks and other exempt lenders.

The Small Loan Act requires a license to perform a wide variety of activities with respect to "small loans," which are non-mortgage consumer loans of $15,000 or less with APR exceeding 12%. The Small Loan Act generally requires a license to make, broker, service, and purchase small loans, as well as to provide lead generation or referral services, unless the person engaging in licensable activity is exempt. Senate Bill 1033 would amend the definition of a "small loan" to increase the

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