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Banking - A sales finance company is any person or entity that engages in Connecticut in the business, in whole or in part, of acquiring retail instalment contracts from retail sellers, or instalment loan contracts from the holders thereof, by purchase, discount or pledge, or by loan or advance to the holder of either on the security thereof, or otherwise, but does not include a bank or credit union if so engaged.
Connecticut Deptartment of Banking - Cite This Source - This Definition - Browse Related Terms: Acquiring bank, bank holding company, business opportunity, merchant banking, Safekeeping, service mark, small loan company, trademark
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Banking - A secondary mortgage loan means (A) a loan or an extension of credit, including, but not limited to, an extension of credit pursuant to a contract or an assigned contract for the sale of goods or services, made to a natural person, the proceeds of which are to be used primarily for personal, family or household purposes, and that is secured, in whole or in part, by a mortgage upon any interest in one-to-four-family owner-occupied residential property located in this state, provided such property is subject to one or more prior mortgages, and (B) the renewal or refinancing of any existing loan or extension of credit described in subparagraph (A).
Connecticut Deptartment of Banking - Cite This Source - This Definition - Browse Related Terms: Closing a mortgage loan, Collateral, first mortgage loan, Foreclosure, Mortgage, Mortgage loan, Mortgagee, Mortgagor, Satisfaction of mortgage
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Banking - The term "security" covers a broad variety of financial instruments, including stock, promissory notes, bonds, debentures, limited partnership interests and "investment contracts." Courts have defined "investment contract" to refer to an investment of money in a common enterprise with an expectation of profit to come solely or substantially from the efforts of a promoter or a third party. Under Connecticut law, insurance products regulated by the Connecticut Insurance Commissioner are not "securities."
Connecticut Deptartment of Banking - Cite This Source - This Definition - Browse Related Terms: Bond, U.S. Savings, Mutual Fund, Power of attorney, savings and loan association, savings bank, Uniform Commercial Code (UCC)
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Banking - The Small Corporate Offering Registration ("SCOR") is designed for United States based corporations that offer securities in reliance on the exemption from registration under Rule 504 of Regulation D but who elect to register the securities at the state level. SCOR is not available where the issuer: (1) is selling penny stock; (2) is a blind pool; or (3) is engaged or proposes to engage in petroleum exploration or production or mining or other extractive industry business. In addition, SCOR is not available where the issuer or any of its officers, directors, 10% stockholders, promoters or selling agents have a history of securities law violations.
Connecticut Deptartment of Banking - Cite This Source - This Definition - Browse Related Terms: agent, agent of issuer, broker-dealer, investment adviser, investment adviser agent, registration by coordination, registration by qualification, regulation a, regulation d
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Banking - A small loan company is any person or entity that engages in the business of making loans of money or credit in the amount or to the value of five thousand dollars or less for loans made under Section 36a-563, or ten thousand dollars or less for loans made under Section 36a-565, and charge, contract for or receive a greater rate of interest, charge or consideration than twelve per cent per annum therefor, except a bank, an out-of-state bank, a Connecticut credit union, a federal credit union, an out-of-state credit union, a savings and loan association wholly owned subsidiary service corporation, a person to the extent that such person makes loans for agricultural, commercial, industrial or governmental use or extends credit through an open-end credit plan, as defined in subdivision (8) of Section 36a-676, for the retail purchase of consumer goods or services, or a licensed pawnbroker, must be licensed by the Banking Commissioner.
Connecticut Deptartment of Banking - Cite This Source - This Definition - Browse Related Terms: Acquiring bank, bank holding company, business opportunity, merchant banking, Safekeeping, sales finance company, service mark, trademark
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Banking - An order not to pay a check that has been issued but not yet cashed. If requested soon enough, the check will not be debited from the payer's account. Most banks charge a fee for this service.
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Browse Related Terms: Affidavit, bank and trust company, Cashier's check, Certified check, Check, check cashing service, Checking account, Collected funds, Float, Forged check, Insufficient funds, Kiting, Official check, Outstanding check, Overdraw