A type of safe usually located in groups inside a bank vault and rented to customers for their use in storing valuable items.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA type of safe usually located in groups inside a bank vault and rented to customers for their use in storing valuable items.
- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping
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A service provided by banks where securities and valuables are protected in the vaults of the bank for customers.
: A service provided by banks where securities and valuables are protected in the vaults of the bank for customers.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping
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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.
- Browse Related Terms: bankruptcy, business opportunity, consumer collection agency, debt adjuster, field of membership, member, sales finance company, service mark, small loan company, trademark
A document issued by a mortgagee (the lender) when a mortgage is paid in full.
: A document issued by a mortgagee (the lender) when a mortgage is paid in full.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Certificate of release, mortgage correspondent lender, mortgage lender, Mortgagee, Mortgagor, Redlining, Satisfaction of mortgage, Real Estate Owned (REO)
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Connecticut law allows the formation of a savings and loan association in either mutual or capital stock form. These institutions are also called "thrifts" and, traditionally, have promoted home ownership through mortgage lending. Connecticut law grants these institutions the same powers as commercial banks.
- Browse Related Terms: Bond, U.S. Savings, community bank, Index-linked Certificate of Deposit, merchant banking, money-market fund, Mutual Fund, Power of attorney, savings and loan association, savings bank, security, Uniform Commercial Code (UCC), Uniform Gift to Minors Account, Security (-ies)
Savings banks were initially formed in the early 1800's in the northeastern United States to promote thrift among wage earners. Mutual and capital stock savings banks in their present form, however, are a much more diverse and competitive provider of financial services. While savings banks have traditionally focused on residential and commercial mortgage lending, they have the same investment powers as bank and trust companies.
- Browse Related Terms: Bond, U.S. Savings, community bank, Index-linked Certificate of Deposit, merchant banking, money-market fund, Mutual Fund, Power of attorney, savings and loan association, savings bank, security, Uniform Commercial Code (UCC), Uniform Gift to Minors Account, Security (-ies)
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).
- Browse Related Terms: Agency Mortgage-Backed Security (MBS), Co-maker, Commercial Mortgage-Backed Securities (CMBS), Credit Disability Insurance, Credit Life Insurance, first mortgage loan, Guaranteed Student Loan, Home Equity Loan, Insurance (Hazard), Residential Mortgage-Backed Securities (RMBS), Reverse mortgage, secondary mortgage loan
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."
- Browse Related Terms: Bond, U.S. Savings, community bank, Index-linked Certificate of Deposit, merchant banking, money-market fund, Mutual Fund, Power of attorney, savings and loan association, savings bank, security, Uniform Commercial Code (UCC), Uniform Gift to Minors Account, Security (-ies)
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For purposes of the list maintenance requirement, a seller is:
- Any organizer, underwriter, broker, or dealer (or other similar person) who transfers any interest in a tax shelter.
- Any agent who negotiates the transfer of any interest in a tax shelter for the tax shelter, an organizer, or other person described in (1).
- Any investor (not described in (1)) who transfers any interest in a tax shelter, or
- Any other person who receives consideration in connection with another person's right to participate in a tax shelter, for services necessary to the organization or structure of such tax shelter (other than services that do not constitute participation in the organization or management of a tax shelter under Treasury Regulation section 301.6111-1T), or for information that is integral to the participation in such tax shelter.
- Browse Related Terms: Abusive tax avoidance transaction (ATAT), Material Advisor, Organizer, Potentially abusive tax shelter, promoter, Red Cross Scheme, Seller, transaction
A charge assessed by a depository institution for processing transactions and maintaining accounts.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA charge assessed by a depository institution for processing transactions and maintaining accounts.
- Browse Related Terms: Account holder, ChexSystems, Electronic banking, Escrow, Foreign transaction fees, Joint Account, Online Banking, Payment Due Date, Service Charge, Trust administrator
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Not every business opportunity must be registered with the Department of Banking under the Connecticut Business Opportunity Investment Act. Where a business opportunity includes the sale of a marketing program made in conjunction with the licensing of a federally registered trademark or service mark, the Connecticut Business Opportunity Investment Act does not apply. Business opportunity sellers claiming this exclusion must file a notice with the department. The burden of proving that the seller is eligible for the exclusion and that a trademark or service mark continues to be federally registered rests with the business opportunity seller.
- Browse Related Terms: bankruptcy, business opportunity, consumer collection agency, debt adjuster, field of membership, member, sales finance company, service mark, small loan company, trademark
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Share means the basic unit of capital of a Connecticut credit union. Members may receive dividends based on the number of shares held.
- Browse Related Terms: Annuity, Beneficiary, Collective Investment Funds (CIFs,CIF), Estate account, Fiduciary, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, share, Trust Account, wholesale banking, Asset Management Estate (AME), Medium Term Note (MTN), Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), Securitization
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A card signed by each depositor and customer of a bank which may be used as a means of identification. The signature card represents a contract between the bank and the depositor.
A card signed by each depositor and customer of a bank which may be used as a means of identification. The signature card represents a contract between the bank and the depositor.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: affidavit, Cashier's Check, Certified check, Drawee bank, Float, Forged Check, Insufficient funds, Official Check, Outstanding check, Signature card
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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.
- Browse Related Terms: agent, agent of issuer, branch office, securities, broker-dealer, investment adviser, investment adviser agent, Issuer, registration by coordination, registration by qualification, regulation a, Regulation D, small corporate offering registration (scor) (see registration by qualification), Underwriter
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.
- Browse Related Terms: bankruptcy, business opportunity, consumer collection agency, debt adjuster, field of membership, member, sales finance company, service mark, small loan company, trademark
An area defined on a Flood Insurance Rate Map with an associated risk of flooding.
An area defined on a Flood Insurance Rate Map with an associated risk of flooding.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Annual percentage yield (APY), Debt-to-income ratio (DTI), Interest rate index, Payoff statement, Periodic rate, Regular Program Community, Special Flood Hazard Area (SFHA), Terms, Usury, Variable rate, Home Price Appreciation (HPA), Investment Grade, Tranche
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Presented to the paying bank 180 days (6 months) or more after the original issue date. Banks are not required by the Uniform Commercial Code to honor stale-dated checks and can return them to the issuing bank unpaid. The maker of a check can discourage late presentment by writing the words "not good after X days" on the back of the check.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionPresented to the paying bank 180 days (6 months) or more after the original issue date. Banks are not required by the Uniform Commercial Code to honor stale-dated checks and can return them to the issuing bank unpaid. The maker of a check can discourage late presentment by writing the words "not good after X days" on the back of the check.
- Browse Related Terms: Availability date, bank and trust company, Checking account, Collected Funds, Kiting, Local check, Minimum balance, Negotiable Order of Withdrawal Account (NOW), Overdraw, Stale-Dated Check, Stop payment
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A bank that is organized under the laws of a State and chartered by that State to conduct the business of banking.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA bank that is organized under the laws of a State and chartered by that State to conduct the business of banking.
- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
The organization in each State that supervises the operations and affairs of State banks.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe organization in each State that supervises the operations and affairs of State banks.
- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
A summary of all transactions that occurred over the preceding month and could be associated with a deposit account or a credit card account.
A summary of all transactions that occurred over the preceding month and could be associated with a deposit account or a credit card account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Account Agreement, Adverse Action, Adverse Action Notice, application, authorization, Available Credit, Billing Error, Credit card account agreement, Credit limit, Debit card, Individual Account, Missing payment, Money market deposit account, Overlimit, Personal Identification Number (PIN), Previous Balance, statement
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