small loan company

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.