Consumer & commercial lending in Connecticut

Who needs this in Connecticut

A company that makes consumer loans to Connecticut residents generally needs a small-loan or sales-finance license (confirm category) from Connecticut Department of Banking when the product, rate, or amount crosses the state’s trigger. Banks and credit unions lending under a charter are usually exempt. Commercial-purpose loans often sit outside the consumer statute — confirm before you treat a business loan as unlicensed.

Where to file

Use the DOB Consumer Credit Division NMLS checklist to pick small-loan versus sales-finance versus other authorities. File in Connecticut because the borrower lives there, not because your office does.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts