Connecticut General Statutes
Chapter 666 - Out-of-State Banks
Section 36a-428a. - Application for license to establish and maintain state branch or state agency. Application form, supporting documents, fee. Investigation by commissioner and issuance of license. Display of license. License may not be transferred...

(a) Application for a license to establish and maintain a state branch or state agency in this state shall be made on forms prescribed by the commissioner and shall be duly executed in duplicate by the foreign bank by one or more of its principal officers. Such application shall state the value of the assets of such bank as of the end of its most recent fiscal quarter, which shall be at least one million dollars in excess of its liabilities. Such application shall be accompanied by a copy of the charter or articles of incorporation of the foreign bank, and the bylaws, or their equivalents, and all amendments thereto, duly authenticated by the proper officer of such foreign bank. Each applicant for a license to establish and maintain a state branch or state agency in this state shall pay to the commissioner, at the time of application, a nonrefundable license fee of two thousand dollars.

(b) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license after the commissioner considers the effects of the proposed state branch or state agency on competition, the financial and managerial resources and future prospects of the applicant foreign bank and the proposed state branch or state agency, the public convenience and advantage that will be promoted, and the net new benefits to this state. As used in this subsection, “net new benefits” means (1) initial capital investments, including any new construction, (2) job creation plans, including, but not limited to, the number of jobs to be created and the average wage rates for each category of such jobs, (3) the potential for increasing state and municipal tax revenues from increased economic activity and increased employment, (4) consumer and business services and other benefits to the state, local community and citizens, and (5) such other matters as the commissioner may deem necessary or advisable.
(c) Any license issued pursuant to this section shall be conspicuously displayed in the place of business specified therein. Such license shall not be transferable or assignable.
(Oct. Sp. Sess. P.A. 94-1, S. 2, 21; P.A. 99-33, S. 2, 3.)
History: Oct. Sp. Sess. P.A. 94-1, S. 2, effective January 1, 1995; P.A. 99-33 redefined “net new benefits”, effective May 27, 1999.

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Structure Connecticut General Statutes

Connecticut General Statutes

Title 36a - The Banking Law of Connecticut

Chapter 666 - Out-of-State Banks

Section 36a-410. (Formerly Sec. 36-552). - Definitions.

Section 36a-410a. - Mergers between Connecticut and out-of-state banks authorized. Interstate branching.

Section 36a-411. (Formerly Sec. 36-553). - Out-of-state holding companies: Powers re interstate acquisitions and establishment of banks and Connecticut holding companies.

Section 36a-412. (Formerly Sec. 36-555). - Out-of-state banks: Merger, consolidation and acquisition. De novo branches. Powers of branches. Loan production offices. Applicability of Connecticut law. Commissioner approval.

Section 36a-413. (Formerly Sec. 36-558). - Severability.

Section 36a-428. - Foreign banks authorized to establish and maintain state branches and state agencies, subject to the regulations and orders of the commissioner. License requirements.

Section 36a-428a. - Application for license to establish and maintain state branch or state agency. Application form, supporting documents, fee. Investigation by commissioner and issuance of license. Display of license. License may not be transferred...

Section 36a-428b. - Operation of foreign bank at state branch or state agency, rights, privileges, duties, restrictions, etc., exceptions. Deposit insurance from FDIC not required. Not subject to certain statutory provisions, when. Assessment for exp...

Section 36a-428c. - Deposit of assets by foreign bank. Holding of currency or other assets in relation to liabilities. Unusual and extraordinary circumstances; deposit of assets with banks designated by commissioner.

Section 36a-428d. - Certification of paid-in capital stock, surplus fund and undivided profits; limitation or restriction.

Section 36a-428e. - Conversion of state agency to state branch, state branch to state agency, and federal branch or federal agency to state branch or state agency.

Section 36a-428f. - Prior notice by foreign bank of change in its place of business, its corporate name and the business it proposes to do in this state.

Section 36a-428g. - Representative office; licensing requirements; application; fee; renewal; content of license; investigation of facts by commissioner. Foreign bank subject to regulations and orders of commissioner.

Section 36a-428h. - Books, accounts and records to be maintained and available at state branch, state agency or representative office. Reports to commissioner.

Section 36a-428i. - Notice of acquisition of control or merger of foreign bank.

Section 36a-428j. - Revocation, suspension or refusal to renew license to maintain state branch, state agency or representative office.

Section 36a-428k. - Voluntary liquidation of business and property of state branches and state agencies.

Section 36a-428l. - Investigation and examination concerning foreign bank licensed to maintain state branch, state agency or representative office. Commissioner's powers; duties of foreign bank; cost of examination; penalties.

Section 36a-428m. - Certain public officials and state employees barred from employment with Swiss Bank prior to January 1, 1996.

Section 36a-428n. - Involuntary liquidation of business and property of foreign banks having a state branch or state agency.