Sec.36a-1-3. Basic organization

The commissioner, assisted by a deputy commissioner, heads the department, which consists of the following operating divisions:

(1) The Financial Institutions Division examines and supervises Connecticut banks and state branches and state agencies established and maintained by foreign banks in Connecticut. The division analyzes and processes various applications including applications for the establishment of new banks, bank branches, mergers and consolidations, acquisitions, conversions and holding company formations. The division licenses and regulates business and industrial development corporations and certain nonbanking corporations that exercise fiduciary powers. The division also examines and supervises Connecticut credit unions and analyzes and processes applications for the organization of new credit unions, credit union branches, mergers, acquisitions, conversions and field of membership changes or expansions.

(2) The Consumer Credit Division licenses and regulates consumer collection agencies, debt adjusters, nondepository first and secondary mortgage lenders and brokers, sales finance companies, small loan companies, issuers and sellers of money orders, travelers checks and electronic payment instruments, money transmitters and check cashing services, and registers loan originators. The division also enforces the Truth-in-Lending Act and other consumer credit laws.

(3) The Securities and Business Investments Division registers securities and business opportunities that are offered for sale in Connecticut, broker-dealers, agents, investment advisers, investment adviser agents and broker-dealer and investment adviser branch offices; examines broker-dealer, investment adviser and branch office registrants; and enforces the securities, business opportunity and tender offer laws of this state.

(4) The Business Office is responsible for the department's accounting, budgeting, fiscal, payroll, purchasing, mail and financial reporting functions.

(5) The Government Relations and Consumer Affairs Division coordinates the department's legislative programs, manages media relations, helps to educate the public about financial services, receives and reviews consumer complaints concerning issues relating to banks, credit unions, consumer credit, securities and business opportunities, and serves as the department's liaison in labor relations.

(6) The Legal Division provides legal advice and related services to the commissioner and to the divisions of the department on issues that arise in regulating the banking, credit union and securities industries as well as the consumer credit and landlord tenant areas. The division drafts, monitors and analyzes legislation; drafts regulations; analyzes legal issues pertaining to the interpretation and enforcement of statutes within the commissioner's jurisdiction and the legal sufficiency of documents filed by regulated entities; and drafts notices of hearing in contested cases and participates in administrative hearings.

(7) The Personnel Division is responsible for the department's human resources function.

(Adopted effective August 31, 2004)