Sec. 36a-12. (Formerly Sec. 36-11). Employees. Restrictions.
328 words·~1 min read·
/ct/title-36a/chapter-664a-administration-and-enforcement/36a-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The commissioner may appoint and define the duties and authority of such employees as may be necessary to perform properly the functions of the commissioner's office. The deputy commissioner and any other employee of the Department of Banking shall have the same privileges and be subject to the same restrictions as the commissioner concerning relationships and transactions with any federal bank, federal credit union, out-of-state bank, out-of-state credit union, holding company that has a wholly-owned subsidiary that is a Connecticut bank, or any person subject to the general supervision of the commissioner, except that any employee of the Department of Banking other than the deputy commissioner may be indebted to any person subject to the general supervision of the commissioner, provided the prior approval of the commissioner is obtained for any singular indebtedness or series of indebtedness in the aggregate of twenty-five thousand dollars or more to any such person.
Such prior approval shall not be required for
(1)indebtedness resulting from the sale of the debt by the original lender,
(2)indebtedness incurred at least six months prior to appointment as an employee of the Department of Banking, provided, the commissioner may grant retroactive approval upon such appointment in the case of any singular indebtedness or series of indebtedness in the aggregate of twenty-five thousand dollars or more to any such person that is incurred, in whole or in part, within six months prior to such appointment, or
(3)indebtedness incurred by any employee of the Department of Banking who is covered under the terms of the administrative clerical (NP-3) collective bargaining agreement. For purposes of this section, “indebtedness” shall include a line of credit extended to any employee by a person subject to the general supervision of the commissioner whether or not such line of credit has been drawn upon. Any information submitted by an employee to the commissioner for the commissioner's approval pursuant to this section shall be exempt from disclosure under section 1-210 .