Sec. 36a-870. Registration. Authority to transact business. Application. Fees.
193 words·~1 min read·
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(a)Not later than October 1, 2024, each provider and commercial financing broker shall:
(1)Register with the Banking Commissioner in a manner prescribed by the commissioner; and
(2)unless such provider or broker is organized under the laws of this state or is otherwise not required to obtain authority to transact business in this state as a foreign entity, shall obtain authority to transact business in this state.
(b)An application for registration by a provider or commercial financing broker shall disclose any judgment, memorandum of understanding, cease and desist order or conviction that involves a crime or an act of fraud, breach of trust or money laundering with respect to such provider or broker or any officer, director, manager, operator or individual who otherwise controls the operations of such provider or broker.
(c)Each provider and commercial financing broker shall pay an initial registration fee of one thousand dollars and an annual registration fee of five hundred dollars by the fifteenth of September each year thereafter. If a provider or commercial financing broker fails to timely pay any such annual registration fee, its registration shall automatically expire by operation of law.