State Codes and Statutes

Statutes > Connecticut > Title36a > Chap665a > Sec36a-332

      Sec. 36a-332. (Formerly Sec. 36-385). Powers of commissioner. (a) The commissioner has the power (1) to require any qualified public depository to furnish such information as the commissioner shall request. Any public depository which refuses or neglects to give any information so requested shall no longer be a qualified public depository and shall be excluded from the right to receive public deposits; (2) to take such action as the commissioner deems best for the protection, collection, compromise or settlement of any claim arising in case of loss; and (3) to fix the official date on which any loss shall be deemed to have occurred taking into consideration the orders, rules and regulations of any supervisory authority as they affect the failure or inability of a qualified public depository to repay public deposits in full.

      (b) The commissioner shall adopt regulations, in accordance with the provisions of chapter 54, to administer the provisions of sections 36a-330 to 36a-338, inclusive. Such regulations shall establish (1) requirements for the qualification of financial institutions as qualified public depositories, (2) other terms and conditions consistent with sections 36a-330 to 36a-338, inclusive, under which public deposits may be received and held, (3) requirements for financial institutions eligible to serve as trustees for segregated eligible collateral under subsection (b) of section 36a-333, (4) requirements for the transfer of eligible collateral from a qualified public depository to a financial institution serving as trustee for such collateral under subsection (b) of section 36a-333, (5) provisions governing the valuation of eligible collateral when the market value of such collateral is not readily determinable, and (6) such other provisions as the commissioner deems necessary to carry out the requirements of sections 36a-330 to 36a-338, inclusive.

      (1967, P.A. 517, S. 4; P.A. 77-614, S. 157, 610; P.A. 91-245, S. 3; P.A. 94-122, S. 157, 340.)

      History: P.A. 77-614 replaced "commission", i.e. Public Deposit Protection Commission, with "commissioner", i.e. banking commissioner, effective January 1, 1979; P.A. 91-245 designated existing section as Subsec. (a), deleted provisions re regulations and allocation of payments in case of loss, and added Subsec. (b) re regulations to administer the provisions of the chapter; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-385 transferred to Sec. 36a-332 in 1995.