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To Her Excellency M. Jodi Rell, Governor - page 10 / 25

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The staff of the Consumer Credit Division provides licensees subject to the Truth in Lending Act with substantial assistance in complying with its requirements. Guidance concerning compliance is offered to creditors during and after examinations. From time to time trade associations and other groups present formal educational programs in which staff members participate. The large volume of consumer inquiries received by the division is used wherever possible as an opportunity to educate the public on how to best use the information creditors are required to disclose.

Small Loan Licensees

Total

40,575

$98,132,323

Secured

27,336

$8,161,786

Unsecured

13,239

$89,970,537

First Mortgages

754

$97,804,272

Second Mortgages

2509

$90,972,428

Sales Finance Companies and Retail Installment Sales Financing

There were 216 sales finance company licenses in effect on December 31, 2007. As of December 31, 2008, there were 197 sales finance company licensees.

There were 47 small loan licenses in effect on December 31, 2007. As of December 31, 2008, there were 47 small loan licensees. During the year, 5 small loan licensees were examined for compliance with the Small Loan Act (Chapter 668, Part III of the Connecticut General Statutes) and the Truth in Lending Laws.

Closed – End Loans

2008 Dollar Amount

Loans Outstanding #

46,194

23,024

(50.16)

Loans Outstanding $

$278,485,252

$133,433,658

(52.09)

2008

2008

Number of Transactions

Dollar Amount

Other Business Conducted on the Same Premises as the Licensee

2008 Number of Transactions

% Change

Small Loan activities

Small Loan Activities

2007

2008

During 2008, 21 licensees were examined for compliance with the Retail Installment Sales Financing Act (Chapter 668, Part II of the Connecticut General Statutes) and the Truth in Lending Laws.

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