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when qualifying and on the interest they are
charged, particularly women and minorities.
State law requires licensed dealers, begin-
ning Oct. 1, to regularly submit to the state
Department of Banking profile data about their
auto-loan borrowers as well as the financial
disclosures consum-
ers receive before
signing loan papers,
Lesser said.
With receipt of the
first batch of reports
due Jan. 30, the state
will analyze that har-
vested information,
to verify whether dis-
crimination exists in
dealer financing.
Also among the
consumer reforms
is an expansion of Connecticut's previously
adopted student-loan borrowers' "bill of
rights,'' which presidential nominee Hillary
Clinton has embraced and is being copied in
several other states, Lesser said.
For this, the banking department, too, has
been delegated as the state's primary point
of contact for consumers who believe they
are victims of student-loan collectors' abu-
sive tactics.
Export-financing licensing
The law even has something for Con-
necticut manufacturers who export and the
export-lenders who finance them. It makes,
Lesser said, Connecticut the first state to pro-
vide a licensing option for international trade
and investment corporations.
The specific provision, which took effect
upon passage, defines these as private
companies or government agencies approved
or seeking approval from the U.S. Export-
Import Bank, Overseas Private Investment
Corp., or the U.S. Department of Agricul-
ture, as a lender under a financing guaran-
tee program.
With the state banking commissioner
empowered to issue them, these licenses are
significant, Lesser said, because some ner-
vous countries are increasingly throwing up
obstacles for "unlicensed" lenders to do busi-
ness on their shores in the wake of the global
financial crisis.
In testimony on the bill, Lesser said one
Hartford lender talked about new barriers
imposed by the government of India.
"We hope this gives our small and mid-sized
companies a leg up,'' Lesser said, "making it
easier to get them the financing they need to
export products around the world." n
State Rep. Matthew
Lesser, co-chair of the leg-
islature's Banking
Committee
