Payday Loan Laws

Connecticut Payday Loan Laws & Legislation

Connecticut Payday loan laws. Connecticut Payday loan legislation. Connecticut does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet, one of the alternative methods (cash rebates, ISP model, etc.) discussed in our training materials, or the newest model, the CSO (Credit Services Organization) approach.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck

Connecticut Payday Loan Laws & Legislation State Information

Legal Status: Prohibited

Usury act applies or small loan act applies. Conn. Gen. Stat.§ 36a-563

Small Loan Rate Cap
30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

Where to Complain, Get Information:
Regulator: Connecticut Department of Banking
Address: 260 Constitution Plaza Hartford CT 06103
Phone: (860) 240-8299
Fax: (860) 240-8167
Regulatory Contact: Alan Cicchetti Deputy Commissioner
Regulator’s Website
Online Resources:
Consumer Information and Educational Programs