Any person engaging in the business of making loans of money or extensions of credit, or the purchases of, an advance of money on, borrower’s future income where the following conditions are present: (a) the amount or value is fifteen thousand dollars or less; and (b) the APR is greater than 12%. Future income means any future potential source of money, and expressly includes, but is not limited to, a future pay or salary, pension, pension or tax refund.

It includes any person, by any method, including, but not limited to, mail, telephone, Internet or other electronic means, unless exempt that:

• makes a small loan to a Connecticut borrower;
• offers, solicits, brokers, directly or indirectly arranges, places or finds a small loan for aprospective Connecticut borrower;
• engages in any other activity intended to assist prospective Connecticut borrowers in obtaining a small loan, including, but not limited to, generating leads;
• receives payments of principal and interest in connection with a small loan made to a Connecticut borrower;
• purchases, acquire or receive assignment of a small loan made to a Connecticut borrower; and
• advertises or causes to be advertised in this state a small loan or any of the services described above

Questions concerning small loan companies may be directed via email to Anne Cappelli at the Consumer Credit Division.

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