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Creditor / Debtor

loans and lending

Banks and credit unions are two of the most common sources of consumer and business loans. These loans may be secured or unsecured, and may take the form of home mortgages, home equity loans, installment loans (loans repaid in monthly installments), auto loans, student loans, and credit cards.

In Connecticut, banks and credit unions are regulated entities that provide various loan products to consumers and businesses. These loans can be either secured, with collateral such as property or a vehicle, or unsecured, without collateral. Home mortgages and home equity loans are secured by the borrower's property. Installment loans are repaid over time with a set number of scheduled payments and can be secured or unsecured. Auto loans are typically secured by the vehicle being purchased. Student loans can be federal or private, with federal loans often offering more favorable terms. Credit cards represent a form of unsecured revolving credit. The Connecticut Department of Banking oversees the regulation of financial institutions in the state, ensuring compliance with state statutes and federal laws, including the Truth in Lending Act (TILA) which requires clear disclosure of loan terms and costs to consumers.

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Creditor / Debtor

loans and lending

Individual & Family Legal Plan

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Connecticut State Code

Connecticut State Code

Creditor / Debtor

loans and lending

Articles