Connecticut 2022 Regular Session Status: In Committee

HB 5317 — AN ACT CONCERNING THE OFFICE OF THE ATTORNEY GENERAL AND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.

Last action — No Action

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

278 added · 137 removed

278 line(s) added, 137 removed.

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General Assembly Raised Bill No.
House of Representatives General Assembly File No.
5317 February Session, 2022 LCO No.
327 February Session, 2022 Substitute House Bill No.
2596 Referred to Committee on BANKING Introduced by:
5317 House of Representatives, April 6, 2022 The Committee on Banking reported through REP.
(BA) AN ACT CONCERNING THE OFFICE OF THE ATTORNEY GENERAL AND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.
DOUCETTE of the 13th Dist., Chairperson of the Committee on the part of the House, that the substitute bill ought to pass.
AN ACT CONCERNING THE OFFICE OF THE ATTORNEY GENERAL AND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.
(b) (1) Whenever the Attorney General or the Attorney General's designee, including any deputy or assistant attorney general, has reason to believe that any person has violated, is violating or is about to violate any of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, within this state, the Attorney General or the Attorney General's designee may, prior to LCO No.
(b) (1) Whenever, during the course of an investigation, the Attorney General, his or her deputy, or any assistant attorney general the Attorney General may designate as his or her designee, has reason to believe that any person has violated any of the provisions of the Dodd- Frank Wall Street Reform and Consumer Protection Act, Public Law sHB5317 / File No.
2596 1 of 5 Raised Bill No.5317 instituting any action or proceeding against such person, issue in writing and cause to be served upon any person within or outside the state, by subpoena or subpoena duces tecum, a demand requiring such person to (A) submit to the Attorney General or the Attorney General's designee any documentary material, including any books, papers, correspondence, memoranda, agreements or other documents or records relevant to the scope of the alleged violation, regardless of location, (B) appear before the Attorney General or the Attorney General's designee and give testimony within or outside the state, or (C) respondtowritteninterrogatoriesastoanymattersrelevanttothescope of the alleged violation.
327 1 sHB5317 File No.
327 111-203, that a state attorney general is authorized by said act to enforce, within this state, the Attorney General or such designee may, prior to instituting any action or proceeding against such person, issue in writing and cause to be served upon any person within or outside the state, by subpoena or subpoena duces tecum, a demand requiring such person to (A) submit to the Attorney General or such designee any documentary material, (B) appear before the Attorney General or such designee and give testimony within or outside the state, or (C) respond to written interrogatories as to any matters relevant to the scope of the alleged violation.
The person upon whom a subpoena is served under this subsection shall bear the costs of compliance with such subpoena.
(3) Service of subpoenas ad testificandum, subpoenas duces tecum, notices of deposition and written interrogatories, as provided in this subsection, may be made by:
(3) Service of subpoenas ad testificandum, subpoenas duces tecum, notices of deposition and written interrogatories, as provided in this subsection, may be made:
(A) Personal service or service at the usual LCO No.
(A) By personal service or service at the usual place of abode, (B) through a registered agent, or (C) by registered or certified mail, return receipt requested, a duly executed copy thereof addressed to the person to be served at such person's principal place of sHB5317 / File No.
2596 2 of 5 Raised Bill No.5317 place of abode, or (B) registered or certified mail, return receipt requested, a duly executed copy thereof addressed to the person to be served at such person's principal place of business in this state, or, if such person has no principal place of business in this state, at such person's principal office or such person's residence.
327 2 sHB5317 File No.
(4) All documentary material and responses to interrogatories furnished to, and all transcripts of testimony taken by, the Attorney General or the Attorney General's designee, pursuant to a subpoena issued under this subsection or voluntarily, and all information obtained, collected or prepared in connection with an investigation conducted pursuant to this subsection, including the identity of the person furnishing such documentary information or testimony, shall be held in the custody of the Attorney General or the Attorney General's designee, and shall not be available to the public or be subject to inspection or disclosure under the Freedom of Information Act, as defined in section 1-200.
327 business in this state, or, if such person has no principal place of business in this state, at such person's principal office or such person's residence.
Any documentary material furnished to the Attorney General or the Attorney General's designee may be returned to the person furnishing such documentary material upon the termination of the Attorney General's investigation or final determination of any action or proceeding commenced thereunder.
(4) All documentary material and responses to interrogatories furnished to, and all transcripts of testimony taken by, the Attorney General or such designee, pursuant to a subpoena issued under this subsection or voluntarily, and all information obtained, collected or preparedinconnectionwithaninvestigationconductedpursuanttothis subsection, including the identity of the person furnishing such documentary information or testimony, shall be held in the custody of the Attorney General or such designee, and shall not be available to the public or be subject to inspection or disclosure under the Freedom of Information Act, as defined in section 1-200.
(5) Notwithstanding the prohibition against public disclosure of documentary material and other information provided in this subsection, any confidential material may be used by the Attorney General or the Attorney General's designee, in connection with any investigation conducted pursuant to this subsection, when the Attorney General or the Attorney General's designee, reasonably determines that it is necessary to disclose such confidential material to a person providing a sworn or unsworn oral statement in order to adduce evidence of a suspected violation of a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, and reasonably believes that the person providing any such sworn or unsworn oral statement:
Any documentary material furnished to the Attorney General or such designee shall be returned to thepersonfurnishing suchdocumentary material,or erasediffurnished in electronic format, upon the termination of the Attorney General's investigation or final determination of any action or proceeding commenced thereunder.
(A) Is an author or recipient of the confidential material,(B)hasreadtheconfidentialmaterial,or(C)isotherwiseaware of the substance of the confidential material.
Except as prohibited by applicable court order, nothing in this subsection shall prohibit a person upon whom a subpoena has been served from disclosing the existence of such subpoena or any information such person furnishes in response to such subpoena.
No copy or original of the LCO No.
(5) Notwithstanding the prohibition against public disclosure of documentary material and other information provided in this subsection, any confidential material may be used by the Attorney General or such designee, in connection with the taking of oral testimony conducted pursuant to this subsection, when the Attorney General or such designee, reasonably determines that it is necessary to disclose such confidential material to a person providing oral testimony in order to adduce evidence of a suspected violation of a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, that a state attorney general is authorized by said act to enforce, and reasonably believes that the person providing any such oral testimony:
2596 3 of 5 Raised Bill No.5317 confidential material described or shown to a person providing a sworn or unsworn oral statement pursuant to this subsection shall be retained by such person.
(A) Is an author or recipient of the confidential sHB5317 / File No.
327 3 sHB5317 File No.
327 material,(B)hasreadtheconfidentialmaterial,or(C)isotherwiseaware of the substance of the confidential material.
No copy or original of the confidential material described or shown to a person providing oral testimony pursuant to this subsection shall be retained by such person.
(6) The Attorney General or the Attorney General's designee, may, without waiving any privilege, disclose any confidential material described in this subsection for any appropriate supervisory, governmental, law enforcement or other public purpose, including, but not limited to, a civil action brought pursuant to subsection (a) of this section, and may cooperate with officials of the federal government, the state and other states, including, but not limited to, the sharing and disclosure of information and evidence obtained pursuant to a subpoena issued under this subsection.
(6)TheAttorneyGeneralorsuchdesignee,may,withoutwaivingany privilege, disclose any confidential material described in this subsection for any appropriate supervisory, governmental, law enforcement or otherpublicpurpose,including,butnotlimitedto,acivilactionbrought pursuant to subsection (a) of this section, and may cooperate with officials of the federal government, the state and other states, including, but not limited to, the sharing and disclosure of information and evidence obtained pursuant to a subpoena issued under this subsection.
In any proceeding before a court, the court may issue a protective order in appropriate circumstances to protect the confidentiality ofany suchconfidentialmaterialandorder that any such confidential material on file with the court or filed in connection with the court proceeding be sealed and that the public be excluded from any portion of the proceeding at which any such confidential material is disclosed.
In any proceeding before a court, the court may issue a protective order in appropriate circumstances to protect the confidentiality of any such confidential material and order that any such confidential material on file with the court or filed in connection with the court proceeding be sealed and that the public be excluded from any portion of the proceeding at which any such confidential material is disclosed.
(7) In the event any person refuses to comply with or obey, or otherwise failsto comply withor obey,asubpoenaservedinaccordance with the provisions of this subsection, the Attorney General or the Attorney General's designee designated by the Attorney General, may apply (A) to the superior court for the judicial district of Hartford for compliance, which court may, upon notice to such person, issue an order requiring such compliance, which shall be served upon such person, and (B) to the superior court for the judicial district of Hartford for an order, which court may, after notice to such person and hearing thereon, issue an order requiring payment to the state of a civil penalty of not more than one hundred thousand dollars.
(7) In the event any person refuses to comply with or obey, or otherwise failsto comply withor obey,asubpoenaservedinaccordance with the provisions of this subsection, the Attorney General or such designee, may apply (A) to the superior court for the judicial district of Hartford for compliance, which court may, upon notice to such person, issue an order requiring such compliance, which shall be served upon such person, and (B) to the superior court for the judicial district of Hartford for an order, which court may, after notice to such person and hearing thereon, issue an order requiring payment to the state of a civil penalty of not more than ten thousand dollars.
Failure to obey the LCO No.
sHB5317 / File No.
2596 4 of 5 Raised Bill No.
327 4 sHB5317 File No.
5317 order of the court may be punished by the court as contempt of court.
327 (8) The Attorney General's power of subpoena and investigation under this subsection shall not abate or terminate as to any person by reason of any civil action or proceeding brought by the Attorney General under this section.
Any person ordered by the court to comply with a subpoena served under this subsection shall bear the state's costs and attorney's fees in enforcing such subpoena.
(8) The Attorney General's power of subpoena and investigation under this subsection shall not abate or terminate as to any person by reason of any civil action or proceeding brought by the Attorney General under this section.
Section 1 October 1, 2022 3-129e Statement of Purpose:
Section 1 October 1, 2022 3-129e BA Joint Favorable Subst.
To establish procedures concerning the Office of the Attorney General and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
sHB5317 / File No.
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] LCO No.
327 5 sHB5317 File No.
2596 5 of 5
327 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.
In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.
Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.
OFA Fiscal Note State Impact:
None Municipal Impact:
None Explanation The bill expands the investigative authority of the Office of the Attorney General (OAG) to enforce the federal Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) by authorizing the issuance of subpoenas.
The bill also allows OAG to apply to Hartford Superior Court to enforce a subpoena, including requesting the court impose a civil penalty of up to $10,000.
Currently, OAG may:
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(1) bring a civil action in a court to enforce the provisions of the Dodd-Frank Act;
and (2) allows OAG to seek any relief under the Dodd-Frank Act.
This is not anticipated to result in a fiscal impact in FY 23 or FY 24, as there is no party currently identified for enforcement.
The Out Years The bill may result in a revenue gain to the Resources of the General Fund in the outyears to the extent a party for enforcement is identified, subpoenaed, and civil actions result in penalties.
sHB5317 / File No.
327 6 sHB5317 File No.
327 OLR Bill Analysis sHB 5317 AN ACT CONCERNING THE OFFICE OF THE ATTORNEY GENERAL AND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.
SUMMARY This bill expands the attorney general’s pre-trial investigative authority to enforce the federal Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) by, among other things, authorizing him (or his designee) to issue subpoenas for documentary material, testimony, or responses to written interrogatories.
It generally makes information he collects under subpoenas confidential, and specifies when and to whom it may be disclosed.
The bill also allows him to apply to Hartford Superior Court to enforce a subpoena, including requesting the court impose a civil penalty of up to $10,000.
Under existing law, the attorney general may bring a civil action in a court of competent jurisdiction to enforce the provisions of the Dodd- Frank Act that state attorneys general are authorized to enforce.
He may also seek any relief that the Dodd-Frank Act authorizes state attorneys general to seek.
The bill expressly provides that (1) the attorney general’s subpoena and investigation powers under the bill will not lessen or end for any person because of any Dodd-Frank Act-related civil action or proceeding he may bring and (2) nothing in it limits the banking commissioner’s authority to enforce the Dodd-Frank Act or any other state or federal law or regulation.
EFFECTIVE DATE:
October 1, 2022 SUBPOENA POWER sHB5317 / File No.
327 7 sHB5317 File No.
327 The bill allows the attorney general, during an investigation, to subpoena anyone in or outside the state who he has reason to believe has violated the provisions of the Dodd-Frank Act that he is authorized to enforce under existing law.
Before starting an action or proceeding against a person, the attorney general may specifically demand, in writing and by subpoena, for him or her to:
1.
submit documentary material (including written, recorded, or electronic information);
2.
appear before the attorney general and testify in or outside the state;
or 3.
respond to written interrogatories on relevant matters within the scope of an alleged violation.
The bill requires that subpoenas for documentary material state:
1.
the nature of the alleged violation;
2.
the types of documentary material to be reproduced, specific enough to allow the material to be accurately identified;
and 3.
a date that allows a reasonable time to respond.
Similarly, the bill requires that all written interrogatories provide a return date that allows a reasonable time to respond.
Additionally, all testimony taken in accordance with a Dodd-Frank Act-related actionor proceeding and all written interrogatory responses provided must be under oath and not be publicly disclosed.
Also, a written transcript must be made of the testimony, with a copy furnished to the person testifying.
Subpoenas issued under the bill cannot require anything that would be privileged or precluded from disclosure if demanded in a grand jury investigation.
Subpoenas, notices of deposition, and written interrogatories may be sHB5317 / File No.
327 8 sHB5317 File No.
327 served:
1.
on the person or at his or her usual residence;
2.
through a registered agent;
or 3.
by registered or certified mail, return receipt requested, with a copy addressed to the person to be served at his or her (a) principal place of business in Connecticut, (b) principal office, or (c) residence.
The bill requires that the following information be held in the attorney general’s custody and not be disclosed to the public or subject to inspection or disclosure under the state’s Freedom of Information Act:
1.
the identity of individuals who submit documentary information or testimony to the attorney general and what they submit, whether they do so in response to a subpoena issued under the bill or voluntarily, and 2.
and all information the attorney general obtains, collects, or prepares in connection with a Dodd-Frank Act investigation.
Under the bill, documentary material that is given must be returned, or erased if it’s electronic, when the investigation ends or on the final determination of an action or proceeding.
The bill allows a person who is served a subpoena to disclose its existence and any information he or she provides in response to it, unless prohibited by court order.
Use and Disclosure of Confidential Information The bill allows the attorney general to disclose confidential material (i.e., original or copies of documentary material, interrogatory responses, or written transcripts of oral testimony or other information produced under a subpoena) to a person orally testifying in a Dodd- Frank Act investigation when he reasonably:
1.
determines its use is necessary to bring out evidence of a sHB5317 / File No.
327 9 sHB5317 File No.
327 suspected Dodd-Frank Act violation that he is authorized by law to enforce, and 2.
believes the person testifying (a) is an author or recipient of the confidentialmaterialor (b)has readit or isaware ofitssubstance.
The bill prohibits the person testifying from keeping any of the confidential material.
The bill further allows the attorney general, without waiving any privilege, to disclose any confidential material for any appropriate supervisory, governmental, law enforcement, or other public purpose, including, in a civil action to enforce the Dodd-Frank Act.
The attorney general may also cooperate with federal or state officials (including officials from other states), such as by sharing and disclosing informationandevidenceheobtains.However,thebillrequiresthatany disclosure of confidential material must be made under safeguards designedto prevent itsfurther distribution.In any court proceeding, the bill allows the court to issue a protective order in appropriate circumstances to protect the material’s confidentiality and order that it be sealed, and that the public be excluded from any portion of the proceeding at which the material is disclosed.
Compliance If a person refuses or otherwise fails to comply with or obey a subpoena, the attorney general may apply to Hartford Superior Court for an order (1) requiring compliance, after a notice and serving the order on their person, or (2) imposing a civil penalty of up to $10,000, after notice and hearing.
COMMITTEE ACTION Banking Committee Joint Favorable Substitute Yea 13 Nay 4 (03/22/2022) sHB5317 / File No.
327 10
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Action History

  1. No Action

  2. REF. BY HOUSE TO COMMITTEE ON Judiciary

  3. FILE NO. 327

  4. HOUSE CALENDAR NUMBER 239

  5. FAV. RPT., TABLED FOR HOUSE CALENDAR

  6. RPTD. OUT OF LCO

  7. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 04/05/22

  8. FILED WITH LCO

  9. Joint Favorable Substitute

  10. PUBLIC HEARING 0310

  11. REF. TO JOINT COMM. ON Banking

Sponsors

  • Banking Committee · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 186 not signed on

Sponsors (1)

  • Banking Committee

Co-sponsors (0)

None.

Not signed on (186)

186 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Frequently asked questions

Who sponsors HB 5317?
HB 5317 is sponsored by Banking Committee.
What is the current status of HB 5317?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 5317?
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