Bulletin 2911 - December 6, 2019

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2911 - Week Ending December 6, 2019

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

DEPOSIT INDEX AND INTEREST RATES

Pursuant to Section 36a-26 of the Connecticut General Statutes, the Commissioner has determined the deposit index for the calendar year 2020 to be 0.15%.

The following rates are for the period commencing January 1, 2020 and ending December 31, 2020. The type of account and statutory reference are listed along with the rate.

Calendar Year 2020

Account

Statutory Reference

Interest Rate

Rental security deposit

47a-21(i)

0.15%

Claims for property, funds, or money delivered to the State Treasurer

3-70a(e)

0.15%

Mortgage escrow accounts

49-2a
(section requires that the interest rate be not less than the deposit index, rounded to the nearest one-tenth of one percentage point)

0.20%

Public service company, certified telecommunications provider and electric supplier customer security deposits

16-262j(c)
(section requires that the interest rate be not less than the higher of the deposit index, rounded to the nearest one-tenth of one percentage point, or 1.5%)

1.5%

PLEASE NOTE: The interest rates provided herein are done as a convenience to the public; the Commissioner has no authority to establish interest rates beyond what is provided in statute. Accordingly, parties required to pay interest under these sections must ensure compliance with the applicable statute(s).

Dated: Tuesday, December 10, 2019

Jorge L. Perez
Banking Commissioner