Senate Bill No. 1031, identified as File No. 175, is a legislative proposal that has been reported favorably by the Committee on Banking. The bill mandates the Department of Banking to conduct a study on banking issues within the state. The Department is required to submit a report detailing the results of this study to the joint standing committee of the General Assembly that oversees matters related to banking by January 15, 2024. This bill is set to be effective from the date of passage and introduces a new section to the law.

The fiscal impact statement and bill analysis indicate that there will be no fiscal impact on the state or municipal governments as a result of this bill. The Department of Banking is considered to have the necessary expertise to carry out the study and report without incurring additional costs. The bill analysis by the Office of Legislative Research does not extend to Special Acts. The Banking Committee has given a joint favorable vote to the bill with 12 members in favor and none opposed on March 7, 2023.