The bill, identified as Substitute Senate Bill No. 120 with File No. 134, mandates the Department of Banking to conduct a study on lending issues within the state. The bill requires the department to submit a report on the findings of this study to the joint standing committee of the General Assembly that oversees banking matters by January 15, 2025. This report must comply with the provisions of section 11-4a of the general statutes. The bill is effective upon passage and introduces a new section to the law.

The fiscal impact statement attached to the bill indicates that there will be no fiscal impact on the state or municipalities as a result of this bill. The Department of Banking is considered to have the necessary expertise to carry out the study without incurring additional costs. The bill has received a favorable recommendation from the Banking Committee with a vote of 9 in favor and 3 against on March 12, 2024. The title of the bill was changed for accuracy, as noted by the Legislative Commissioners.