The bill, identified as Substitute Senate Bill No. 119 with File No. 133, mandates the Department of Banking to conduct a study on financial institutions 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 bill is set to be effective from the date of passage and creates a new section in the law.

The fiscal impact statement and bill analysis indicate 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 Joint Favorable report from the Banking Committee with a vote of 9 in favor and 3 against on March 12, 2024. The title of the bill was also changed for accuracy as noted by the Legislative Commissioners.