The bill, Senate Substitute Bill No. 119, introduced as 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 report must comply with the provisions of section 11-4a of the general statutes. The bill is effective from the date of 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 municipal governments 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 analysis by the Office of Legislative Research does not analyze Special Acts, and the Banking Committee has given a Joint Favorable vote with 9 yeas and 3 nays on March 12, 2024. The title of the bill was also changed for accuracy.