Senate Bill No. 188, designated as File No. 113, is a legislative proposal that mandates Connecticut banks to include the names of all account holders or owners on periodic statements provided to depositors. This bill amends Section 36a-318 of the 2024 supplement to the general statutes by adding a new subsection (g), which will take effect on October 1, 2024. The bill specifically targets Connecticut-chartered or -organized bank and trust companies, savings banks, and savings and loan associations. The bill has been reported favorably by the Committee on Banking and is recommended to pass.

The bill defines a "deposit account" as an account with deposits made in the name of at least one natural person or, in the case of trust accounts, where the entire beneficial interest is held by at least one natural person, excluding general or limited partnership accounts or sole proprietorship business accounts. A "depositor" is defined as any natural person legally entitled to make withdrawals or sell shares from a deposit account. A "periodic statement" is a statement with information about a deposit account that is provided to a depositor on a regular basis, at least four times a year. 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 legislation. The effective date of the bill is October 1, 2024, and the Banking Committee's joint action on the bill was favorable with a vote of 10 to 2 on March 12, 2024.