Raised Bill No. 282, introduced in the February Session, 2024, proposes amendments to the general statutes concerning the approval process for certain bank real estate improvements by the Banking Commissioner. The bill seeks to repeal and replace subparagraph (A) of subdivision (33) of subsection (a) of section 36a-250 of the 2024 supplement to the general statutes, effective October 1, 2024. The new language specifies that banks will not require the commissioner's approval for altering or improving real estate they already own or lease, or that is controlled by the bank, under certain conditions. These conditions include if the bank is adequately capitalized as defined in 12 CFR 324.403 and is not under any pending formal enforcement action by the commissioner under 36a-50 or the Federal Deposit Insurance Corporation, or if the expenditure for such improvements does not exceed five percent of the bank's capital and surplus or seven hundred fifty thousand dollars, whichever is less, in any one calendar year.

The purpose of the bill is to modify an exemption from the requirement that the Banking Commissioner must approve certain bank real estate improvements or alterations. The bill introduces new criteria for when a bank is exempt from seeking approval, focusing on the bank's capitalization status and the absence of pending formal enforcement actions. The bill also sets a financial threshold for the exemption based on the bank's capital and surplus. The proposed changes are indicated by insertions in the bill text, while deletions from the current law are indicated by strikethroughs.