Substitute Senate Bill No. 304, known as Public Act No. 24-64, is an act that implements the recommendations of the Connecticut Higher Education Supplemental Loan Authority (CHESLA). The bill includes provisions that affect residents of Connecticut seeking authority loans for higher education. Specifically, it states that residents under the age of eighteen who otherwise qualify for an authority loan will not be disqualified due to their age. These individuals are considered to have full legal capacity to act in matters concerning authority loans, provided they obtain the loan with a cosigner who is at least eighteen years old.

The bill also amends Section 10a-232 of the general statutes, effective July 1, 2024, to allow the creation of special capital reserve funds by the authority. It includes changes to the funding of these reserves, such as the deletion of the word "pay into" and its replacement with "fund," and the addition of new sources of funding, including surety policies or other similar instruments issued by highly rated financial institutions. The bill clarifies the use of assets in these funds, emphasizing their role in securing the payment of principal, interest, and other related costs of authority bonds and notes. Additionally, it sets a maximum limit of $300 million for bonds secured by these special capital reserve funds and outlines conditions for the issuance of bonds to ensure the program's financial stability. The act was approved on May 28, 2024.