Senate Bill No. 1255, now Public Act No. 25-103, amends the definition of "community bank" and "community credit union" within the context of the Community Bank and Community Credit Union Investment Program established by the State Treasurer. The bill repeals the existing definitions and replaces them with updated language. Specifically, the definition of "community bank" is expanded to include out-of-state banks, as defined in section 36a-2, while the definition of "community credit union" is revised to refer to Connecticut credit unions or federal credit unions, also as defined in section 36a-2.

These changes aim to modernize the definitions to better reflect the current banking landscape and ensure that the investment program encompasses a broader range of financial institutions. The new definitions will take effect on July 1, 2025, allowing for a transition period for stakeholders to adapt to the updated legal framework.

Statutes affected:
Raised Bill: 3-24j
BA Joint Favorable: 3-24j
File No. 170: 3-24j
Public Act No. 25-103: 3-24j