Raised Bill No. 1256 aims to amend the organization, administration, and receivership processes for financial institutions in Connecticut, introducing several key changes to existing laws. Notably, the bill increases the conditional preliminary approval fee for expedited bank organization from $15,000 to $20,000, while exempting interim Connecticut banks from any fees. It also repeals subsections (h) to (u) of section 36a-70, replacing them with new criteria that emphasize public interest, the proposed bank's potential for successful operation, and the qualifications of its directors and officers. Additionally, the bill modifies the process for amending proposed certificates of incorporation and business plans, allowing for changes with the approval of the commissioner or the approving authority.

The bill further establishes a framework for the examination of proposed banks before issuing a final certificate of authority, ensuring compliance with legal requirements such as franchise tax payments and minimum equity capital. It introduces provisions for the organization of interim banks and bankers' banks, allowing for regulatory waivers under certain conditions. The bill also defines "community bank" and "community development bank," detailing their capital requirements and operational limitations, while removing certain fees to encourage their establishment. Overall, Raised Bill No. 1256 seeks to streamline banking operations in Connecticut, enhance regulatory oversight, and clarify operational parameters for various types of banks.

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