The General Assembly Raised Bill No. 6989 mandates the Department of Banking to conduct a study on financial institutions within the state. The bill requires the department to submit a report detailing the findings of this study to the relevant joint standing committee of the General Assembly by January 15, 2026. This initiative aims to enhance understanding and oversight of financial institutions operating in the state.

The bill introduces new legal language, specifically stating that the study and report are to be conducted and submitted as outlined in Section 1, which is effective upon passage. There are no deletions from current law in this bill, as it primarily establishes a new requirement for the Department of Banking.