House Bill No. 6988 mandates the Department of Banking to conduct a study on financial transactions within the state. The bill requires the department to submit a report detailing the findings of this study to the joint standing committee of the General Assembly that oversees banking matters by January 15, 2026. This new section is inserted into current law as Section 1, effective from the date of passage.

The bill does not impose any fiscal impact on the state or municipalities, as the Department of Banking possesses the necessary expertise to carry out the study without additional costs. There are no deletions from current law in this bill, and it has received a favorable report from the Banking Committee with unanimous support.