The bill, titled "AN ACT CONCERNING A STUDY REGARDING THE ESTABLISHMENT OF LIMITED PURPOSE TRUST COMPANIES," mandates the Department of Banking to conduct a study on the potential establishment of limited purpose trust companies in the state. The study is required to be completed by December 1, 2025, and the department must submit a report to the relevant joint standing committee of the General Assembly. This report will include findings from the study as well as recommendations for any necessary legislation to facilitate the establishment of these trust companies.

The bill introduces new legal language by designating the study as a new section effective from the date of passage. There are no deletions from current law noted in the text of the bill. The overall aim is to explore the feasibility and legislative requirements for creating limited purpose trust companies, which could enhance the banking framework within the state.