The bill, known as Substitute Bill No. 1399, mandates the Department of Banking to conduct a study on the 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 the findings of the study and recommendations for any necessary legislation to authorize the creation of such trust companies.

The bill introduces new legal language by establishing a new section that outlines the requirements for the study and report. There are no deletions from current law mentioned in the text of the bill. The act is set to take effect upon passage, emphasizing the urgency of the study and the potential for future legislative action based on its findings.