House Bill No. 5213 establishes a working group tasked with evaluating payroll processing methods used by financial institutions, specifically focusing on the time required for payroll checks to clear. The working group will be convened by the chairpersons of the joint standing committee of the General Assembly that oversees banking matters and will include various members such as the Banking Commissioner or their designee, a representative from a bank, and a representative from a credit union. The bill mandates that the first meeting of the working group occurs within sixty days of its effective date, and the group will select two co-chairpersons from among its members.

The working group is required to submit a report detailing its findings and recommendations to the banking committee by January 1, 2027, after which it will terminate. The bill does not impose any fiscal impact on the state or municipalities, as it utilizes existing expertise and administrative staff from the Banking Committee to support the group's activities. The new legal language introduced in this bill includes the establishment of the working group and its operational guidelines, while no existing legal language is deleted.