Senate Bill No. 303 mandates that all Connecticut banks and credit unions must offer secured credit cards to their customers and members. A secured credit card is defined as a credit card account where the customer provides funds to the bank or credit union as collateral for the credit extended. Additionally, the bill stipulates that any bank or credit union issuing a secured credit card must make account information accessible to both the account holder and any third party authorized by the account holder to report this information to a credit rating agency.

The bill is set to take effect on October 1, 2026, and does not impose any fiscal impact on the state or municipalities. The language of the bill includes new definitions and requirements for secured credit cards, ensuring transparency and accessibility of account information for consumers.