Substitute House Bill No. 5315 establishes a working group tasked with studying consumer fraud and the protections available against such fraud. 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 stakeholders, such as the Banking Commissioner, representatives from financial institutions and credit unions, consumer advocacy organizations, and elder law attorneys. The group is required to hold its first meeting within sixty days of the bill's passage and will select two co-chairpersons from among its members.

The working group is mandated to submit a report detailing its findings and recommendations to the banking committee by January 1, 2027, or upon its termination, whichever is later. The bill does not impose any fiscal impact on the state or municipalities, as it utilizes existing expertise among its members and the administrative staff of the Banking Committee will support the group's operations. 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.