The proposed legislation, General Assembly Raised Bill No. 5315, aims to establish 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 representatives from financial institutions, credit unions, consumer advocacy organizations, and senior citizen groups. The group will be responsible for appointing its members, selecting associations for additional appointments, and scheduling its first meeting within sixty days of the bill's passage.

Additionally, the working group is required to submit a report detailing its findings and recommendations to the banking committee by January 1, 2027. The group will be co-chaired by two of its members and will be supported administratively by the staff of the banking committee. The bill emphasizes the importance of addressing consumer fraud and enhancing protections, reflecting a commitment to consumer advocacy and financial security. The new legal language introduced in this bill includes the establishment of the working group and its operational guidelines, while no deletions from current law are specified.